Lemon Tree Hotels hits fresh 52-week high on signing agreement for two new properties in Bhubaneswar and Kasauli
The Lemon Tree Hotel in Bhubaneswar will feature 60 well-appointed rooms along with amenities like a restaurant, meeting rooms, a banquet hall, a swimming pool and a fitness centre. Lemon Tree Mountain Resort in Kasauli will feature 50 rooms and cottages.
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12:29 PM IST
Lemon Tree Hotels Limited rallied more than 3 per cent in morning trade on Tuesday to hit a fresh 52-week high of Rs 108.5 apiece on BSE after the company announced it was signing a licence agreement for two new properties in Bhubaneswar and Kasauli.
The company announced that it has signed a licence agreement for two hotels under its "Lemon Tree Hotel" and "Lemon Tree Mountain Resort" brands in Bhubaneshwar and Kasauli, respectively. The Lemon Tree Hotel, Bhubaneswar, is expected to be operational by Q4 of FY 2025 and will be managed by Lemon Tree Hotels’ wholly-owned subsidiary, Carnation Hotels Private Limited. Lemon Tree Mountain Resort, Kasauli, is expected to turn operational by Q3 of FY 2026 and will be managed by the company itself.
Amenities and other details about the new properties
The Lemon Tree Hotel in Bhubaneswar will feature 60 well-appointed rooms along with amenities like a restaurant, meeting rooms, a banquet hall, a swimming pool, and a fitness centre. The hotel is located at a distance of 10 km from Bhubaneswar Railway Station and around 12 km from Biju Patnaik International Airport.
Lemon Tree Mountain Resort in Kasauli, on the other hand, will feature 50 well-appointed rooms and cottages. The resort will come with amenities like banquet halls, a recreation room, two restaurants, a swimming pool, a spa, a fitness centre, a library, and other public areas. The resort is located in Kasauli, at a distance of 56 km from the Shaheed Bhagat Singh International Airport in Chandigarh and 10 km from the Kalka railway station.
The hotel stock has witnessed a stellar month, climbing over 11 per cent in share price over the past week and over 16 per cent in the past month-long period. Over the past year-long period, Lemon Tree Hotels has made investor returns of over 52 per cent.
Shares of Lemon Tree Hotels were trading 0.76 per cent higher at Rs 106 apiece on BSE at 11:40 AM.
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