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Lemon Tree Hotels gains on receiving LoA from Government of Meghalaya
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Lemon Tree Hotels is currently trading at Rs. 133.65, up by 0.75 points or 0.56% from its previous closing of Rs. 132.90 on the BSE.
The scrip opened at Rs. 134.35 and has touched a high and low of Rs. 134.70 and Rs. 133.65 respectively. So far 39470 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 158.05 on 06-May-2024 and a 52 week low of Rs. 112.05 on 21-Dec-2023.
Last one week high and low of the scrip stood at Rs. 134.70 and Rs. 129.25 respectively. The current market cap of the company is Rs. 10528.96 crore.
The promoters holding in the company stood at 22.77%, while Institutions and Non-Institutions held 40.66% and 36.57% respectively.
Lemon Tree Hotels has received a Letter of Award (LoA) from the Directorate of Tourism Shillong, Government of Meghalaya, for the re-development, operation and maintenance of Orchid Hotel, located at Shillong City, Meghalaya, under the Design, Build, Finance, Operate and Transfer mode on Public Private Partnership. The company will be redeveloping the hotel in line with the standards of its upscale Aurika brand, and relaunching it as Aurika, Shillong. Aurika, Shillong is expected to be operational within the next 3 years. The property will feature around 120 elegantly designed rooms and suites, Mirasa - the all-day dining restaurant, Ariva - the bar, expansive banquet spaces, and rejuvenating recreational facilities, including a well-equipped fitness center and spa.
This is the first Public Private Partnership (PPP) undertaken by Lemon Tree Hotels. The company will designate a Special Purpose Vehicle (SPV) as concessionaire, which may be a Joint Venture subject to the approval of the Board of Directors, for the purpose of executing this agreement. The project qualifies for capital subsidy and various incentives (including GST reimbursement) under the Meghalaya Industrial & Investment Promotion Policy (MIIPP)-2024 and the Uttar Poorva Transformative Industrialisation Scheme (UNNATI)-2024.
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.
