Lemon Tree Hotels Shares Gain on Bengaluru Hotel Launch
Shares of Lemon Tree Hotels gained 1 percent in early trade on September 18 after the company opened its sixth property in Bengaluru.
The property, Peninsula Suites, is managed by subsidiary Carnation Hotels, and the hotel management arm of Lemon Tree Hotels. It features 101 rooms and suites, complemented by a multicuisine coffee shop, a recreation bar, meeting rooms and a fitness centre.
Last week, the company signed a licence agreement for two properties in Gujarat and Nepal. The two new properties in Junagadh, Gujarat, and Chitwan, Nepal, will function under the company’s brand ‘Lemon Tree Hotel’ and ‘Lemon Tree Resort’, respectively.
Earlier in September, the company signed a licence agreement for an 80-room property in Uttarakhand’s Dehradun under the company’s Lemon Tree Premier brand. The hotel is expected to be operational by the third quarter of FY 2025.
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 company’s expansion plans are seen as a positive sign for the Indian hospitality industry, which is recovering from the COVID-19 pandemic.
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Market Update for September 22, 2023
IdeaForge Tech up 3.4% on order RVNL up 3% on highway MoU JSW Steel up 0.4% on sale ICICI Lombard down 1.6% on CEO exit ICICI Bank down 1% on healthcare investment NHPC up 1.3% on extended additional charge Kalyani Forge up 3.2% on new MD IRB Infra up 2.5% on road project closure
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Lux Industries Shares Down 3% After Income Tax Raid
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