Omaxe partners with Lemon Tree Hotels for 10 hotels, 4,000 keys
OMAXE · price
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Omaxe signed an MOU with Carnation Hotels, a wholly owned subsidiary of Lemon Tree Hotels, to operate 10 hotel projects with 4,000 keys across India. The projects entail an estimated investment of about INR 4,000 crore across 8 cities including Lucknow, Vrindavan, Amausi, Ghaziabad, Greater Noida, Amritsar, Kaushambi and Faridabad. This is part of Omaxe's previously announced INR 6,200 crore hospitality expansion covering 19 hotels in 5 states. Projects will be funded via sales proceeds without loan funding.
Strengthens hospitality portfolio through marquee brand tie-up; funded via sales, so limited debt burden. Positive for growth outlook.