Lemon Tree Hotels trades lower despite licence deal for Uttarakhand property

Earlier in this month, the company announced a franchisee agreement with Artisan Resorts to open a resort in Somnath, Gujarat.

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Shares of Lemon Tree Hotels traded down Rs 1.65, or 1.36 percent, on the BSE early on October 20 even after the company signed a licence agreement for a 72-room property in Uttarakhand.

The property is expected to open by FY25 and shall be managed by Carnation Hotels Private Limited, a wholly owned subsidiary and the management arm of Lemon Tree Hotels Limited.

On October 16, the company signed a licence deal for a 55-room property in Dehradun, Uttarakhand.

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Earlier this month, the company announced a franchisee agreement with Artisan Resorts to open a resort in Somnath, Gujarat.

The company opened its latest franchised property, Lemon Tree Hotel, at McLeodganj, which is the third property of the group in Himachal Pradesh. This is 95th Lemon Tree Hotel in India and the world.

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.

The company also signed a licence deal for two properties in Gujarat and Nepal and also signed an agreement for an 80-room property in 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.