Lemon Tree Hotels signs 42-room hotel in Jamshedpur | Mint
Active Stocks
Mon Feb 26 2024 15:59:59
  1. Tata Steel share price
  2. 142.60 -1.99%
  1. Power Grid Corporation Of India share price
  2. 287.75 1.97%
  1. HDFC Bank share price
  2. 1,422.25 0.10%
  1. ITC share price
  2. 409.20 -0.58%
  1. State Bank Of India share price
  2. 759.00 -0.05%
Business News/ Companies / News/  Lemon Tree Hotels signs 42-room hotel in Jamshedpur
BackBack

Lemon Tree Hotels signs 42-room hotel in Jamshedpur

The property is expected to be operational by September 2023 and will be managed by the company’s wholly-owned subsidiary and the management arm, Carnation Hotels.

Lemon Tree Hotels Limited largely has hotels in the mid-priced sector.Premium
Lemon Tree Hotels Limited largely has hotels in the mid-priced sector.

Lemon Tree Hotels has signed a 42-room hotel in Jamshedpur. The property is expected to be operational by September 2023 and will be managed by the company’s wholly-owned subsidiary and the management arm, Carnation Hotels.Lemon Tree Hotels Limited largely has hotels in the mid-priced sector. It also operates in the upscale segment. It has 8,400 rooms in 87 hotels in 52 destinations, in India and abroad and has brands like Aurika Hotels & Resorts, Lemon Tree Premier, Lemon Tree Hotels, Red Fox Hotels, Keys Prima, Keys Select and Keys Lite. Once its current opening pipeline becomes operational, the company will have about 11,150 rooms in 120 hotels in 75 destinations, in India and abroad.Mahesh Aiyer, CEO of the subsidiary said, “Jamshedpur is a leading tier-II city with significant tourism and business potential. The signing of this hotel is in line with our vision of strengthening our presence in key domestic markets and we are pleased to partner with Parikh Inn. In keeping with our asset light growth strategy, we have consistently been growing in the management space and have already signed four hotels this month itself, and a total of 15 hotels this fiscal. We aspire to diversify our existing portfolio, not just in metros and tier I cities, but across tier II, III and IV cities and leisure destinations as well, by signing and opening more hotels to enhance our offerings to our guests as well as owners and partners in tourism and hospitality."Hospitality consultancy Hotelivate said there are about 59,000 new rooms proposed across the country in the next five years. Of these, 72% or about 35,000 rooms are under active development, said the consultancy.In 2020, about 35,000 rooms were being developed in the country. The active development number has gone up by at least 10% now when compared to 2020. The consultancy said it takes into account projects that can be eligible to become a “chain-scale“ hotel.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Varuni Khosla
Varuni Khosla is a journalist with close to 14 years of experience in writing business news stories for mainstream newspaper companies like Mint and The Economic Times. She reports and writes on luxury and lifestyle brands, hospitality and tourism news, the business of sports, the business of advertising and marketing and alcohol brands.
Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 27 Nov 2022, 02:17 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App