Lemon Tree Hotels rises on signing new property in Dehradun
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Lemon Tree Hotels is currently trading at Rs. 108.60, up by 0.55 points or 0.51% from its previous closing of Rs. 108.05 on the BSE.
The scrip opened at Rs. 109.30 and has touched a high and low of Rs. 109.40 and Rs. 107.80 respectively. So far 129606 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 112.85 on 31-Aug-2023 and a 52 week low of Rs. 70.25 on 23-Dec-2022.
Last one week high and low of the scrip stood at Rs. 112.85 and Rs. 102.40 respectively. The current market cap of the company is Rs. 8556.26 crore.
The promoters holding in the company stood at 23.60%, while Institutions and Non-Institutions held 35.86% and 40.54% respectively.
Lemon Tree Hotels has signed a License agreement for an 80 room property in Dehradun, Uttarakhand under the Company’s brand ‘Lemon Tree Premier’. The hotel is expected to be operational by Q3 of FY 2025. This hotel will feature 80 well-appointed rooms, two restaurants, a bar, a banquet hall, a swimming pool, a meeting room and other public areas. Carnation Hotels, a wholly owned subsidiary and the hotel management arm of the Company will be operating this hotel.
A popular holiday destination, Dehradun, in the beautiful Doon Valley, is the most populous city and the capital of Uttarakhand. Nestled between Song river, a tributary of Ganga, and the Asan river, a tributary of Yamuna, it offers breathtaking sunrise and sunset views. The Jolly Grant Airport, Dehradun is about 27 kms from the property while the Dehradun Railway Station is just 21 kms away. The hotel is connected by both public and private transport from all major cities in India. This latest signing with Manohar Lal Juyal Huf in Dehradun is an addition to the eight operational hotels and five upcoming properties in Uttarakhand.
Lemon Tree Hotels 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.
