DOCSLIB.ORG

Lemon Tree Hotels Limited

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Lemon Tree Hotels Limited Lemon Tree Hotels Limited Instrument Amount Rating Action (Rs. Crore) Fund-based bank facilities – Term Loans 99.60 [ICRA]BBB+ (Stable); reaffirmed Fund based bank facilities – Working Capital 30.00 [ICRA]BBB+ (Stable)/ [ICRA]A2; reaffirmed Proposed bank facilities 3.88 [ICRA]BBB+ (Stable); reaffirmed Source: ICRA ICRA has reaffirmed the long-term rating of [ICRA]BBB+ (pronounced ICRA triple B plus) for the Rs. 99.60 crore1 (reduced from Rs. 100.20 crore earlier) fund-based bank facilities and Rs. 3.88 crore (reduced from Rs. 5.28 crore earlier) proposed bank facilities of Lemon Tree Hotels Limited (LTHL)2. Further, ICRA has also reaffirmed the long-term rating of [ICRA]BBB+ (pronounced ICRA triple B plus) and short-term rating of [ICRA]A2 (pronounced ICRA A two) for the Rs. 30 crore fund-based working capital facilities of the company. The outlook on the long-term rating continues to be stable3. While assessing the credit profile of Lemon Tree Hotels Limited, ICRA has consolidated the operational and financial profile of LTHL and its subsidiaries due to significant financial linkages between them. The ratings reaffirmation factors in stabilisation of LTHL’s nascent properties (Gachibowli Hyderabad and DIAL4 Aerocity) accounting for a sizeable5 room inventory, a healthy year-on-year and across-the-board improvement in operating metrics of its properties and consequent improvement in its scale of operations, which together with high operating leverage inherent in the business has resulted in an improvement in its profitability. With expectations of improved demand-supply scenario, operating metrics in the domestic hospitality market are likely to be on an upward trajectory, which is expected to support profitability over the medium term. The business outlook for the company is further supported by its business profile characterised by its diversified hotel portfolio across star categories, growing recognition of its brands - Lemon Tree and Red Fox across the country, favourable location of its hotel properties in prominent business districts that provide remunerative catchment and experience of its promoters in the hospitality space. Although concentration of revenues on few locations has increased over the past few years increasing vulnerability of revenues to adverse regional movements, however, portfolio is diversified across categories, which reduces vulnerability of revenues to cyclical downturns to some extent. Further, launch of projects currently under execution as well as expansion through management contract route is expected to lead to further diversification. Improved operating profitability margins resulted in a corresponding improvement in company’s debt-coverage indicators during FY2016, making it self-reliant in terms of debt-servicing. However as the operating metrics continue to remain sub-optimal, the return on capital employed and debt-coverage indicators continued to remain modest. With scheduled ballooning of company’s repayment obligations from FY2017 onwards, a consistent improvement in revenues as well as cash accruals will be required to ensure comfortable debt coverage indicators, going forward. In this regard, full-year revenues from DIAL and City Center Gurgaon (Haryana) properties from FY2017 onwards are expected to provide support to company’s revenues and profits; apart from expectations of improvement in operating metrics. Further, the ratings continue to derive strength from demonstrated funding support in the form of equity infusion by promoters as well as reputed investors at regular intervals which facilitated rapid expansion of its portfolio over the years while also helping the group maintain a comfortable capital structure. Although the group has aggressive organic growth plans on the anvil which pose significant execution risk, a major proportion of equity proceeds have been deployed towards project funding. This has been in line with group’s policy of deploying 1100 lakh = 1 crore = 10 million 2 Erstwhile, Lemon Tree Hotels Private Limited 3 For complete rating scale and definitions, please refer to ICRA's Website www.icra.in or other ICRA Rating Publications 4 Delhi International Airport Limited – 30% room inventory pending security clearance was launched during FY16 5 ~23% of the total operational inventory equity proceeds during initial stages of project execution and deferring debt drawdown towards end of project execution. As of now, the group has not availed project debt against any of the eight projects currently under execution in its portfolio. This together with availability of sanctioned lines against cash flows of operational properties as well as flexibility to raise debt against projects which are scheduled to be launched in FY2017 provides adequate financial flexibility to fund the ongoing projects, thereby mitigating the funding risks to a large extent. Further, given that the project debt, if required, can also be availed towards end of the project execution when the visibility of cash flows is higher, possible cash flow mismatch risk arising due to delays in completion will be marginal. Nevertheless, ICRA expects the group to start leveraging its balance sheet to meet part of its funding requirements. The group’s ability to timely mobilize incremental funds at favourable terms will be critical for its execution plans as well as for maintaining liquidity while undertaking capex. With expected increase in debt levels, ICRA expects that the leverage (TD/ OPBDITA) will continue to remain high despite expectation of improved profits. Sustained improvement in operating and financial performance of operational rooms will be the determinant of its debt coverage indicators and critical for its credit profile going forward. In this regard, ICRA derives comfort from LTHL’s