Lemon Tree Hotels on Monday announced that it has signed a licence agreement for a 42-room property in Jamshedpur in Jharkhand.
The new hotel is expected to be operational by September 2023. It will be managed by Carnation Hotels Pvt. Ltd., a wholly-owned subsidiary and the management arm of Lemon Tree Hotels Ltd.
This property is complemented by a multi-cuisine restaurant, a bar, a meeting room, a fitness centre, and banquets along with other public areas.
Jamshedpur is home to Tata Group’s two major arms - Tata Steel and Tata Motors. The city is also home to the Indian Super League Football Club Jamshedpur Football Club, which is owned by Tata Steel. The city is well-connected to other parts of India through national and state highways.
Lemon Tree earlier this month had also signed a license agreement for another 42-room hotel in Tezpur, Assam, which is expected to be operational by the end of March 2025.
Lemon Tree Hotels Ltd. is India’s largest hotel chain in the mid-price segment, and the third largest overall, on the basis of controlling interest in owned and leased rooms.
It operates over 8,400 rooms in 87 hotels across 52 destinations, in India and abroad, under its various brands of Aurika Hotels & Resorts, Lemon Tree Premier, Lemon Tree Hotels, Red Fox Hotels, Keys Prima, Keys Select, and Keys Lite.
The company’s revenue from sales surged over twofold to Rs 197.4 crore in the September quarter. It posted a profit of Rs 19.35 crore against a loss of Rs 33.16 crore in the year-ago quarter.
The shares of Lemon Tree Hotels are trading at Rs 95.10, up 1.82 percent.
