Lemon Tree Hotels zooms 5% after it signs agreement to open hotel in Goa

Lemon Tree Hotels gained 5.13 per cent to Rs 61.50 on the BSE on Thursday after the company signed a License Agreement for a 44-room hotel at Baga, Goa. This will be the company's fifth hotel in the coastal state.

"The hotel is located at Baga, one of the most popular destinations of north Goa and will feature 44 well-appointed rooms and suites, complemented by a multi-cuisine restaurant... The hotel, owned by Aqua Resorts And Spa Pvt. Ltd, is expected to be flagged and relaunched in April 2020," the company said in a filing. READ FILING HERE

At 9:44 am, the stock of one of India’s largest hotel chains in the mid-priced hotel sector was trading 3.68 pe cent higher at Rs 60.55 apiece. In comparison, the benchmark S&P BSE Sensex was down 0.22 per cent at 41,465.68 levels.

Earlier, the hospitality firm had said that it is looking to open three more properties under its upscale Aurika Hotels and Resorts brand across the country by the end of 2021. 

"We plan to open three more hotels under the Aurika Hotels and Resorts brand by end of 2021 across the country," Lemon Tree Hotels Chairman and MD Patanjali G Keswani had told news agency PTI. The company plans to re-brand its existing Lemon Tree Premier in Corbett to Aurika, Corbett, as that hotel provides a truly upscale experience, he added.

For the July-September quarter, the firm reported a standalone net profit of Rs 6.19 crore, up from Rs 3.11 crore logged in the April-June quarter of FY20. The revenue came in at Rs 66.85 crore for the quarter under review.