Shares of Lemon Tree Hotels declined by 1 percent during early trading on October 23, despite the company's announcement of acquiring a new property, the Lemon Tree Hotel in Kasauli, Himachal Pradesh.
At 09:37 am, Lemon Tree Hotels was quoting at Rs 117.25, down Rs 2.35, or 1.96 percent on the BSE.
The share price gained 56 percent in the last nine months.
The hotel is expected to open by FY25 and shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary and the management arm of Lemon Tree Hotels Limited, the company said in its exchange filing.
The hotel will feature 49 well-appointed rooms, one restaurant, one terrace bar lounge, a banquet hall, meeting rooms and other public areas.
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Last week, the company had signed a licence agreement for a 72-room property in Uttarakhand and also signed a licence deal for a 55-room property in Dehradun, Uttarakhand.
Earlier this month, the company announced a franchisee agreement with Artisan Resorts to open a resort in Somnath, Gujarat.
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