Lemon Tree Hotels Ltd.'s wholly owned subsidiary Carnation Hotels Private Ltd. announced the signing of a new Lemon Tree Hotel in Udaipur, scheduled to open in fiscal 2027.
The upcoming Lemon Tree Hotel will feature 54 rooms, catering to both leisure and business travelers. The property will also include a restaurant and bar, a meeting room, a swimming pool, and a fitness centre, according to an exchange filing.
The hotel is approximately 18 kilometres from Maharana Pratap Airport and 9 kilometres from the Udaipur City Railway Station.
"We are excited to share the expansion of our portfolio in Rajasthan, where we currently have nine existing and five upcoming properties," said Vilas Pawar, chief executive officer—managed & franchise business, Lemon Tree Hotels, adding that it will complement their three operational properties in the city, as per a press release.
This follows the company's second quarter financial results, which Patanjali Keswani, the managing director, anticipated would perform better than the first quarter, despite the company's investments in renovating hotels across their franchise.
"In the second quarter, we will do a few percentage points better than the first quarter. You will see us go back to similar margins as the second quarter in the previous year despite massive investments, which means without renovation we would have done much better than the second quarter of the previous fiscal," he told NDTV Profit.
Shares of Lemon Tree Hotels closed 3.40% lower at Rs 113.98 apiece on the NSE, compared to a 0.87% decline in the benchmark NSE Nifty 50.
The stock has fallen 12.18% on a year-to-date basis and 1.78% over the past 12 months. The relative strength index was at 21.56.
Out of the 19 analysts tracking the company, 17 have a 'buy' rating on the stock and two recommend a 'sell', according to Bloomberg data. The average of 12-month analysts' consensus price target was 32.1%.
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