Lemon Tree unit Carnation, Omaxe to invest ₹4,000cr in India
Carnation Hotels, a wholly owned subsidiary of Lemon Tree Hotels, is joining forces with Omaxe Ltd. to build 10 hotel projects in India, with a total investment of about ₹4,000 crore.
This partnership will add 4,000 rooms to Lemon Tree's lineup and is part of Omaxe's bigger plan to expand in hospitality, which includes investing ₹6,200 crore for 19 hotels across five states.
Omaxe adopts sale-led model for hotels
The new hotels are set for key cities like Lucknow, Vrindavan, Ghaziabad, Greater Noida, Amritsar, Kaushambi, Faridabad, and Amausi, where one project will be right by the airport.
Two of the hotels in Lucknow will even be built at bus terminals.
Omaxe is going with a sale-led approach here, focusing on selling properties instead of taking loans.
The move fits perfectly with Lemon Tree's asset-light growth strategy.
As Omaxe managing director Mohit Goel put it, there's been a real surge in demand for good hotels in smaller cities lately.