Lemon Tree Hotels gains on 150-room Telangana property licence deal

The hotel is expected to be operational by FY26.

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The share price of Lemon Tree Hotels gained a percent in early trade on November 6 after the company signed a licence agreement for a property in Yadagirigutta, Telangana, under the Keys Select brand.

At 9:22am, the shares of Lemon Tree Hotels were quoting Rs 110.25, up Rs 1.30, or 1.19 percent, on the BSE.

The hotel, which is expected to be operational by FY26, will feature 150 well-appointed rooms, a restaurant, a fitness centre, banquets, conference rooms, bar, swimming pool and other public areas.

Carnation Hotels Private Limited, a wholly owned subsidiary and the hotel management arm of the company will be operating this hotel.

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In October, the company signed a licence agreement for a property ‘Red Fox Hotel’ in Visakhapatnam, Andhra Pradesh, which features 50 well-appointed rooms, one restaurant, fitness centre, a conference room and other public areas.

The property is expected to open by FY26 and shall be managed by Carnation Hotels Private Limited.

A meeting of the board of directors of the company is scheduled to be held on November 9, 2023, to consider and approve, the unaudited financial results of the company, both on standalone and consolidated basis for the quarter and half year ended September 30, 2023.