LEMONTREE

** Jefferies expects "healthy" Q1FY26 growth for Indian hotel firms, undeterred by some travel softness in May due to military conflicts between New Delhi and Islamabad

** Q1 "started on a strong note in April, extending Q4 performance and June is expected to see normalcy" - note

** Adds, hotel firms to continue to benefit from industry uptrends, including demand outstripping supply

** Taj-parent Indian Hotels Co Ltd IHTL.NS, ITC Hotels ITCT.NS and Chalet CHAL.NS are brokerage's top sectoral picks

** On the day, IHTL flat, ITCT edges up 0.2%. CHAL down 1%

** All three cos outperformed or were in-line with industry in terms of Y/Y Q4 revenue growth per available room, a key operating metric

(Reporting by Hritam Mukherjee in Bengaluru)

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** Indian tourism stocks .NIFTYINDTOURISM decline 2.5%, taking their 2-day drop to 5%

** The fall aligns with growing tensions between India and Pakistan as the nuclear-armed neighbours have been locked in conflict since Wednesday

** Closure of airports and travel restriction on areas close to border will have impact on travel and hospitality business due to cancellation of bookings during holiday season, says ICICI Direct

** India's top airline IndiGo INGL.NS down 1.3%, while travel booking platforms Easy Trip Planners EASM.NS, IRCTC INIR.NS fall 3.1% and 1.3%, respectively

** Airports operator GMR Airports GMRI.NS falls 2%

** If escalation continues for a while it will have large impact on the business performance of the hotel companies in the near term - ICICI Direct

** Hotel operators Chalet Hotels CHAL.NS, Lemon Tree LEMO.NS slide 2.5% and 3.2%, respectively

** EIH EIHO.NS down 3%, Indian Hotels IHTL.NS slips 5.6%

(Reporting by Kashish Tandon in Bengaluru)

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Rewrites throughout with details from the analyst call, share moves, background on debt, and analyst comment

By Hritam Mukherjee

April 24 (Reuters) - Singapore's sovereign wealth fund GIC will take 35% stakes in three individual units of SAMHI Hotels SAMH.NS for a total investment of 7.52 billion rupees ($88 million), as part of a joint plan to develop upscale hotels in India.

The three units - SAMHI JV Hotels, Ascent Hotels, and Inmar Tourism and Hotel - together operate four hotels in the Indian cities of Bengaluru and Pune, with two of the hotels Marriott MAR.O-branded and one more hotel still under construction, the Indian hotelier said on Thursday.

SAMHI said that out of GIC's total investment, 6.03 billion rupees will be majorly used towards scaling down SAMHI's debt - which some analysts have flagged as higher than peers.

Brokerage Prabhudas Lilladher, earlier this week, had said that over the next three years, SAMHI's net debt to core profit would still be higher than other hoteliers with debt, such as Chalet Hotels CHAL.NS and Lemon Tree Hotels LEMO.NS.

The company, whose debt as of 2024-end stood at 20.64 billion rupees, expects the deal to trim it by 5.8 billion rupees.

Once the deal closes, SAMHI JV will become debt free and Ascent will be left with a debt of roughly 2 billion rupees, SAMHI's Chief Executive Ashish Jakhanwala said in an analyst call.

The plan clears investor concerns around SAMHI's debt pile, Prabhudas Lilladher analyst Jinesh Joshi said. The company's shares were last trading 10% higher.

The $88 million deal is a part of a joint plan to create a $300 million venture aimed at developing upscale hotel assets in India - wherein GIC holds 35% share and SAMHI retains 65%.

The joint venture's focus will be to tap "acquisition and turnaround" opportunities in the urban business hotels segment, Jakhanwala added.

