Hospitality chain Lemon Tree Hotels Ltd on Thursday said it has completed the acquisition of a 989.30-square-metre land parcel in Bandra , Mumbai, for ₹120 crore to develop an upscale full-service hotel under its Lemon Tree Premier brand. The acquisition was completed by Fleur Hotels Ltd, a material subsidiary of the company, through the registration of the Deed of Conveyance and other related documents on Thursday.
The proposed hotel will have approximately 172 rooms and suites and will cater to business travellers, meetings, incentives, conferences and exhibitions , leisure and social segments. The property will include all-day dining, a fitness centre and a swimming pool.
The property will be the group's seventh hotel in Mumbai. The sellers include Asara Co-Operative Housing Society Ltd, Nine Dimensions Housing LLP and others. There is no shareholding between the parties, and the transaction is not a related-party transaction.
The total consideration is ₹120 crore, excluding stamp duty and registration charges. Neelendra Singh, Managing Director, Lemon Tree Hotels Limited said, "Mumbai is a collection of high-yield, distinct micro-markets. Expanding to seven properties in the city, with our first development in Bandra, aligns directly with our strategy of building cluster-level market density.
This strategic land acquisition reflects our deliberate focus on securing high-impact urban sites and expanding our premium footprint in top-tier markets."Separately, Lemon Tree Hotels has signed a licence agreement for Lemon Tree Hotel, Patancheru in Telangana.
The property will be managed by Carnation Hotels Private Ltd, a wholly owned subsidiary of Lemon Tree Hotels. The Patancheru hotel will have 90 rooms, a restaurant, banquet hall, meeting and conference room, swimming pool, fitness centre and other recreational facilities.
The hotel is located in Patancheru, an industrial and manufacturing hub. Rajiv Gandhi International Airport, Hyderabad, is approximately 55 km away, while Ramachandrapuram Railway Station is approximately 5.5 km from the property. Vishvapreet Singh Cheema, President, Lemon Tree Hotels Ltd, said, "Telangana continues to be a high-priority market for us, driven by a dynamic mix of industrial growth, corporate expansion and a vibrant tourism ecosystem.
As a prominent commercial hub, Patancheru represents a strategic business catchment where we see steady, long-term demand. This signing marks our entry into this high-potential market while catering to the growing needs of travellers. As we scale our footprint to eight hotels in the state, we remain focused on supporting its growth story by bringing our signature hospitality to its key destinations."ALSO READ | Lemon Tree signs 90-room property in Garudeshwar, expands Gujarat portfolio to 32Shares of Lemon Tree Hotels Limited ended at ₹106.80, down by ₹1.05, or 0.97%, on the BSE.