Hospitality firm Lemon Tree Hotels Ltd. has signed a licence agreement for a 120-room property in Tirupati, Andhra Pradesh. The hotel is expected to be operational by the fourth quarter of the financial year 2025-26 (FY26), the firm said in a regulatory filing to the stock exchanges on June 30.
The new property will be operated by Carnation Hotels Private Ltd., a wholly-owned subsidiary and the hotel management arm of Lemon Tree Hotels.
Lemon Tree's new property will have banquet facilities, a restaurant, a swimming pool, a fitness centre, meeting rooms, and other public areas.
Lemon Tree Hotels said that the new property is just 25 km away from the Tirumala Temple. Tirupati Airport is approximately 15 km from the property and the railway station is about 4 km away. The property is connected by both public as well private transport from all major cities in the country.
“Andhra Pradesh has 4 operational Lemon Tree hotels and, with this property, we will be adding one more to our portfolio,” said Mahesh Aiyer, CEO of Carnation Hotels.
Lemon Tree Hotels also launched its second hotel with 34 rooms in Manali, Himachal Pradesh.
In May, the company's chairman and managing director Patanjali Keswani said that Lemon Tree Hotels expects to open over 20 hotels in the 2023-2024 financial year and add about 2,000 rooms during the fiscal and expand it to 20,000 by 2026.
Shares of Lemon Tree Hotels are trading 0.2 percent higher at Rs 93.85. The stock has risen 12 percent on a year-to-date basis.
