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Lemon Tree Hotels makes international debut with Dubai property, share price up 4%

The hotel is owned by Al Waleed Real Estate LLC.

December 20, 2019 / 10:47 AM IST
 
 
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Lemon Tree Hotels share price rose 4 percent in the morning trade on December 20 after it opened its first overseas hotel in Dubai.

The property is owned by Al Waleed Real Estate LLC and will be managed by Carnation Hotels Private Limited, a subsidiary and the hotel management arm of Lemon Tree Hotels Limited.

“We are delighted to enter Dubai with our partners Al Waleed Real Estate. This is our first hotel in the UAE, and we feel that it holds immense business potential," said Rattan Keswani, Deputy Managing Director-Lemon Tree Hotels and Director-Carnation Hotels.

Recently, the company signed a licence agreement for a 44-room hotel located at Baga, Goa.

At 1017 hours, Lemon Tree Hotels Ltd was quoting at Rs 61.90, up Rs 1.75, or 2.91 percent, on the BSE.
Moneycontrol News
first published: Dec 20, 2019 10:47 am
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