Lemon Tree signs new hotel in Rajasthan

Lemon Tree Hotels announced its latest signing of a franchised hotel - Lemon Tree Resort, Kumbhalgarh in Rajasthan.

Kumbhalgarh, also known as the Great Wall of India, is a Mewar fortress on the westerly range of Aravalli Hills, in the Rajsamand district of the Rajasthan.

The property, franchised by Lemon Tree Hotels, is expected to open in December 2023. This property will feature 59 well-appointed rooms, a restaurant, bar, meeting rooms and a swimming pool. Maharana Pratap Airport, Udaipur is about 90 kms from the property, while the Falna railway station is 80 kms away.

Vilas Pawar, CEO - franchise business, Lemon Tree Hotels commented, We are pleased to kick off the year on a high note by announcing the expansion of our portfolio with our valued partner Mountain Tree Resorts. We are expanding our footprint across the state of Rajasthan and this property will be an addition to our six existing hotels and resorts in the state. Lemon Tree Hotels signed 19 hotels in CY 2022, and we are looking to top that number this year with numerous signings and openings planned across different segments in the coming months.

Lemon Tree Hotels is engaged to carry out business of developing, owning, acquiring, renovating, operating, managing and promoting hotels, motels, resorts, restaurants, etc. under the brand name of Lemon Tree Hotel, Lemon Tree Premier, Red Fox Hotel, Aurika, Keys Select, Keys Prima and Keys Lite. Also, some of the Group companies provide project management services and learning & development services.

The company reported consolidated net profit of Rs 16.77 crore in Q2 FY23 as compared to net loss of Rs 20.82 crore in Q2 FY22. Net sales jumped 103% year on year to Rs 196.72 crore in Q2 FY23

The scrip declined 1.28% to Rs 73.20 on the BSE.

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