Lemon Tree Hotels Ltd terminates license agreement for Hubli property

Lemon Tree Hotels Limited has terminated the License Agreement executed dated August 22, 2022 amongst the Company, M/s. HRK Hospitality (Owner) and M/s. Carnation Hotels Private Limited (Operator) consequent to termination of Hotel Operating Agreement (HOA) executed between Owner and Operator dated August 22, 2022, in relation to the hotel operated under the brand name "Lemon Tree Hotel, Hubli", by issuing a termination letter dated July 10, 2026 to the Owner, on account of a material breach of the terms of the HOA. The termination shall become effective upon the expiration of five (5) business days from date of termination letter.

The aforesaid termination of the agreements does not have any material financial impact on the Company.

Shares of Lemon Tree Hotels Limited was last trading in BSE at Rs. 118.45 as compared to the previous close of Rs. 117.30. The total number of shares traded during the day was 327193 in over 1050 trades.

The stock hit an intraday high of Rs. 119.05 and intraday low of 117.55. The net turnover during the day was Rs. 38676328.00.

Source : Equity Bulls

Keywords

LemonTreeHotels INE970X01018 LicenseAgreement Hubli Termination