Lemon Tree to manage 76 room property in Odisha

Lemon Tree Hotels has signed a License Agreement for a 76-room property located at Bhubaneswar, Odisha under the company’s brand ‘Lemon Tree Premier’. The Hotel is expected to be operational by March 2020. Carnation Hotels, the hotel management arm of the company will be operating and marketing this hotel. 

Lemon Tree operates under three distinct brands viz: for budget (Red Fox), mid-scale (Lemon Tree) and upper mid-scale (Lemon Tree Premier) categories. The company enjoys 4 per cent market share in overall chain-hotels in India, and a higher 9.2 per cent market share in mid-priced chain-hotels in the country. 

The company got listed on April 9, 2018, on its debut day it closed almost at Rs. 71.60 apiece as against issue price of Rs. 56, representing almost 28 per cent gain. But after nine months of listing, the gains have come down to its listing level after touching a high of Rs. 91 per share. Currently, the company is trading at around Rs. 71.6 apiece, on Friday.