($1 = 85.5850 Indian rupees)

(Reporting by Hritam Mukherjee and Aleef Jahan in Bengaluru; Editing by Rashmi Aich)

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** The medium-term demand outlook for India's hotel sector remains positive, ICICI Securities says

** Brokerage expects the hotels in its coverage universe to report double-digit RevPAR growth in Q4, as they did in Q3

** Sees annual recurring revenue CAGR of 6–8% over FY24–27, with 100-200 bps jump in occupancy in FY25 and FY26

** Reiterates "buy" on Indian Hotels IHTL.NS, Chalet Hotels CHAL.NS and Lemon Tree Hotels LEMO.NS

** Shares of IHTL, CHAL and LEMO ended 2%-3% higher on the day

(Reporting by Ashish Chandra in Bengaluru)

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** Motilal Oswal sees selective opportunities emerging in equities linked to consumption due to cheaper valuations following the recent drop

** FMCG index .NIFTYFMCG is down 6.4% in 2025 so far compared; Nifty 50 up 0.3%

** In the last two decades, consumer stocks have risen in all 11 phases of corrections in the benchmark Nifty 50 index .NSEI

** However, NIFTYFMCG has fallen 22.65% between the end of September 2024 and February 2025 vs 14.3% drop in Nifty 50

** Recent market drop has offered entry points in several key consumer and retail stocks, says brokerage

** Expects consumer indexes to recover in FY2026 as valuations ease

** Motilal's key small-cap, mid-cap picks include Page Industries PAGE.NS, Devyani International DEVY.NS, Metro Brands METB.NS, V-Mart VMAR.NS, Lemon Tree Hotels LEMO.NS, LT Foods LTOL.NS and Cello World CELO.NS

** Tax cuts and RBI rate cut in February will boost aggregate demand, investor sentiment, according to Motilal

(Reporting by Bharath Rajeswaran in Bengaluru)

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** Shares of Lemon Tree LEMO.NS rise 4.9% to 134.86 rupees apiece

** Rise after Macquarie says hotel chain operator is primed for growth uptick, led by renovation of new hotels, rise in number of rooms

** Macquarie says LEMO's valuations are compelling, trading at a 9% discount to historical valuations

** Adds LEMO has potential to double its earnings by fiscal year 2028

** Reiterates "outperform" at a target price of 210 rupees, implying a 64% upside

** Average rating of 15 analysts tracking LEMO is "buy"; median target price is 170 rupees, according to data compiled by LSEG

** LEMO shares down 12% in 2025 so far, compared to 8% drop in Nifty 500 index .NIFTY500 of which it is a constituent

(Reporting by Bharath Rajeswaran in Bengaluru)

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Feb 20 (Reuters) - Lemon Tree Hotels Ltd LEMO.NS:

• LEMON TREE HOTELS LTD - ARBITRATOR AWARDS IN FAVOR OF MATERIAL SUBSIDIARY FLEUR HOTELS

• LEMON TREE HOTELS LTD - CLAIMANT TO RECEIVE 114.7 MILLION RUPEES PLUS 9% P.A. INTEREST

Source text: ID:nNSE6cdjS0

Further company coverage: LEMO.NS

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Feb 4 (Reuters) - Lemon Tree Hotels Ltd LEMO.NS:

• LEMON TREE HOTELS DEC-QUARTER CONSOL NET PAT 624.9 MILLION RUPEES

• LEMON TREE HOTELS DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 3.55 BILLION RUPEES

Source text: ID:nBSE9TBt6Z

Further company coverage: LEMO.NS

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** Indian tourism stocks rise as Finance Minister Nirmala Sitharaman says government will develop top destinations with key infrastructure in budget

** Indian Tourism Development Corp ITDC.NS up 11.61%

** Tourism Finance Corporation of India TFCI.NS up about 2%, Lemon Tree Hotels LEMO.NS up around 1%

(Reporting by Ananta Agarwal in Bengaluru)

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Jan 27 (Reuters) - Lemon Tree Hotels Ltd LEMO.NS:

• GETS TAX ORDER WITH PENALTY OF 10 MILLION RUPEES

Further company coverage: LEMO.NS

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Jan 25 (Reuters) - Lemon Tree Hotels Ltd LEMO.NS:

