Lemon Tree Hotels signs new property in Visakhapatnam

Lemon Tree Hotels on Friday announced that it signed a new hotel in Visakhapatnam, Andhra Pradesh, under the brand Keys Lite.

Lemon Tree Hotels has signed a license agreement for a 44 room hotel at Gajuwaka, Visakhapatnam, Andhra Pradesh under the company's brand 'Keys Select, by Lemon Tree Hotels'. The hotel is expected to be operational by March 2023.

This property will feature 44 well-appointed rooms, complemented by a multi-cuisine restaurant. It will also have a conference room and a fitness center for recreation.

The property is owned by SreeKanya Combines, and shall be operated through Carnation Hotels, a subsidiary and management arm of Lemon Tree Hotels.

Gajuwaka, in south west of Visakhapatnam, is considered as one of the biggest and busiest shopping districts of Andhra Pradesh. It is well connected by air and railway as the Visakhapatnam Airport is 8 km away and the railway station is at 12 km. Visakhapatnam, popularly known as Vizag, is located between the Eastern Ghats and the coast of the Bay of Bengal.

Speaking on the occasion, Mahesh Aiyer, CEO - Carnation Hotels commented, We are delighted to expand our reach in Andhra Pradesh with our valued partner M/s. SreeKanya Combines. This will be our fourth property in this state that holds immense business and tourism potential. We aspire to uplift our existing portfolio by signing and opening more hotels in order to extend our offerings for guests and owners in the tourism and hospitality sector.

Lemon Tree Hotels is India's largest hotel chain in the mid-priced sector, and the third largest overall, on the basis of controlling interest in owned and leased rooms, as of 30 June 2017, according to the Horwath Report. It operates in the upscale segment and in the mid-market sector, consisting of the upper-midscale, midscale and economy segments.

On a consolidated basis, Lemon Tree Hotels reported net loss of Rs 24.62 crore in Q4 March 2022 as against net loss of Rs 16.82 crore in Q4 March 2021. Net sales rose 25.73% to Rs 119.54 crore in Q4 FY22 over Q4 FY21.

Shares of Lemon Tree Hotels slipped 2.05% to Rs 64.35 on the BSE.

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