Lemon Tree Hotels signs new property in Rishikesh

Lemon Tree Hotels on Tuesday announced that it signed a license agreement for 132 room hotel project at Rishikesh in Uttarakhand under the company's brand Aurika Hotels & Resorts - Luxury.

Lemon Tree Hotels owned brand, Aurika Hotels & Resorts - Luxury signed a deal with Aurika, Rishikesh in Uttarakhand. The said property is a Greenfield project. The hotel is expected to be operational by March 2025.

The property is owned by Kedar Ganga Hotels and Resorts, and shall be operated through Carnation Hotels, a subsidiary and management arm of Lemon Tree Hotels.

The property will feature 132 rooms and suites, Mirasa, an all-day dining, restaurant, Ariva, a bar, banquet facilities including Ekaara, the ballroom, Aurum, the boardroom, along with venues for private events. The recreational facilities will also include Araya, the spa, a fitness center.

Lemon Tree Hotels is India's largest hotel chain in the mid-priced hotel sector, and the third largest overall, on the basis of controlling interest in owned and leased rooms, as of 30 June 2017.

On a consolidated basis, Lemon Tree Hotels reported a net loss of Rs 5.22 crore in Q3 FY22 compared with a net loss of Rs 45.73 crore in Q3 FY21. Net sales surged 110.1% to Rs 143.65 crore in Q3 FY22 over Q3 FY21.

Shares of Lemon Tree Hotels rose 0.07% to settle at Rs 68.35 on BSE yesterday, 29 March 2022.

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