• LEMON TREE HOTELS LTD - EXECUTES AGREEMENT FOR NEW HOTEL IN VADODARA

• LEMON TREE HOTELS LTD - HOTEL EXPECTED TO START OPERATIONS IN FY 2029

Source text: ID:nNSE8KhBrJ

Further company coverage: LEMO.NS

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Dec 26 (Reuters) - Lemon Tree Hotels Ltd LEMO.NS:

• LEMON TREE HOTELS LTD - SIGNS AGREEMENT FOR NEW PROPERTY IN MAHARASHTRA

Source text: ID:nNSE5T991W

Further company coverage: LEMO.NS

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** Shares of Lemon Tree Hotels LEMO.NS rise 2.7% to a record high of 159 rupees

** Stock on track to seventh straight day of gains, if trend holds

** Reuters could not immediately ascertain the reason behind LEMO's move

** December marks LEMO's busiest in 4 months, with nearly 100 mln shares traded

** Analysts' avg rating on stock is "buy", same as that on peers Indian Hotels Co IHTL.NS and Chalet Hotels CHAL.NS - data compiled by LSEG

** Their median PT on LEMO is 153 rupees - LSEG data

** Stock up 30% YTD, vs 101% and 43% gains in IHTL and CHAL, respectively

(Reporting by Aleef Jahan in Bengaluru)

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** Axis Capital initiates coverage on Chalet Hotels CHAL.NS, Juniper Hotels JUNI.NS, The Indian Hotels Co IHTL.NS with 'buy', and Lemon Tree Hotels LEMO.NS with 'add'

CHALET HOTELS AND JUNIPER HOTELS

** Brokerage sees revenue and occupancy at CHAL and JUNI benefiting from premium brand affiliations (CHAL-Mariott; JUNI-Hyatt)

** CHAL and JUNI's assets all located near business centers and airports, targeting business travellers - brokerage

INDIAN HOTELS CO AND LEMON TREE HOTELS

** IHTL, which operates the iconic Taj Brand, and LEMO to benefit from premiumization

** Both IHTL and LEMO plan to increase the share of managed hotels in their portfolios, as part of an asset-light model strategy, a plus for management fee growth and profit margins - brokerage

** On the day, CHAL up 5.27% to 976 rupees ($11.50), LEMO up 1.56% to 145 rupees, while JUNI down 1.02% to 358.6 rupees and IHTL flat

($1 = 84.8625 Indian rupees)

(Reporting by Ananta Agarwal in Bengaluru)

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Dec 5 (Reuters) - Lemon Tree Hotels Ltd LEMO.NS:

• LEMON TREE HOTELS LTD - SIGNS NEW PROPERTY IN PAVAGADH

• LEMON TREE HOTELS LTD - HOTEL EXPECTED TO OPEN IN FY 2027

Source text: [ID:]

Further company coverage: LEMO.NS

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Oct 29 (Reuters) - Lemon Tree Hotels Ltd LEMO.NS:

• SIGNS LICENSE AGREEMENT FOR 45-ROOM HOTEL IN AMRITSAR, PUNJAB

Source text: ID:nBSE4GCQp7

Further company coverage: LEMO.NS

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Oct 23 (Reuters) - Lemon Tree Hotels Ltd LEMO.NS:

• LEMON TREE HOTELS - SIGNS NEW PROPERTY IN MAHARASHTRA

• LEMON TREE HOTELS - HOTEL IS EXPECTED TO OPEN IN FY 2028

Source text for Eikon: ID:nnAZN2HR6X3

Further company coverage: LEMO.NS

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Oct 21 (Reuters) - Lemon Tree Hotels Ltd LEMO.NS:

• SIGNED LICENSE AGREEMENT FOR 72-ROOM HOTEL IN KALABURAGI, KARNATAKA

Source text for Eikon: ID:nBSE5wSYQ8

Further company coverage: LEMO.NS

(([email protected];;))

Oct 16 (Reuters) - Lemon Tree Hotels Ltd LEMO.NS:

• TERMINATION OF OPERATING AGREEMENT, LICENSE AGREEMENT FOR HOTEL IN RISHIKESH

Source text for Eikon: [ID:]

