Lemon Tree Hotels Expands with New Property in Ranchi, Jharkhand

22 Mar 2024 , 12:00 PM

Lemon Tree Hotels’ share price remained stable during early trading on March 22, following the announcement of a new property acquisition in Ranchi, Jharkhand.

As of the time of writing, Lemon Tree Hotels’ stock was trading at ₹134.35, marking a modest increase of 0.52% on the Bombay Stock Exchange (BSE).

The newly acquired property in Ranchi, slated to open in fiscal year 2025, will be operated under a franchise agreement with Lemon Tree Hotels Limited. It is anticipated to feature 45 rooms along with various amenities such as a restaurant, bar, banquet facilities, meeting rooms, swimming pool, fitness centre, and other public areas.

Lemon Tree Hotels is a prominent Indian hotel chain with a portfolio comprising 100 hotels, encompassing a total of 9,700 rooms distributed across 64 cities in India.

This forthcoming property in Ranchi marks the third upcoming establishment for Lemon Tree Hotels in the state of Jharkhand. Earlier in March, the company signed a licensing agreement for a hotel in Agartala, Tripura, scheduled to open in fiscal year 2027. The Agartala property is expected to offer 80 well-appointed rooms along with dining outlets, banquet facilities, meeting rooms, a swimming pool, a fitness centre, and other public areas.

In February, Lemon Tree Hotels expanded its presence by inaugurating its seventh Lemon Tree Resort in Kumbhalgarh, Rajasthan. Additionally, the company signed a licensing agreement for Lemon Tree Resort in Sankhwas Garh, Rajasthan, and Keys Lite by Lemon Tree Hotels, Vijayawada.

Lemon Tree Hotels further bolstered its growth trajectory by securing a licensing agreement for a hotel in Noida under the Lemon Tree Hotel brand and acquiring a property in Marpalle, Telangana.

For feedback and suggestions, write to us at [e-mail]