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| Lemon Tree plans to invest Rs 1,200 crore |
| T E Narasimhan / Chennai Jan 06, 2009, 00:50 IST |
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New Delhi-based Lemon Tree Hotels is planning to invest Rs 1,100-1,200 crore by 2011 and set up a chain of new hotels across the country. The company plans to have 20 hotels aggregating 2,500 rooms by 2011 and aims to have a presence in 15 major Indian cities.
Speaking to Business Standard, Patu Keswani, chairman and managing director, Lemon Tree Hotels, which designs, develops, owns and manages all its properties, said these projects will be funded through equity and bank debt. He said the company has received private equity fund to the tune of Rs 300 crore in 2006 and Rs 120 crore in April 2008.
Lemon Tree Hotels currently operates nine properties across the country in the mid-price segment and caters to business and leisure travelers looking for upscale accommodation at moderate prices. Ten more properties are under development.
Over the next two to three years, the company will have its presence across 15 major Indian cities, including South Delhi, Gurgaon, East Delhi, Pune, Goa, Alleppey, Indore, Aurangabad, Mumbai, Bangalore, Hyderabad, Chennai, Jaipur, Chandigarh, Shimla and Ahmedabad.
The company’s focus, however, remains on South India, with projects underway in Chennai, Bangalore and Hyderabad. The Chennai hotel would open in February 2009 while the two hotels in Bangalore, one in Electronic City and the other on St Johns Road, would open at 2009-end and the first half of 2010 respectively. The hotel at Hyderabad would open in 2010.
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