Lemon Tree Hotels gained 3.49% to Rs 62.25 after the company announced its international debut with the launch of Lemon Tree Hotel, Dubai.
Lemon Tree Hotels, through its management subsidiary Carnation Hotels, announced the international debut of the company, with the launch of the first Lemon Tree Hotel in Dubai. Lemon Tree Hotels is India's largest hotel chain in the mid-priced hotel sector, and the third largest overall.The hotel, owned by Al Waleed Real Estate LLC, is located on Al Wasl Road, less than a kilometre from Sheikh Zayed Road and Jumeirah Open Beach, and is the first branded midscale hotel in the area. The hotel features 114 well-appointed rooms, complemented by a multi-cuisine restaurant, Lemon Tree Caf with a beautiful al fresco extension, a conference room, a swimming pool, a well-equipped fitness center and more. The announcement was made after trading hours yesterday, 19 December 2019.
Meanwhile, Lemon Tree Hotels on Wednesday signed a license agreement for a 44-room hotel at Baga, Goa. The hotel will come under the company's brand 'Lemon Tree Hotel' and would be its fifth hotel in the region.
The hotel is located at Baga and will feature 44 well-appointed rooms and suites, complemented by a multi-cuisine restaurant-Citrus Caf a bar, meeting and conference spaces, a swimming pool, a well-equipped fitness center and a rejuvenating spa among others.
The hotel, owned by Aqua Resorts and Spa, is expected to be flagged and relaunched in April 2020.
Shares of Lemon Tree Hotels rose 6.41% in two trading sessions to its current market price of Rs 62.25 from its recent closing low of Rs 58.50 on Wednesday, 18 December 2019.
The S&P BSE Sensex rose 42.16 points or 0.10% at 41,716.08.
On the technical front, the stock's RSI (relative strength index) stood at 56.391. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock was currently trading above its 50-day moving average (DMA) placed at Rs 59.37, which will act as a support in the near term. Its 200 DMA placed at Rs 65.38, is set at to act as a resistance during the upcoming trading sessions.
On a consolidated basis, Lemon Tree Hotels reported a net loss of Rs 2.15 crore in Q2 September 2019 as against a net profit of Rs 5.67 crore in Q2 September 2018. Net sales jumped 18.7% to Rs 152.76 crore in Q2 September 2019 over Q2 September 2018.
Lemon Tree Hotels operates a chain of upscale business and leisure hotels. The firm designs, builds, owns and operates its hotels.
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