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Dolat Capital Report
Lemon Tree Hotels Ltd.'s Q1 FY23 has been a healthy beat on both operational and financial parameters. These has been led by robust recovery in occupancy and especially average room rate which was up 20% versus Q1 FY20.
Recovery in hospitality sector, particularly in the leisure segment, was quick and strong since Q2 FY21. Lemon Tree with majority of its hotels in business locations was hit harder. The company has benefitted from strong leisure market and revival in corporate travel.
Lemon Tree with its strong footprint in mid-market segment with ~Rs 5,000 average room rate is well-poised to capture the industry up-cycle. Management commentary remains upbeat with occupancy target of 78-80% and average room rate of ~Rs 5,500 in H2 FY23.
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