Lemon Tree witnessed a 2 percent surge in opening trades on January 9 on the NSE, following the announcement by Lemon Tree Hotels regarding the signing of its newest property in Meerut. As of 9:50 am, the stock was actively trading at Rs 130.
In a regulatory filing on January 8, Lemon Tree revealed the signing of Lemon Tree Hotel, Meerut, a franchise of Lemon Tree Hotels Limited, scheduled to open in FY2025. Lemon Tree Hotels boasts a portfolio of over 150 hotels, comprising both operational and upcoming establishments across India and internationally.
A recent report from Motilal Oswal raised the target price of Lemon Tree to Rs 150. The brokerage anticipates favorable outcomes for Lemon Tree, citing changing dynamics in key markets like NCR and Mumbai. The report highlights increasing demand in these cities, propelled by significant traction from new convention centers, coupled with a slower supply growth (2-6 percent CAGR over FY23-28), contributing to the growth trajectory of existing players in the hospitality sector.
