On September 11, Lemon Tree Hotels saw its shares edge higher, ending the day 1.4% up, following the company's announcement of a new hotel project. The hospitality firm disclosed that it has signed a license agreement for the Lemon Tree Hotel, Mira Road, Mumbai. This upcoming property is scheduled to open in FY26 and will be managed by its wholly-owned subsidiary, Carnation Hotels Pvt Ltd.

New Hotel Features and Location

The new Lemon Tree Hotel in Mira Road, Mumbai, will boast 108 well-appointed rooms. The hotel will cater to a diverse range of guests, offering amenities such as a restaurant, a bar, a meeting room, a swimming pool, and a spa. This strategic location in Mira Road is well-connected, situated about 31 kilometers from Chhatrapati Shivaji Maharaj International Airport and 13 kilometers from Borivali Railway Station. Additionally, the hotel will benefit from robust road connectivity, accommodating both public and private transport.

Vilas Pawar, CEO of Managed & Franchise Business at Lemon Tree Hotels, expressed excitement about expanding the company's portfolio in Mumbai. He noted that this new addition complements their existing five properties in the city and their overall twelve hotels with two upcoming properties in Maharashtra.

Stock Performance and Market Comparison

Following the announcement, Lemon Tree Hotels shares ended 1.4% higher at Rs 131.19 on the National Stock Exchange (NSE). This gain contrasts with the company's 10% rise in share price so far this year, which lags behind the Nifty’s 16% returns. Over the past 12 months, Lemon Tree’s stock has appreciated by 12%, while the Nifty has surged by 29% during the same period.

The expansion into Mumbai’s Mira Road area signifies Lemon Tree Hotels' continued growth strategy and commitment to enhancing its footprint in key urban markets. For more insights into the latest IPOs and financial news, visit Best IPO to Apply Now - IPO List 2024, Latest IPO, Upcoming IPO, Recent IPO News, Live IPO GMP Today - Finance Saathi and Top News Headlines - Share Market News, Latest IPO News, Business News, Economy News - Finance Saathi.

Join our Trading with CA Abhay Telegram Channel for regular stock market trading and investment calls by CA Abhay Varn, SEBI Registered Research Analyst, and Finance Saathi Telegram Channel for regular share market, news, and IPO updates.

Start your stock market journey and apply in IPOs by opening a free demat account in Choice Broking FinX.