Shares of Lemon Tree Hotels were trading in the green and 3% higher on 9 January after the company announced the signing of its latest property in Meerut.

In its regulatory filing, the company said that they have signed a new franchise of the company, Lemon Tree Hotel, Meerut, which is expected to be opened in the upcoming fiscal year FY2025.

The company added that the new property in Meerut will feature 75 well-appointed rooms, a fitness centre, restaurants, a spa, a swimming pool, outdoor and indoor banqueting facilities, conference rooms and other public amenities.

Vilas Pawar, CEO of the franchise Business of Lemon Tree Hotels, said, “We are pleased to announce the expansion of our portfolio in Uttar Pradesh. This opening will be in addition to our six existing and three upcoming hotels and resorts in the state. The state’s rich culture and manufacturing industries are a great draw for business and leisure travellers.”

The new Meerut property is located 11 km away from the Meerut railway station and 90 km away from the Indira Gandhi International Airport, New Delhi. The city has excellent connectivity by road through the National Expressway 3 along with railways with Delhi NCR.

The company opened its first property with 49 rooms in May 2004, and currently, the company has a strong portfolio of more than 150+ hotels, including over 100 operation hotels and more than 50 hotels set to open in India and overseas.

At 11:30 am, the shares of Lemon Tree Hotels were trading 2.04% higher at Rs 129.90 on NSE.