Lemon Tree Hotels' Stock Climbs After Mumbai Property Deal

12 Sep 2024 , 01:04 PM

On September 11, Lemon Tree Hotels’ shares rose following the announcement of a new license agreement for Lemon Tree Hotel, Mira Road, Mumbai.

The new hotel, managed by Carnation Hotels Pvt Ltd, is slated to open in FY26. The property will offer 108 rooms, a restaurant, bar, meeting room, swimming pool, and spa. Located in Mira Road, Mumbai, the hotel will serve both business and leisure travelers.

At the time of writing, shares of Lemon Tree Hotels are trading at ₹130.40 which is a 0.13% gain than the previous close. Lemon Tree Hotels has gained a total of 10.84% in the last one year, and almost 9.86% since the beginning of the year.

The hotel is 31 km from Chhatrapati Shivaji Maharaj International Airport and 13 km from Borivali Railway Station, with strong road connectivity.

Vilas Pawar, CEO of Managed & Franchise Business, Lemon Tree Hotels, highlighted that this new addition will expand their portfolio in Mumbai and complement their 12 existing and two upcoming properties in Maharashtra.

Lemon Tree Hotels is a prominent Indian hotel chain, managing 100 hotels with 9,700 rooms across 64 cities in India.

As of June 30, 2017, Lemon Tree Hotels is recognized as India’s largest mid-priced hotel chain, according to the Horwath Report. The chain was founded in 2002 by Patu Keswani and opened its first hotel in May 2004, featuring 49 rooms.

In 2019, Lemon Tree Hotels acquired Berggruen Hotels Private Limited for ₹605 Crores, adding 936 rooms and managing 975 rooms under the “Keys” brand across 21 cities. Lemon Tree Hotels became a publicly traded company on the National Stock Exchange of India on April 9, 2018.