Lemon Tree Hotels Shares Jump After It Opens Its First Overseas Hotel In Dubai

Shares of Lemon Tree Hotels surged in early trade by as much as 4.15% after the company made its international debut by opening its first hotel overseas in Dubai. The stock on the NSE reached an intra-day high of Rs.62.70 against its previous session's close of Rs. 60.20 per share.

Lemon Tree Hotels Shares Jump After It Opens Its First Overseas Hotel

"We are delighted to enter Dubai with our partners Al Waleed Real Estate. This is our first hotel in the UAE, and we feel that it holds immense business potential," said Rattan Keswani, Deputy Managing Director-Lemon Tree Hotels and Director-Carnation Hotels.

The property owned by Al Waleed Real Estate LLC will be managed by Carnation Hotels Private Limited, a subsidiary company of Lemon Tree Hotels which is into hotel management.

On a more recent basis, Lemon Tree entered into a licence agreement for a hotel at Baga in Goa.

Last the stock quoted at 62.35, up Rs. 2.15 or 3.57% on the NSE.

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