Mid-priced hotel chain Lemon Tree Hotels today announced the opening of two properties, Lemon Tree Premier Patna Bihar and Lemon Tree Hotel Alwar in Rajasthan.
The public offer comprises sale of up to 195,797,000 equity shares by the existing shareholders, including Maplewood, Whispering Resorts, Palms International and RJ Corp, according to the draft red herring prospetus (DRHP).
Lemon Tree is backed by Warburg Pincus and the IPO will provide the company an opportunity to encash its investments. The private equity giant holds 20-25% stake in the company. Lemon Tree and Warburg didn’t respond to Moneycontrol’s queries. The IPO may comprise stake sale by promoters as well as issue of fresh shares.
As a President, Vikramjit Singh will be responsible for sales, marketing and business development for the company, Lemon Tree Hotel Company said in a statement.
Bangalore headquartered travel portal, Via.com kicked off ‘The Biggest Online Travel Sale' from 9th December to 11th December 2015.
As non-serious players exit and asset prices correct, hotel companies are acquiring premium assets at attractive prices.
Maverick hotelier Patu Keswani has grand plans for his Lemon Tree Hotels. But a lot hinges on the chain's ability to ramp up operations at a never before seen pace.
Patu Keswani's Lemon Tree Hotels has signed a joint venture that will enable him to check in with 6-7% of India‘s hotel room inventory.