Lemon Tree Hotels rises on signing new hotel in Karnataka

23 Aug 2022 , 09:39 AM

This hotel is expected to be operational by May 2023, and shall be managed by Carnation Hotels, a subsidiary and the management arm of Lemon Tree Hotels. Lemon Tree said that this property will feature 65 well-appointed rooms, complemented by a restaurant, bar, spa, swimming pool, fitness center and a meeting room. Mahesh Aiyer, CEO of Carnation Hotels said, This will be our seventh property in Karnataka, a state famous for its tourism potential, which is visited by large numbers of travellers, both domestic and international, every year. We aspire to expand and diversify our existing portfolio by signing and opening more hotels to enlarge our offerings to our guests as well as owners and partners in the tourism and hospitality sector. Lemon Tree Hotels is Indias largest hotel chain in the mid-priced sector, and the third largest overall, on the basis of controlling interest in owned and leased rooms, as of 30 June 2017, according to the Horwath Report. It operates in the upscale segment and in the mid-market sector, consisting of the upper-midscale, midscale and economy segments. On a consolidated basis, Lemon Tree Hotels reported net profit of Rs 13.85 crore in Q1 FY23 as against net loss of Rs 40.12 crore in Q1 FY22. Net sales jumped 355.6% YoY to Rs 192.04 crore in Q1 FY23. Powered by Capital Market – Live News