Lemon Tree Hotels will divest 49% stake in 2 years, says Patanjali Keswani

Lemon Tree expects its upscale brand Aurika, coming up near the Mumbai International Airport, to be up and running over the next two years

Lemon Tree Hotels, which has been in a capital deployment phase to expand operations and create assets, will start scouting for buyers to divest minority stake after fiscal 2021-22, Patanjali Keswani, chairman and managing director, Lemon Tree, has said. The move will be a change in tack for the New Delhi-based company that has been investing in assets.

“We have been in a capital deployment cycle. We had to deploy $800 million (Rs 5,524 crore). Most of it is done. After investing the reminder $120 million over the next two years, am going to find partners who can buy 49