Lemon Tree shares trade 2% higher after Gujarat hotel deal

This isn't the first hotel that the hospitality major has signed an agreement for. On October 17, Lemon Tree signed a licence deal for a 55-room property in Dehradun, Uttarakhand.

Shares of Lemon Tree Hotels Limited traded nearly 2 percent higher at Rs 124 early on October 18 after the company announced its latest deal on Keys Select in Vadodara, Gujarat. The property, which will be franchised it, is expected to open in FY2026.

"This will be in addition to our six existing and five upcoming hotels and resorts in the state and we are planning to expand our footprint in Gujarat further," Lemon Tree Vice-President Kapil Sharma said.

Follow our market blog for all the live action

"The property will feature 45 well-appointed rooms, a restaurant, a banquet hall, a meeting room, a fitness center, a lounge and other public areas," the company said in an exchange filing on October 17. "The hotel is connected by both public and private transport from all major cities in India."

Also read: Lemon Tree Hotels trades down despite launch of 95th property

This isn't the first hotel that the hospitality major has signed an agreement for. On October 17, Lemon Tree signed a licence deal for a 55-room property in Dehradun, Uttarakhand.

The property is expected to open by FY27 and shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary and the management arm of Lemon Tree Hotels Limited.

Disclaimer: The views and investment tips expressed by 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 making any investment decisions.