Lemon Tree Hotels trades down despite launch of 95th property

The share touched a 52-week high of Rs 126.70 and a 52-week low of Rs 70.25 on 15 September, 2023 and 23 December, 2022, respectively.

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The share price of Lemon Tree Hotels inched down in early trade on September 25 after the company opened its latest franchised property, Lemon Tree Hotel at McLeodganj. This is the third property of the group in Himachal Pradesh. This is 95th Lemon Tree Hotel in India and the world.

At 9:19am, Lemon Tree Hotels was quoting at Rs 114.45, down Rs 0.85, or 0.74 percent, on the BSE.

The property featured with 39 well-appointed rooms and suites are complemented by a multi-cuisine coffee shop – Citrus Cafe; a hip recreation bar – Slounge; three event spaces with a beautiful view of the surrounding hills and forest, a conference room, a swimming pool and a well-equipped fitness centre.

The property is located at the Kangra district and closest to the Gaggal Airport, Kangra and the Pathankot railway station.

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Last week, the company launched Peninsula Suites, which is the sixth property in Bengaluru under the Lemon Tree umbrella. The property is managed by subsidiary Carnation Hotels, and the hotel management arm of Lemon Tree Hotels.

In September, the company signed a licence agreement for two properties in Gujarat and Nepal and also signed a licence agreement for an 80-room property in Uttarakhand’s Dehradun under the company’s Lemon Tree Premier brand.

In August, the company signed licence agreements for two properties under the Lemon Tree Hotel brand in Bhubaneswar and the Lemon Tree Mountain Resort in Kasauli.

In July, the company signed a licence agreement for an 80-room property in Punjab and for a 72-room property in Lucknow’s Gomti Nagar.

The share touched a 52-week high of Rs 126.70 and a 52-week low of Rs 70.25 on 15 September, 2023 and 23 December, 2022, respectively. The stock is trading 9.67 percent below its 52-week high and 62.92 percent above its 52-week low.