Shares of Lemon Tree Hotels Ltd fell 0.97% to ₹106.80 on the BSE after the company revealed a ₹120 crore land purchase in Bandra.
The 989.30‑sqm plot sits along the Western Express Highway, adjacent to the Bandra Kurla Complex, and will host a 172‑room, full‑service Premier hotel.
While the Mumbai deal fuels the company’s premium footprint, it also signs a 90‑room license in Patancheru, Telangana, expanding its presence to eight properties in the state.
Neelendra Singh, Managing Director, Lemon Tree Hotels Ltd said, "Mumbai is a collection of high‑yield, distinct micro‑markets. Expanding to seven properties in the city, with our first development in Bandra, aligns directly with our strategy of building cluster‑level market density."
Vishvapreet Singh Cheema, President, Lemon Tree Hotels Ltd added, "Telangana continues to be a high‑priority market for us, driven by a dynamic mix of industrial growth, corporate expansion and a vibrant tourism ecosystem."
The company has not issued revised financial guidance following the announcement, but the acquisition is part of a broader expansion plan aimed at tapping high‑impact urban sites.