Lemon Tree Hotels Ltd. share price touched fresh high for two session in a row. The stock has been rising three sessions in a row. Investors preferred the stock in the backdrop of recently announced GST reforms as they hope that appetite for discretionary spends on hotels and resorts among urban population will increase.
In recent development, the hotel informed the exchanges that its subsidiary has managed to own a letter of award for land parcel in Nehru Place, New Delhi. Fleur Hotels has own the letter of award from Delhi Development Authority to develop and operate a five-star hotel, Lemon Tree Hotel said on Aug 14. The hotel will be named Aurika Nehru Place.
Aurika Nehru Place will be the debut for Lemon Tree in upper upscale brand in National Capital Region, the company said in the exchange filing.
The letter of award is for 12 months from the date of its issuance. The land parcel measures to 2.256 acres. Lemon Tree Hotels did not mentioned the cost of developing the five-star hotel in the exchange filing.
