Lemon Tree Hotels shares gain on buying Lucknow property

Lemon Tree Hotels

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Shares of Lemon Tree Hotels traded up 1 percent at Rs 92.75 at 9.22am on July 19 after the company signed a licence agreement for a 72-room property in Gomti Nagar, Lucknow.

Carnation Hotels Private Limited, a wholly owned subsidiary and the hotel management arm of the company, will operate this property, said Lemon Tree Hotels. The hotel is expected to be operational by Q3 of FY 2026.

This hotel will feature 72 well-appointed rooms, a banquet, meeting rooms, a restaurant, a bar, a fitness centre and other public areas.

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Earlier this month, the company had signed a licence agreement for a 48-room property in Udaipur, Rajasthan, under the company’s 'Keys Select by Lemon Tree Hotels' brand. The hotel is expected to go on stream by the fourth quarter of FY2024.

Broking house Motilal Oswal in its July 12 report reiterated the 'buy' rating on the stock with a target price of Rs 115.