Lemon Tree signs license agreement for Darjeeling hotel; share price up 3%

Share price of Lemon Tree Hotels jumped over 3 percent in early trade on December 24 after the company signed a license agreement for a 55 room upcoming Hotel at Hill Cart Road in Darjeeling.

Lemon Tree Hotels Limited announced its latest signing- a Lemon Tree Hotel in Darjeeling. The Hotel shall be operated through its subsidiary and management arm, Carnation HotelsPvt. Ltd. The hotel project, owned by SGB Developers Pvt. Ltd., is in the Greenfield stage and is expected to open in September 2022.

Located on Hill Cart Road in Darjeeling, the hotel will feature 55 well-appointed rooms and suites, complemented by a multi-cuisine restaurant, a bar, meeting and conference spaces, and recreational facilities, the company said in a filing to the exchanges.

"We are delighted to enter the charming region of Darjeeling with this hotel. It will be our first hotel in this town, which we feel holds immense business and tourism potential, with its scenic locales and stunning tea plantations. The addition of this hotel will help expand our reach in West Bengal, where we will be able to offer guests our already operating hotels in Siliguri and Kolkata. It will also add to our repertoire of hotels in the region, which include our existing hotel in Gangtok, and upcoming international launches in Thimphu, Bhutan and Kathmandu, Nepal," said Rattan Keswani, Deputy Managing Director, Lemon Tree Hotels and Director - Carnation Hotels.

At 09:43 hrs, Lemon Tree Hotels Ltd. was quoting at Rs 63.60, up Rs 1.85, or 3.00 percent. It has touched an intraday high of Rs 64.70 and an intraday low of Rs 62.95.