Lemon Tree Hotels signs franchise agreement for Ranchi hotel but shares trade flat

The Lemon Tree Hotels share price trading flat in the early trade on March 22 after the company signed a new property in  Jharkhand's Ranchi.

At 9.54 am, Lemon Tree Hotels was quoting at Rs 133.65, up Rs 0.05, or 0.04 percent, on the BSE.

The property, which will be franchised by Lemon Tree Hotels Limited, is expected to open in FY25. The hotels will have 45 rooms, a restaurant, a bar, banquet facilities, meeting rooms, a swimming pool, a fitness centre and other public areas.

This will be the third upcoming property of the company in the state of Jharkhand.

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On March 18, the company signed a licence agreement for a hotel Agartala, Tripura, which is expected to open in FY27. The hotels will have 80 well-appointed rooms, two restaurants, a bar, banquet facilities, meeting rooms, a swimming pool, a fitness center and other public areas.

In February, the company opened its seventh Lemon Tree Resort in Rajasthan's Kumbhalgarh. The company signed a licence agreement for Lemon Tree Resort in Sankhwas Garh, Rajasthan and Keys Lite by Lemon Tree Hotels, Vijayawada.

The company also signed a licence agreement for a hotel in Noida under the Lemon Tree Hotel brand and a property in Marpalle in Telangana.

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