Lemon Tree Hotels share price rises 3% on signing new property in Mumbai

Lemon Tree share rises: Shares of Lemon Tree Hotels Limited (LTHL) gained up to 2.82 per cent to hit an intraday high of Rs 134.45 per share on Wednesday, September 11, 2024.

The rise in Lemon Tree Hotels share price came after the company announced that it has signed a new property in Mumbai. 

In an exchange filing, the company said, “Lemon Tree Hotels announced its latest signing – Lemon Tree Hotel, Mira Road, Mumbai. The property, which shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary of Lemon Tree Hotels Limited, is expected to open in FY2026.”

According to the company, Lemon Tree Hotel, Mira Road offers 108 furnished rooms along with a range of amenities including a restaurant, bar, meeting room, swimming pool, and spa. It is conveniently located about 31 kilometres from Chhatrapati Shivaji Maharaj International Airport and 13 kilometres from Borivali Railway Station, with excellent road connectivity for both public and private transport.

Mumbai, India's bustling financial and cultural hub, is renowned for its vibrant lifestyle, iconic landmarks, and diverse cultural landscape. The city, a major commercial centre, is characterised by its impressive skyscrapers and lively markets.

In contrast, Mira Road is an emerging suburb that combines residential and commercial elements. With amenities such as shopping malls, schools, and hospitals, Mira Road is becoming increasingly popular due to its excellent connectivity to Mumbai and its more affordable cost of living compared to the city centre.

“We are excited to share the expansion of our portfolio in Mumbai where we have five existing properties across upscale to midscale brands. This addition will complement our existing twelve hotels and two upcoming properties in Maharashtra,” said Vilas Pawar, CEO of managed & franchise business, Lemon Tree Hotels.

Lemon Tree Hotels is among India's largest hotel chains, operating across various market segments from upscale to economy. The company owns, leases, operates, and franchises hotels, delivering distinct and high-quality service offerings with an attractive value proposition. LTHL encompasses seven brands tailored to cater to diverse guest preferences including Aurika Hotels & Resorts, Lemon Tree Premier, Lemon Tree Hotels, Red Fox Hotels by Lemon Tree Hotels, Keys Prima by Lemon Tree Hotels, Keys Select by Lemon Tree Hotels, and Keys Lite by Lemon Tree Hotels.

Established in May 2004 with its inaugural property featuring 49 rooms, LTHL has rapidly expanded its footprint. 

Currently, the portfolio includes over 180 hotels, comprising over 110 operational hotels and more than 70 properties slated to open in India and globally. 

Lemon Tree Hotels are strategically located in major metro areas such as NCR, Mumbai, Kolkata, Bengaluru, Hyderabad, and Chennai, as well as in numerous tier I, II, and III cities across India such as Pune, Ahmedabad, Chandigarh, Jaipur, Indore, Aurangabad, Udaipur, Visakhapatnam, Kochi, Ludhiana, Thiruvananthapuram, and Vijayawada. Internationally, 

The company has expanded its presence with recent openings in Dubai (December 2019), Bhutan (February 2020), and Nepal (April 2024).

At 9:27 AM, shares of Lemon Tree Hotels were trading 2.26 per cent higher at Rs 133.70 per share. In comparison, BSE Sensex was trading 0.09 per cent lower at 81,845.10 levels.