The property is expected to open by FY26 and shall be managed by Carnation Hotels, a wholly owned subsidiary and the management arm of Lemon Tree Hotels.
At 11 pm, on October 27, 2023 Lemon Tree Hotels shares were trading at Rs 110.50, up by 3.32% from its previous closing of Rs 106.95 on the BSE.
Lemon Tree Hotels has signed new property ‘Red Fox Hotel’ in Visakhapatnam, Andhra Pradesh. The property is expected to open by FY26 and shall be managed by Carnation Hotels, a wholly-owned subsidiary and the management arm of Lemon Tree Hotels.
Visakhapatnam, popularly known as Vizag, is located between the Eastern Ghats and the coast of the Bay of Bengal. It is the second-largest city on the east coast of India and the fourth largest in Southern India. The city features several beaches as well as the Visakha Museum, an old Dutch bungalow that houses local marine and historical fragments.
Red Fox Hotel, Visakhapatnam will feature 50 well-appointed rooms, one restaurant, fitness centre, a conference room and other public areas. The Visakhapatnam Airport is about 11 kms while the Vizag Junction is just 1 km away. The hotel is also well connected by roadways for both public and private transport.
Lemon Tree Hotels Ltd is India’s largest mid-priced hotel chain, operating in the upscale and mid-priced sectors, including the upper-midscale, midscale, and economy segments. It offers differentiated, value-for-money service.
On Friday, the stock opened at Rs 108.95, reaching a high and low of Rs 111.80 and Rs 108.70, respectively. The BSE group ‘A’ stock with a face value of Rs 10 has a 52-week high and low of Rs 126.70 and Rs 70.25. In the last week, the scrip reached a high of Rs 120.00 and a low of Rs 100.75. The company’s current market cap is Rs 8,809.78 crore. The promoters hold 23.28% of the company, while institutions and non-institutions hold 38.23% and 38.48%, respectively.
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