Lemon Tree Hotels stock gains 4% on signing deal for a new franchisee in Gujarat’s Somnath

Lemon Tree Hotels' shares rose by 4 percent during morning trade on October 3, after announcing a franchisee agreement with Artisan Resorts to open a resort in Somnath, Gujarat. The resort will feature 52 well-appointed rooms, a restaurant, a board room, a fitness centre, a recreation room, a swimming pool, an outdoor events venue, and other public areas. According to the company's regulatory filing, the hotel is expected to be operational in FY25.

“We are pleased to announce the expansion of our portfolio in Gujarat with our valued partner Artisan Resorts. As we diversify our portfolio with properties across the country, we are making forays into tier II, III and IV cities,” said Mr. Vilas Pawar, chief of the franchise business at the Lemon Tree Hotels.

“This opening will be in addition to our six existing and three upcoming hotels and resorts in the state and we are looking to expand our footprint in Gujarat further,” Pawar added.

At 11.15 am on the NSE, the Lemon Tree Hotels stock was quoting at Rs 118.15 apiece, up Rs 4.40, or 3.87 percent.