Lemon Tree Hotels gains on Bhutan debut

Lemon Tree Hotels rose 1.70% to Rs 53.80 after the hotel chain announced its debut in Bhutan.

Lemon Tree Hotels, through its management subsidiary, Carnation Hotels, announced its debut in the second international destination, Bhutan, with the launch of its first hotel in Thimphu.

The hotel is located on Changlam Street and features 27 well-appointed rooms, complemented by a multi-cuisine restaurant, Citrus Caf with a picturesque al fresco dining area, Citrus Patio; a hip recreation bar, Slounge; a well-equipped fitness center and more. The announcement was made after trading hours yesterday, 27 February 2020.

Commenting on this feat, Rattan Keswani, the deputy managing director of Lemon Tree Hotels and director of Carnation Hotels, has said that, "We are delighted to enter Bhutan with this chic hotel. This is our first operating hotel in Bhutan, and we feel that the market holds immense business potential. We have a locational advantage, with the hotel strategically situated in immediate proximity to key attractions like the famous Changlimithang stadium, Norzin Lam street, the clock tower square and also close to other attractions such as the iconic statue of Buddha Dordenma, TashichhoDzong, DechenPhodrang Monastery. The hotel is also well connected to the Paro International Airport and the Thimphu Bus Station."

"The addition of this hotel opens a new international destination for the brand, thereby increasing our appeal to our existing and potential customers. It will also add to our repertoire of hotels in the region, which include our existing hotels in Gangtok and Siliguri, and upcoming international launches in Darjeeling, Bhutan and Nepal. We are confident that our partnership will enjoy mutually beneficial results within a reasonable stabilization period after the launch," he added.

Lemon Tree Hotels' consolidated net profit fell 2.2% to Rs 12.20 crore on a 39.3% surge in net sales to Rs 199.62 crore in Q3 December 2019 over Q3 December 2018.

Lemon Tree Hotels operates a chain of upscale business and leisure hotels. The firm designs, builds, owns and operates its hotels.

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