Lemon Tree Hotels Stock Up on New Deal

11 Sep 2024 , 12:37 PM

Lemon Tree Hotels’ shares gained 3% on Wednesday to a day high of Rs 134.45 on the BSE, as the firm announced the signing of a licensing agreement for its new building on Mira Road in Mumbai.

Carnation Hotels, a wholly-owned subsidiary of Lemon Tree Hotels, will manage the facility, which is anticipated to open in fiscal year 2026.

“Lemon Tree Hotels has announced the signing of its latest property, the Lemon Tree Hotel on Mira Road in Mumbai. The hotel, which will be operated by Carnation Hotels Private Limited, a wholly-owned subsidiary of Lemon Tree Hotels Limited, is anticipated to open in fiscal year 2026, according to the company’s statement with the markets.

The Lemon Tree Hotel, Mira Road, Mumbai will have 108 well-appointed rooms, a restaurant, a bar, a meeting space, a swimming pool and a spa. The property is located approximately 31 kilometres from Chhatrapati Shivaji Maharaj International Airport and 13 kilometres from Borivali Railway Station.

On Monday, the business also announced the signing of a licensing agreement for its new property in Nashik, Maharashtra, which is expected to open by FY26 and will be managed by Carnation Hotels.

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