Lemon Tree Hotels receives Letter of Award from the Government of Meghalaya

Lemon Tree Hotels is pleased to announce that the Company has received a Letter of Award from the Directorate of Tourism Shillong, Government of Meghalaya, for the re-development, operation and maintenance of Orchid Hotel, located at Shillong City, Meghalaya, under the Design, Build, Finance, Operate and Transfer mode on Public Private Partnership.

This is the first Public Private Partnership (PPP) undertaken by Lemon Tree Hotels. The Company will designate a Special Purpose Vehicle (SPV) as concessionaire, which may be a Joint Venture subject to the approval of the Board of Directors, for the purpose of executing this agreement. The project qualifies for capital subsidy and various incentives (including GST reimbursement) under the Meghalaya Industrial & Investment Promotion Policy (MIIPP)-2024 and the Uttar Poorva Transformative Industrialisation Scheme (UNNATI)-2024.

Meghalaya, also known as the "abode of the clouds" in Sanskrit, is a jewel for India. The panoramic landscapes, foggy hills, cascading waterfalls, serpentine rivers and terraced slopes make the destination as a soulful tourist destination. Gifted with incredible natural beauty, Meghalaya possesses great tourism potential. Shillong is the capital city of the picturesque state of Meghalaya, as well as the District Headquarter of the East Khasi Hill District.

Commenting on the occasion, Mr. 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."

Aurika, Shillong is expected to be operational within the next 3 years. The property will feature ~ 120 elegantly designed rooms and suites, Mirasa - the all-day dining restaurant, Ariva - the bar, expansive banquet spaces, and rejuvenating recreational facilities, including a well-equipped fitness center and spa.

The site is in the prime location of Polo Market, Shillong and commands a beautiful view of the city. It is situated barely 2 km from the bus terminus of Shillong City Centre, around 97 km from the Guwahati Railway Station, 32 km from the Umroi Airport and 119 km from Guwahati Airport.

Shares of Lemon Tree Hotels Limited was last trading in BSE at Rs. 135.10 as compared to the previous close of Rs. 132.90. The total number of shares traded during the day was 395072 in over 5233 trades.

The stock hit an intraday high of Rs. 135.55 and intraday low of 133.10. The net turnover during the day was Rs. 53149542.00.

Source : Equity Bulls

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