Lemon Tree Hotels shares rise over 4% on launch of 9th hotel in Rajasthan

The stock rose as much as 4.3% to hit an intraday high of ₹150.8 apiece on the NSE, hovering around its 52-week high of ₹158 hit on 6 May, 2024.

In a stock exchange notification on Friday, Lemon Tree Hotels announced the opening of ‘Keys Lite’ by Lemon Tree Hotels, Urban Square, Udaipur-Rajasthan. The property is being operated under the franchise division of Lemon Tree Hotels.

This hotel has 68 well-appointed rooms, of which 34 have opened as part of phase I of the launch, and the remaining 34 will open shortly thereafter, as part of phase II.

This is the third offering of Lemon Tree Hotels in Udaipur after the upscale Aurika and the mid-scale Keys Select.

Lemon Tree Hotels is one of the largest hotel chains in India. The group offers seven brands to meet guests’ needs across all levels – Aurika Hotels and Resorts, Lemon Tree Premier, Lemon Tree Hotels, Red Fox Hotels, Keys Prima, Keys Select and Keys Lite.

The company launched its first hotel with 49 rooms in 2004 and currently it has a portfolio of over 160 hotels. The hotel chain operator’s total properties include 100 operational hotels and over 60 new properties set to be launched in India and abroad.

Last month, Lemon Tree had reported strong numbers for the quarter ended March 2024 (Q4 FY24). The company’s net profit rose over 52% to ₹67 crore in the March quarter compared with the year-ago period. Meanwhile, revenue from operations increased nearly 30% to ₹327 crore in Q4FY24.

Promoters also lowered their stake in Lemon Tree Hotels in Q4 FY24 to 22.8% from 23.2% at the end of Q3 FY24. However, foreign institutional investors raised their stake in the hotel chain to 27% in the March quarter from 22.8% in the December quarter.

Shares of Lemon Tree Hotels were trading 4.03% higher at ₹150.12 apiece on the NSE at 1:06 pm.