Lemon Tree Hotels To Open New Property In Kasauli; Shares Fall 3.47%

Lemon Tree Hotels fell 3.47% in trade today to Rs 115.45 per share in trade at 10:21 am despite the company's declaration of acquiring a new property, the Lemon Tree Hotel in Kasauli, Himachal Pradesh.

The hotel is likely to open by FY25 and shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary and the management arm of Lemon Tree Hotels Limited, the company said in its exchange filing.

According to BSE filing of the company dated October 20, 2023, "With reference to the captioned subject, we would like to inform you that the Company has signed a License Agreement a 49 rooms property in Kasauli, Himachal Pradesh under the Company's brand "Lemon Tree Hotels". The hotel is expected to be operational by FY 2025.

This hotel will feature 49 well-appointed rooms, one restaurant, one terrace bar lounge, a banquet hall, meeting rooms and other public areas. Carnation Hotels Private Limited, a wholly owned subsidiary and the hotel management arm of the Company will be operating this hotel."

Lemon Tree Hotels Stock Performance & Return: Current market price of 115.50 per share with intraday fall of 3.43%. Its 52-week high price is Rs 126.70 apiece and 52-week low price is Rs 70.25 apiece, respectively. The company has a market capitalisation of Rs 9,150.45 crore.

Lemon Tree Hotels shares declined 5% in last 1-week, gained 26% in last 3-months, soared 38% YTD, surged again 38% in last 1-year, rallied 126% in last 2-years, and rose 312% in last 3-years.

About Lemon Tree Hotels: Lemon Tree Hotels Limited is India's largest hotel chain in the mid-priced hotel sector, and the third largest overall, on the basis of controlling interest in owned and leased rooms, as of June 30, 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, according to official website.