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Lemon Tree Hotels Limited has announced the signing of a 60-room hotel in Sri Ganganagar, Rajasthan. The hotel is expected to be functional by July 2026 and will be operated by the company’s subsidiary, Carnation Hotels Private Limited. Mahesh Aiyer, CEO of Carnation Hotels, expressed satisfaction with the company’s expansion in Rajasthan, where it already operates six hotels with four more in the pipeline in Jaipur, Kumbhalgarh, Banswara, and Sri Ganganagar. The company is actively seeking to expand its portfolio in the state with more hotels and resorts. Naaz Hotel Consultants were advisors on the deal.
Last month, Lemon Tree Hotels signed four new hotels, one in Gujarat, two in Himachal Pradesh, and another in Madhya Pradesh, with a total inventory of approximately 300 rooms. The management contract for the Aurika hotel in Kasauli, Himachal Pradesh, which will feature about 110 rooms and is expected to open as a resort by November 2024, was also signed.
Lemon Tree Hotels presently operates 87 hotels in about 50 locations, providing approximately 8,400 rooms. The company has set a goal of expanding its inventory to 12,000 rooms in 130 hotels across 84 destinations. It has seven hotel brands, including Aurika Hotels & Resorts, Lemon Tree Premier, Lemon Tree Hotels, and Red Fox by Lemon Tree Hotels. In 2019, the company expanded internationally to Dubai, followed by Bhutan in February 2020.
According to a report by credit ratings agency Care Edge titled ‘Back on Hospitable Grounds, Hotels Set to Grow in FY24 Despite Uncertainties,’ the hospitality industry in India has not only recovered from the pandemic slump but is also on a growth trajectory this fiscal year. The report also states that the outlook for the industry is positive, indicating a promising future. The sector’s revenue per available room (RevPAR), which is estimated to reach INR 4,000 to INR 4,100 per room by the end of FY23, reflects marginal growth over FY19 levels, aided by a robust recovery in occupancy and average rates.