Lemon Tree Hotel Shares initially traded 1% above; however, the shares tumbled 4% on 18 September after the company announced the opening of its sixth property in Bengaluru.

The company has launched its sixth property in Bengaluru by Peninsula Suites under the Lemon Tree umbrella.

The hotel management arm of Lemon Tree Hotel and Subsidiary Carnation Hotels will manage the property.

The property will have 101 rooms and suites, a multi-cuisine coffee shop, a recreation bar, a fitness centre, and meeting rooms.

Last week, the company signed a licence agreement for two properties in Nepal and Gujarat. The Gujarat property will be in Junagadh, which will function under the company’s ‘Lemon Tree Hotel’, and the Nepal property will be in Chitwan. It will operate under ‘Lemon Tree Resorts’.

In September, the company signed a licence agreement for an 80-room property in Dehradun, Uttarakhand, under the company’s Lemon Tree Premier brand and is expected to be ready by Q3FY25.

At 3:00 pm, the shares of Lemon Tree Hotels were trading at Rs 117.35 or 3.46% below its previous close on NSE.