financial flexibility as reflected in its demonstrated ability to secure as well as refinance debt at favourable terms; and the possibility of leveraging the debt-free operational properties as well as ongoing projects. In ICRA’s view, the group’s ability to report a further improvement in the operating performance of properties thereby attaining improved profitability and debt-coverage metrics, successfully mobilize funds to execute the planned room additions and prudently plan the organic as well as in-organic expansion will be the key rating sensitivities. Further, the pace of economic recovery and competitive pressure in its key markets will continue to drive not only its cash flows vis-a-vis scheduled debt repayments, but also the external funding requirement for growth and hence its debt coverage indicators. Company Profile Incorporated in 2002 by Mr. Patanjali Keswani along with his friends and associates, LTHL (erstwhile, Lemon Tree Hotels Private Limited) is a privately held concern that owns and operates mid-scale and economy segment hotels under its three brands, Lemon Tree Premier (for 4-star deluxe category), Lemon Tree (for 3-4 star categories) and Red Fox (for economy category). In terms of ownership, ~31% stake in the company is held by the promoters (Keswani family), ~25% by Warburg Pincus, ~15% by APG and balance by Shinsie Bank of Japan, employees, and promoters’ friends and associates. The group designs, develops, and manages all its properties. While most of the properties in its portfolio are owned by the company, a few are on long-term lease basis with varying tenors. At present, the group has 22 operational properties and eight project-stage properties in its portfolio. The total operating room inventory across the operational hotel properties stood at 2,788 as on March 31, 2016. Further, in a bid to facilitate rapid expansion of physical footprint of the group’s brands across the country, the group created a management company (Carnation Hotels - a subsidiary of LTHL) which enters into management contracts with other asset owners across its own deluxe, upscale and economy brands. At present, the group has a portfolio of seven properties under management agreements – all under the “Lemon Tree” brand category. Recent results On a consolidated basis, LTHL reported an operating income of Rs. 291.0 crore and a net loss of Rs. 65.4 crore in FY15 as compared to an operating income of Rs. 222.0 crore and a net loss of Rs. 35.8 crore in FY14. As per the provisional results for the nine-month period ended December 2015, LTHL reported a consolidated operating income of Rs. 259.4 crore, net loss of Rs. 17.0 crore and cash profit of Rs. 19.6 crore as compared to an operating income of Rs. 207.3 crore, net loss of Rs. 40.5 crore and a cash loss of Rs. 15.4 crore in the nine- month period ended December 2014. May 2016 For further details please contact: Analyst Contacts: Mr. Rohit Inamdar (Tel. No. +91-124-4545847) [email protected] Relationship Contacts: Mr. Jayanta Chatterjee (Tel. No. +91-80-43326401) [email protected] © Copyright, 2016, ICRA Limited. All Rights Reserved. Contents may be used freely with due acknowledgement to ICRA ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA ratings are subject to a process of surveillance, which may lead to revision in ratings. An ICRA rating is a symbolic indicator of ICRA’s current opinion on the relative capability of the issuer concerned to timely service debts and obligations, with reference to the instrument rated. Please visit our website www.icra.in or contact any ICRA office for the latest information on ICRA ratings outstanding. All information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable, including the rated issuer. ICRA however has not conducted any audit of the rated issuer or of the information provided by it. While reasonable care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of any kind, and ICRA in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information.
Load more

Recommended publications
  • Customer Snapshot Article
    Customer Snapshot Article Customer: Lemon Tree Hotels Lemon Tree Hotels enhances efficiency and customer experience with Alcatel-Lucent platform The Lemon Tree Hotel Company is an innovative new concept in the Indian market. The hotels in the ŐƌŽƵƉ͛ƐĨĂƐƚŐƌŽǁŝŶŐĐŚĂŝŶĂƌĞƐƵĐĐĞƐƐĨƵůůLJƉŝƚĐŚŝŶŐƚŚĞŵƐĞůǀĞƐĂƐthe new, cost effective alternative to traditional upmarket hotelƐ͘ƐƚŚĞĐŽŵƉĂŶLJ͛ƐǁĞďƐŝƚĞdescribes it͕͞being at a Lemon Tree hotel is like being offered a tall glass of icy cold lemonade after hours of traipsing through the hot and dry ĚĞƐĞƌƚ͊͟ ͞KƵƌďƌĂŶĚis all about simplicity and ĨƌĞƐŚŶĞƐƐ͕͟ explains Aradhana Lal, Vice President of Marketing and Business Development at Lemon Tree. ͞Lemon Tree Hotels are instantly recognizable by their refreshing ambience, warm welcomes, spontaneous smiles and professional LJĞƚĨƌŝĞŶĚůLJƐĞƌǀŝĐĞ͘͟ It is crucial for Lemon Tree that all its procurement decisions reflect these brand values and deliver better and more efficient services for customers. So when the company came to review its telephony system, it had an important decision to make. ͞tĞǁĂŶƚĞĚ a simple yet powerful solution ʹ one that would make our people and processes more efficient, deliver an enhanced customer experience, and also provide us with a flexible platform for ĨƵƚƵƌĞŐƌŽǁƚŚ͕͟ says Ajai Kumar, Chief Information Officer for Lemon Tree. After reviewing several alternatives, Lemon Tree decided to replace its existing Alcatel-Lucent infrastructure with a new IP system based on the OmniPCX Enterprise platform. With the expert help of local partner ABS India Pvt Ltd, the solution has now been installed at nine Lemon Tree Hotels in Chennai, Bangalore, Ahmedabad, Indore, Aurangabad, Gurgaon, Hyderabad and Chandigarh. A further two systems have been rolled out in the more budget conscious Red Fox Hotels, which are also owned by the group.
