Lemon Tree Hotels to Open New Property in Mumbai by FY 2026

On September 10, 2024, Lemon Tree Hotels announced the signing of its new property – Lemon Tree Hotel in Mira Road, Mumbai. The hotel will be managed by Carnation Hotels Private Limited, a fully-owned subsidiary of Lemon Tree Hotels Limited, and is expected to open in FY 2026.

Mumbai, known as India’s financial hub and a city full of energy and diversity, is famous for its cultural richness, landmarks, and fast-paced life. People from across the country and the world come here chasing their dreams. Mira Road, a growing suburb of Mumbai, is a blend of residential and commercial areas with shopping malls, schools, and hospitals. It is becoming popular due to its good connectivity to the city and more affordable living costs compared to the city centre.

The Lemon Tree Hotel in Mira Road will have 108 rooms, a restaurant, a bar, a meeting room, a swimming pool, and a spa. The property is located around 31 km from the Chhatrapati Shivaji Maharaj International Airport and 13 km from Borivali Railway Station, with good road connections for public and private transportation.

Speaking on the occasion, Mr Vilas Pawar, CEO of Managed and Franchise Business, Lemon Tree Hotels, commented, “We are excited to share the expansion of our portfolio in Mumbai where we have five existing properties across upscale to midscale brands. This addition will complement our existing twelve hotels and two upcoming properties in Maharashtra. 

Financial highlights

Lemon Tree Hotels announced its Q1 results on August 7, 2024. The company’s revenue grew by 20.59% compared to the same quarter last year, but its profit dropped by 15.56%. When compared to the previous quarter, revenue fell by 18.12%, and profit decreased significantly by 70.42%. Operating income declined by 41.7% quarter-on-quarter and fell by 1.48% year-on-year. The earnings per share (EPS) for Q1 stood at ₹0.25, showing a 16.67% decrease compared to the same period last year.

About Lemon Tree Hotels Limited

Lemon Tree Hotels Limited (LTHL) is one of the biggest hotel chains in India. It owns, leases, operates, and franchises hotels in different categories, ranging from luxury to budget-friendly options. LTHL is known for providing unique and high-quality services at great value. 

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