Lemon Tree Hotels share price up 4% on signing new property in Ujjain

Lemon Tree stock gains: Shares of Lemon Tree Hotels Limited (LTHL) gained up to 3.73 per cent to hit an intraday high of Rs 137.65 per share on Thursday, August 29, 2024. 

The rise in Lemon Tree Hotels share price came after the company announced that it has signed a new property in Ujjain, Madhya Pradesh. 

In an exchange filing, the company said, “Lemon Tree Hotels is proud to announce the signing of its newest property, Lemon Tree Hotel, Ujjain, Madhya Pradesh. The property is expected to open in FY27 and shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary of Lemon Tree Hotels Limited.”

The Lemon Tree Hotel in Ujjain will offer 72 elegantly designed rooms, along with a restaurant, bar, swimming pool, and various public areas, the company said. It is conveniently located with Devi Ahilyabai Holkar International Airport in Indore about 50 kilometres away and Ujjain Railway Station just 4 kilometres from the hotel. The hotel is well-connected through both public and private road transport, it added.

Ujjain, a historic city in Madhya Pradesh, is renowned for its rich spiritual and cultural heritage. Often referred to as the "Spiritual Capital of India," it is home to the esteemed Mahakaleshwar Temple, one of the twelve Jyotirlingas dedicated to Lord Shiva. The temple attracts millions of pilgrims each year, underscoring the city's significant religious importance.

“Spiritual destinations have seen a renewed interest and there has been a marked uptick in the number of pilgrims visiting places of religious and spiritual significance. Being the “Spiritual Capital of India”, Ujjain is on the must-visit list for pilgrims and we are thrilled to expand our presence in the city. This opening will be in addition to our four existing and two upcoming hotels in the state,” said Vilas Pawar, CEO of managed & franchise business, Lemon Tree Hotels.

Lemon Tree Hotels is among India's largest hotel chains, operating across various market segments from upscale to economy. The company owns, leases, operates, and franchises hotels, delivering distinct and high-quality service offerings with an attractive value proposition. LTHL encompasses seven brands tailored to cater to diverse guest preferences including Aurika Hotels & Resorts, Lemon Tree Premier, Lemon Tree Hotels, Red Fox Hotels by Lemon Tree Hotels, Keys Prima by Lemon Tree Hotels, Keys Select by Lemon Tree Hotels, and Keys Lite by Lemon Tree Hotels.

Established in May 2004 with its inaugural property featuring 49 rooms, LTHL has rapidly expanded its footprint. Currently, the portfolio includes over 160 hotels, comprising over 100 operational hotels and more than 60 properties slated to open in India and globally. 

Lemon Tree Hotels are strategically located in major metro areas such as NCR, Mumbai, Kolkata, Bengaluru, Hyderabad, and Chennai, as well as in numerous tier I, II, and III cities across India such as Pune, Ahmedabad, Chandigarh, Jaipur, Indore, Aurangabad, Udaipur, Visakhapatnam, Kochi, Ludhiana, Thiruvananthapuram, and Vijayawada. Internationally, 

The company has expanded its presence with recent openings in Dubai (December 2019), Bhutan (February 2020), and Nepal (April 2024).

The market capitalisation of the company is Rs 10,616.10 crore, according to Bombay Stock Exchange (BSE).

The 52-week high of the stock is Rs 158.05 per share while its 52-week low is Rs 100.75 per share. 

At 12:13 PM, shares of Lemon Tree Hotels were trading merely 0.98 per cent higher at Rs 134 per share. In comparison, BSE Sensex was trading 0.20 per cent higher at 81,952.45 levels.