Lemon Tree stock gains 2% on signing of Meerut property

Currently, Lemon Tree Hotels has a portfolio of more than 150 hotels, including over 100 hotel operational hotels and
more than 50 hotels set to open in India and internationally.

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Shares of Lemon Tree gained 2 percent in opening trades on January 9 on the NSE, a day after Lemon Tree Hotels announced the signing of its latest property in Meerut. At 9:50am, the stock was trading at Rs 130.

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In a regulatory filing on January 8, Lemon Tree announced the signing of Lemon Tree Hotel, Meerut, a franchise of Lemon Tree Hotels Limited, which is expected to open in FY2025. Lemon Tree Hotels has a portfolio of more than 150 hotels, including over 100 operational hotels and
more than 50 set to open in India and abroad.

In a recent report, Motilal Oswal  raised the target price of Lemon Tree to Rs 150. According to the brokerage, Lemon Tree is expected to benefit from the changing dynamics in its key markets such as NCR and Mumbai. “Rising demand in these cities (which is accelerated by significant traction from new convention centres) and slower supply (2-6 percent CAGR over FY23-28) should propel the growth trajectory of existing players,” the brokerage said in a recent report.

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