Lemon Tree Hotels rises on signing two new properties in Gujarat, Nepal
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Lemon Tree Hotels is currently trading at Rs. 124.25, up by 1.45 points or 1.18% from its previous closing of Rs. 122.80 on the BSE.
The scrip opened at Rs. 124.95 and has touched a high and low of Rs. 125.50 and Rs. 123.35 respectively. So far 393012 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 125.50 on 15-Sep-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. 125.50 and Rs. 110.80 respectively. The current market cap of the company is Rs. 9871.39 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 two new properties on September 14, 2023, in line with its asset-light growth strategy. The company has signed Lemon Tree Hotel, Junagadh, Gujarat, India, which is expected to be operational by FY 2025. It has also signed Tigerland Safari - A Lemon Tree Resort, Chitwan, Nepal, which is expected to be operational in FY 2024 itself. Both the properties shall be managed by Carnation Hotels, a wholly-owned subsidiary and the management arm of Lemon Tree Hotels.
Lemon Tree Hotel, Junagadh will feature 64 well-appointed rooms, a restaurant, a banquet hall, meeting room and other public areas. The Rajkot Airport is 102 kms from the property while the Junagadh Railway Station is just 1 km away. The hotel is connected by both public and private transport from all major cities in India. Tigerland Safari - A Lemon Tree Resort, Chitwan, Nepal will feature 35 wellappointed rooms, one restaurant, banquet hall, meeting rooms and other public areas. The Bharatpur Airport, Nepal is about 22 kms from the property.
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.
