Lemon Tree Hotels shares were trading 6% below on 23 October even though the company announced the acquisition of a new property, the Lemon Tree Hotel in Kasauli, Himachal Pradesh.

The said hotel will feature 49 well-appointed rooms, one terrace bar lounge, one restaurant, meeting rooms, a banquet hall, and other public amenities. The hotel is expected to be operational by FY25.

The Lemon Tree Hotel in Kasauli will be managed by Carnation Hotels Private Limited, which is a wholly-owned subsidiary and management arm of the company.

Earlier last week, the company signed a license agreement for a property in Uttarakhand with 72 rooms and also signed another licensing deal for a property in Dehradun, Uttarakhand, with 55 rooms.

In October, the company has also signed a franchise agreement with Artisan Resorts to open a resort in Somnath, Gujarat.

At 3:30 pm, the shares of Lemon Tree Hotels were trading 6.15% below at Rs 112.20 on NSE.