Shares of Lemon Tree Hotels were trading 4% above on 27 October after the company announced that it had signed a new licence agreement for a new property in Visakhapatnam, Andhra Pradesh.

Red Fox Hotel will feature 50 well-appointed rooms, a fitness centre, a restaurant, a conference room, and other public amenities. The property is expected to be commissioned by FY26 and will be managed by the company’s wholly-owned subsidiary and management arm, Carnation Hotels Private Limited.

Mahesh Aiyer, CEO of Carnation Hotels, said, “We are delighted to announce the expansion of our portfolio in Andhra Pradesh. This opening will be in addition to our four existing and two upcoming hotels and resorts in the state.”

The company also announced that its Board of Directors are scheduled to meet on 9 November 2023 to consider and approve the unaudited financial results of the company for both standalone and consolidated basis of the July-September quarter.

Earlier last week, the company announced acquiring a new property, the Lemon Tree Hotel in Kasauli, Himachal Pradesh, which is expected to open by FY25.

At 11:21 am, the shares of Lemon Tree Hotels were trading 2.90% above at Rs 110 on NSE.