Further company coverage: LEMO.NS

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Oct 7 (Reuters) - Lemon Tree Hotels Ltd LEMO.NS:

• LEMON TREE HOTELS LTD - SIGNS A NEW PROPERTY IN UDAIPUR

Source text for Eikon: ID:nBSE3SQcxL

Further company coverage: LEMO.NS

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Sept 20 (Reuters) - Lemon Tree Hotels Ltd LEMO.NS:

• SIGNS LICENSE AGREEMENT FOR 40-ROOM HOTEL IN SRINAGAR, JAMMU AND KASHMIR

Source text for Eikon: ID:nBSE1BF4hh

Further company coverage: LEMO.NS

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Sept 18 (Reuters) - Lemon Tree Hotels Ltd LEMO.NS:

• SIGNED LICENSE AGREEMENT VIZ KEYS LITE BY LEMON TREE HOTELS, VIJAYAWADA

Source text for Eikon: ID:nBSE4RnhTq

Further company coverage: LEMO.NS

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Sept 10 (Reuters) - Lemon Tree Hotels Ltd LEMO.NS:

• LEMON TREE HOTELS LTD - SIGNS NEW PROPERTY IN MUMBAI VIA UNIT

Source text for Eikon: ID:nBSE20Ztft

Further company coverage: LEMO.NS

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Aug 30 (Reuters) - Lemon Tree Hotels Ltd LEMO.NS:

• LEMON TREE HOTELS - LEMON TREE HOTELS SIGNS NEW PROPERTY IN AMRITSAR

Further company coverage: LEMO.NS

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** Shares of Lemon Tree Hotels LEMO.NS rise 2.3% to 135.6 rupees, set for best day in a week

** Hotel chain co signs license agreement for new property in Ujjain, Madhya Pradesh; hotel expected to open in FY 2027

** More than 5 mln shares change hands, nearly same as the 30-day avg

** Avg rating of 16 analysts covering the stock at "buy"; median PT is at 152.50 rupees - LSEG data

** Stock up 14% so far this year, had gained ~40% in 2023 for third straight year of gains

(Reporting by Dimpal Gulwani in Bengaluru)

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Aug 7 (Reuters) - Lemon Tree Hotels Ltd LEMO.NS:

• JUNE-QUARTER CONSOL NET PAT 198.1 MILLION RUPEES

• JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 2.68 BILLION RUPEES

Source text for Eikon: ID:nBSE7dnpjg

Further company coverage: LEMO.NS

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July 24 (Reuters) - Lemon Tree Hotels Ltd LEMO.NS:

• LEMON TREE HOTELS - SIGNED LICENSE AGREEMENT FOR KEYS PRIMA BY LEMON TREE HOTELS, KOTA

Source text for Eikon: ID:nNSE5G237D

Further company coverage: LEMO.NS

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July 22 (Reuters) - Lemon Tree Hotels Ltd LEMO.NS:

• SIGNS TWO PROPERTIES IN PATHANKOT, PUNJAB AND GOA

• BOTH PROPERTIES ARE EXPECTED TO OPEN IN FY 2026

Source text for Eikon: ID:nNSE3nzLq9

Further company coverage: LEMO.NS

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June 19 (Reuters) - Lemon Tree Hotels Ltd LEMO.NS:

• SIGNS A NEW PROPERTY IN MORBI, GUJARAT

Source text for Eikon: [ID:]

Further company coverage: LEMO.NS

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** Lemon Tree Hotels LEMO.NS up 3.3% at 143.15 rupees, set to snap five-session losing run

** LEMO posts a 52.3% Y/Y jump in its March-qtr profit, while rev rose 29.5%

** Analysts avg rating on LEMO is "buy" and median TP is 154.50 rupees - LSEG data

** Trading vol 1.2x the 30-day avg by mid morning

** Including session's gain, stock up 19.4% YTD

($1 = 83.4000 Indian rupees)

(Reporting by Navamya Ganesh Acharya in Bengaluru)

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