Shares of Lemon Tree Hotels Ltd were trading in the green and 2% higher on 10 September after the company announced signing a new licence agreement through Lemon Tree Hotel, Nashik, Maharashtra. 

In its regulatory filing the company said that the property will be managed by Carnation Hotels Private, which is a wholly-owned subsidiary of the company and will be completed by fiscal year 2026.

The Lemon Tree Hotel, Nashik, will have 52 well-appointed rooms, a restaurant, a banquet, a bar, a swimming pool, a meeting room, and a spa. 

Vilas Pawar, CEO of managed & Franchise Business Lemon Tree Hotels, said that they are delighted to announce the expansion of their portfolio in Maharashtra, India’s economic powerhouse. 

Pawar added that Nashik is a hotspot for vineyard tourism and is their second opening in the city. This property will be in addition to their existing twelve and one upcoming hotel in the state. 

Lemon Tree Hotels is engaged in developing, owning, managing, and promoting hotels and resorts under various brand names like Lemon Tree Hotel, Lemon Tree Premier, Red Fox Hotel, Aurika, Keys Select, Keys Prima, and Keys Lite. 

In Q1 FY25, the company saw its consolidated net profit decline by 15.55% year-on-year to Rs 19.81 crore, compared to Rs 23.46 crore in Q1 FY24. However, the company’s revenue from operations increased by 19.52% year-on-year, reaching Rs 268.02 crore during the same period.

At 10:21 am, the shares of Lemon Tree Hotels were trading 2.30% higher at Rs 132.39 on NSE.

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