Hot Pursuit
Lemon Tree Hotels gains after bagging LoA from Govt of Meghalaya As on : 05-Dec-24  15:32

The company has received LoA from Directorate of Tourism Shillong, Government of Meghalaya under design, build, finance, operate and transfer mode on public private partnership.

In terms of the above LoA, the company shall designate a special purpose vehicle (SPV) as concessionaire, which may be a joint venture (JV) subject to the approval of board of directors.

The said hotel is proposed to be branded as Aurika, Shillong and is expected to be operational within the next 3 years. This Hotel will feature around 120 well-appointed rooms, a restaurant, a bar, a fitness center, banquet facilities, spa and other public areas.

The concession period shall be 45 Years from the appointed date which includes three years for construction/development.

Patanjali G. Keswani, chairman and managing director, Lemon Tree Hotels, said, 'We are delighted to have received this Letter of Award from the Government of Meghalaya, to redevelop and operate an iconic property in the beautiful city of Shillong. We will be redeveloping the hotel in line with the standards of our upscale Aurika brand, and relaunching it as Aurika, Shillong.'

Lemon Tree Hotels its principal activities are to carry out the business of developing, owning, acquiring, operating, managing, renovating, and promoting hotels, motels, resorts, restaurants, etc. under the brand names Lemon Tree Hotel, Lemon Tree Premier, Red Fox Hotel, Aurika, Keys Select, Keys Prima, and Keys Lite.

The company's consolidated net profit jumped 32.79% to Rs 35.03 crore on 23.96% increase in revenue from operations to Rs 284.36 crore in Q2 FY25 over Q2 FY24.

Powered by Capital Market - Live News