Lemon Tree Hotels signs new hotel in Visakhapatnam under Keys Lite brand

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    NEW DELHI: Lemon Tree Hotels has announced the signing of a 44-room property under its Keys Lite brand in SreeKanya, Visakhapatnam, Andhra Pradesh, its fourth in the state.

    Owned by SreeKanya Combines, the property is expected to be operational by March 2023, and will be managed by Carnation Hotels, a subsidiary and management arm of Lemon Tree Hotels.

    Gajuwaka is considered the shopping district of Andhra Pradesh. The Visakhapatnam Airport is eight kilometers away. The hotel is located in Gajuwaka and has 44 rooms and one multi-cuisine restaurant.

    Mahesh Aiyer, CEO – Carnation Hotels Private Ltd., said, “This will be our fourth property in this state that holds immense business and tourism potential. We will sign and open more hotels in order to extend our offerings for guests and owners in the tourism and hospitality sector.”

    Strong pent-up demand for leisure travel, opening up of international and corporate travel, and wide vaccination coverage should catapult the revenue of the Indian hotel industry by 45% from a decadal low last fiscal, and almost match pre-pandemic (FY20) levels, found a report by Crisil Ratings.

    The rebound in revenue and leaner cost structures can drive up operating profitability by 200-400 basis points this fiscal compared with FY20, as per its analysis of hotels with aggregate 30,000 rooms across categories.

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