Lemon Tree Hotels stock gains on inking agreement for upcoming hotel in Mumbai's Mira Road

In the past 12 months, Lemon Tree stock has risen around 12 percent. In comparison, Nifty rose 29 percent during this period.

Shares of Lemon Tree Hotels edged higher on September 11, a day after the hospitality firm announced that it has signed a license agreement for a new property, the Lemon Tree Hotel, Mira Road, Mumbai. The hotel, expected to open in FY26, will be managed by the wholly-owned subsidiary Carnation Hotels Pvt Ltd.

This upcoming property will feature 108 well-appointed rooms, a restaurant, a bar, a meeting room, a swimming pool, and a spa. Strategically located in the Mira Road area of Mumbai, the new hotel will cater to both business and leisure travellers, Lemon Tree Hotels said.

The Chhatrapati Shivaji Maharaj International Airport is about 31 kms from the property while Borivali Railway Station is 13 km away, it added. The company also emphasised that the hotel is well connected by roadways for both public and private transport.

Follow our market blog to catch all the live action

"We are excited to share the expansion of our portfolio in Mumbai where we have five existing properties across upscale to midscale brands. This addition will complement our existing twelve hotels and two upcoming properties in Maharashtra," said Vilas Pawar, CEO of Managed & Franchise Business, Lemon Tree Hotels.

Lemon Tree shares ended 1.4 percent higher at Rs 131.19 on the National Stock Exchange (NSE) in the previous session. The stock has gained around 10 percent so far this year, underperforming Nifty's returns of 16 percent.

In the past 12 months, Lemon Tree stock has risen around 12 percent. In comparison, Nifty rose 29 percent during this period.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.