Lemon Tree signs a 44-room property in Andhra Pradesh; stock skids ~2%

13 Jun 2022 , 11:10 AM

Lemon Tree Hotels Limited has signed a 44-room property under its Keys Lite Brand in SreeKanya, Visakhapatnam, Andhra Pradesh, it’s fourth in the state.

The property is owned by SreeKanya Combines and is expected to be operational by March 2023. It shall be managed by Carnation Hotels, a subsidiary, and management arm of Lemon Tree Hotels.

Gajuwaka is the shopping district of Andhra Pradesh, with an approximate distance of eight kilometers from the Visakhapatnam Airport. The hotel is situated in Gajukawa, has 44-rooms, and a multi-cuisine restaurant.

Mahesh Aiyer, CEO of Carnation Hotels Private Ltd., commented, “This will be company’s fourth property in this state. It holds immense business and tourism potential. Lemon Tree will sign and open more hotels to extend our offerings for guests and owners in the tourism and hospitality industry.”

Lemon Tree’s counter slipped 1.90% at Rs64.45 against previous close of Rs65.70 on BSE. It touched intraday high and low of Rs65 and Rs63.40 respectively so far.