Lemon Tree Hotels Limited has informed the Exchange regarding 'Termination of Hotel Operating Agreement and License Agreement- Lemon Tree Hotel, Agartala, Tripura'.
LEMONTREE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Lemon Tree Hotels has announced the mutual termination of two agreements for a proposed hotel project in Agartala, Tripura. The Hotel Operating Agreement and License Agreement were between the company, Carnation Hotels Pvt. Ltd. (Operator), and PRM Tirupati Pvt. Ltd. (Owner), both dated March 18, 2024. The proposed Lemon Tree Hotel was never operational, and the company has confirmed there is no financial impact from this termination. This appears to be a cancellation of a planned expansion project before it commenced operations.
Minimal impact on the company as the hotel was not yet operational and generated no revenue. This represents a cancelled expansion plan rather than a loss of existing business.