Lemon Tree jumps 4%

Lemon Tree announced yesterday that it has signed a License Agreement for a 44 room Hotel located at Baga, Goa under the Company's brand 'Lemon Tree Hotel' and this will be our fifth Hotel in Goa.

The Hotel is located at Baga, one of the most popular destinations of North Goa and will feature 44 well-appointed rooms and suites, complemented by a multi-cuisine restaurant - Citrus Café, a bar, meeting and conference spaces, a swimming pool, a well-equipped fitness center, a rejuvenating spa and more.

The hotel, owned by Aqua Resorts And Spa Pvt. Ltd, is expected to be flagged and re-launched in April 2020.

Carnation Hotel Private Limited, a subsidiary and the hotel management arm of the Company will be operating and marketing this Hotel.

Lemon Tree currently operates 7,900 rooms in 78 hotels (including Keys hotels) across 46 cities under its various brands including Aurika Hotels & Resorts, Lemon Tree Premier, Lemon Tree Hotels, Red Fox by Lemon Tree Hotels, Keys Prima, Keys Select and Keys Lite. As the current pipeline becomes operational, Lemon Tree Hotels will be operating 106 hotels with 10,500 rooms, across 67 cities in India and abroad.

The stock price rose, briefly becoming the top gainer on the BSE. As against its close of yesterday at Rs.58.50, it opened today with a gain of 2.56%, rising to hit an intraday high at Rs.60.75, going up almost 4%. Volumes are up over 1.5 times.