Lemon Tree Hotels jumps on signing new property in Rajasthan

Lemon Tree Hotels advanced 2.21% to Rs 78.28 after the company signed license agreement for a 60 room property in Sri Ganganagar, Rajasthan under its brand "Lemon Tree Hotels".

The property is expected to be operational by July 2026 and shall be managed by Carnation Hotels, a wholly-owned subsidiary and the management arm of Lemon Tree Hotels.

Lemon Tree Hotel, Sri Ganganagar will feature 60 well-appointed rooms, a restaurant, a bar, a fitness center and other public areas. The property is connected by both public and private transport, with Sri Ganganagar Airport.

Mahesh Aiyer, chief executive officer (CEO), Carnation Hotels, said, "We are happy to announce our expansion in Rajasthan with our valued partner, Fort Rajwada Hotels. We already have 6 operational hotels in the state and another 4 upcoming in Jaipur, Kumbhalgarh, Banswara and now in Sri Ganganagar. The state's warm hospitality, delicious food and rich history are a great draw for tourists. Given Rajasthan's immense tourism and business potential, we are looking at adding more hotels and resorts in the state to our existing portfolio."

Lemon Tree Hotels is engaged to carry out business of developing, owning, acquiring, renovating, operating, managing and promoting hotels, motels, resorts, restaurants, etc. under the brand name of Lemon Tree Hotel, Lemon Tree Premier, Red Fox Hotel, Aurika, Keys Select, Keys Prima and Keys Lite. Also, some of the Group companies provide project management services and learning & development services.

The company reported a consolidated net profit of Rs 39.97 crore in the quarter ended December 2022 as against net loss of Rs 1.87 crore during the previous quarter ended December 2021. Sales surged 62.58% to Rs 233.55 crore in Q3 FY23 over Q3 FY22.

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