Omaxe ties up with Lemon Tree Hotels for 10 projects with 4,000 keys
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Omaxe Ltd has signed an MOU with Carnation Hotels, a subsidiary of Lemon Tree Hotels, for new hotel projects. This collaboration will focus on developing ten hotels in various key Indian cities, totaling about 4,000 keys. The projects will require an estimated investment of Rs 4,000 crore, with timelines ranging from nine months to five years. Omaxe plans to fund the developments through sales proceeds, avoiding loan funding.
New Delhi: Realty developer Omaxe Ltd has entered into an MOU with Carnation Hotels Private Limited, wholly owned subsidiary of Lemon Tree Hotels to operate 10 hotel projects across India, comprising 4,000 keys.Omaxe’s Rs 6,200 crore hospitality expansion includes the development of 19 hotels across five states.
The 10 projects entail an estimated investment of approximately Rs 4,000 crore and span Lucknow, Vrindavan, Amausi, Ghaziabad, Greater Noida, Amritsar, Kaushambi and Faridabad. The portfolio includes hospitality developments at transit hubs, pilgrimage destinations and commercial locations.
“India’s hospitality opportunity is expanding beyond established metropolitan markets, with Tier 2 and Tier 3 cities emerging as important destinations for business, leisure and pilgrimage travel. Temple towns, growing commercial centres and transit hubs each have distinct accommodation needs, creating an opportunity to develop hospitality assets that are aligned with the demand drivers of their respective markets,” said Mohit Goel, Managing Director, Omaxe Ltd.
The properties will be operated under Lemon Tree Hotels’ brand portfolio and will cater to a mix of hospitality segments. Project development and commissioning timelines are expected to range from nine months to five years, depending on the individual development.
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“Tier-2 and Tier-3 cities have long been central to our India growth strategy, and this operating arrangement lets us scale it faster, from transit hubs in Lucknow to temple towns like Vrindavan. This will accelerate Lemon Tree Hotels’ asset-light growth strategy, enabling the Company to expand its managed portfolio across diverse markets and asset formats,” said Neelendra Singh, Managing Director, Lemon Tree Hotels Limited.
The projects will follow a sale-led development model, with Omaxe expecting to fund their completion through sales proceeds without requiring loan funding.
The portfolio tentatively comprises Bus Terminal, Jankipuram (500 keys) and Bus Terminal, Vrindavan Yojna (330 keys) in Lucknow; Omaxe BeTogether Centre Point, Amausi, near the airport (693 keys); Omaxe Eternity-II (501 keys) and Omaxe BeTogether Courtyard (81 keys) in Vrindavan; Omaxe BeTogether Centre Point, Ambedkar Road, Ghaziabad (215 keys); Omaxe Connaught Place in Greater Noida (150 keys); Service Apartments in Amritsar (745 keys); Omaxe BeTogether Centre Point, Tower 1, Kaushambi (350 keys); and World Mall, Sector 79, Faridabad (435 keys).
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