Lemon Tree Hotels trades down despite launch of 95th property

Lemon Tree Hotels’ stock price dipped slightly in early trading on September 25 after the company opened its newest franchise, Lemon Tree Hotels in McLeodganj. This is the group’s third property in Himachal Pradesh. This is the 95th Lemon Tree hotel in India and the world.
At 9:19 am, Lemon Tree Hotel was trading at Rs 114.45, down Rs 0.85, or 0.74 per cent, on the BSE.
The hotel comprises 39 well-appointed rooms and suites, complemented by a multi-cuisine cafe – Citrus Cafe; trendy entertainment bar – Slounge; three event spaces with stunning views of the surrounding hills and forests, a conference room, a swimming pool and a well-equipped fitness center. The property is located in Kangra district and is closest to Gaggal Airport, Kangra Station and Pathankot. Last week, the company launched Peninsula Suites, which is the sixth property in Bengaluru under the Lemon Tree umbrella. The hotel is managed by subsidiary Carnation Hotels and the hotel management division of Lemon Tree Hotels.
In September, the company signed licensing agreements for two properties in Gujarat and Nepal, and also signed a licensing agreement for an 80-room property in Dehradun, Uttarakhand under its Lemon Tree Premier brand.
In August, the company signed licensing agreements for two properties branded Lemon Tree Hotel in Bhubaneswar and Lemon Tree Mountain Resort in Kasauli. In July, the company signed license agreements for an 80-room property in Punjab and a 72-room property in Gomti Nagar in Lucknow.
The stock touched a 52-week high of Rs 126.70 and a 52-week low of Rs 70.25 on September 15, 2023 and December 23, 2022. The stock is trading lower 9.67% above the 52-week high and 62.92% above the 52-week low.