    [Show full text]
  • Participating Lemon Tree Hotels
    Participating Lemon Tree Hotels Ahmedabad ● Lemon Tree Hotel, Ahmedabad ● Lemon Tree Premier; The Atrium, Ahmedabad Alwar ● Lemon Tree Hotel, Alwar Aurangabad ● Lemon Tree Hotel, Aurangabad Baddi ● Lemon Tree Hotel, Baddi Bengaluru ● Lemon Tree Hotel, Electronics City, Bengaluru ● Lemon Tree Hotel, Whitefield, Bengaluru ● Lemon Tree Premier, Ulsoor Lake, Bengaluru Bhiwadi ● Red Fox Hotel, Bhiwadi Chandigarh ● Red Fox Hotel, Chandigarh Chennai ● Lemon Tree Hotel, Chennai ● Lemon Tree Hotel; Shimona, Chennai Coimbatore ● Lemon Tree Hotel, Coimbatore Corbett ● Lemon Tree Premier, Corbett Dehradun ● Lemon Tree Hotel, Dehradun ● Red Fox Hotel, Dehradun Delhi NCR ● Lemon Tree Premier, Delhi Airport ● Red Fox Hotel, Delhi Airport ● Red Fox Hotel, East Delhi ● Sandal Suites operated by Lemon Tree Hotels, Delhi NCR Gangtok ● Lemon Tree Hotel, Gangtok Ghaziabad ● Lemon Tree Hotel, East Delhi Mall, Kaushambi Goa ● Lemon Tree Amarante Beach Resort, Goa ● Lemon Tree Hotel, Candolim, Goa ● Red Fox Hotel, Morjim, Goa Gurugram ● Lemon Tree Hotel, Sector 60, Gurugram ● Lemon Tree Hotel, Sohna Road, Gurugram ● Lemon Tree Premier 1, Leisure Valley, Gurugram ● Lemon Tree Premier 2, Leisure Valley, Gurugram ● Lemon Tree Premier, City Center, Gurugram ● Red Fox Hotel, Sector 60, Gurugram Hyderabad ● Lemon Tree Hotel, Banjara Hills, Hyderabad ● Lemon Tree Hotel, Gachibowli, Hyderabad ● Lemon Tree Premier, HITEC City, Hyderabad Indore ● Lemon Tree Hotel, Indore Jaipur ● Lemon Tree Premier, Jaipur ● Red Fox Hotel, Jaipur Jammu ● Lemon Tree Hotel, Jammu Katra ● Lemon Tree Hotel, Katra Kerala ● Lemon Tree Vembanad Lake Resort, Kerala Manesar ● Lemon Tree Hotel, Tarudhan Valley, Manesar Patna ● Lemon Tree Premier, Patna Pune ● Lemon Tree Hotel, Hinjawadi, Pune ● Lemon Tree Premier, City Center, Pune Siliguri ● Lemon Tree Hotel, Siliguri Srinagar ● Lemon Tree Hotel, Srinagar Tiruchirappalli ● Red Fox Hotel, Tiruchirappalli Vadodara ● Lemon Tree Hotel, Vadodara .
    [Show full text]
  • Reimagine, Reinvent and Reskill
    FIRST PUBLISHED IN 1975. ACROSS S E C TION P UBLI ca TION. JUNE 2020. ` 50 Reimagine, TOURISM CARES It is time for industry to Reinvent and adopt a Shared Mission IT’S TIME TO Reskill WALK THE TALK, Hospitality leaders moot durable solutions says veteran hotelier to the Covid disruption Habib Rehman contents EdITORIAL 04 Aerocity may take another 2 years to reach 2019 levels 52 INDUSTRY CURRENTS 05 GUESTCOLUMN BY ASHWINI KAkkAR Covid-19 Impact and Revival of Travel and Tourism 06 Reimagine, reinvent and reskill: Hospitality leaders mootdurable solutions to the Covid disruption 12 HAI makes a pitch to government, pushes for sharing industry’s best practices to cater to the new normal 16 Hospitality will re-imagine itself, learn to bounce back! 19 CII actively campaigns for a better deal for tourism TOURISM FIRST 20 20 It’s Time to Walk the Talk, says veteran hotelier Habib Rehman 24 Travel and Tourism industry gasping for breath, say industry leaders in a CNBC-TV18 discussion initiated by CII HOTELSCAPES 27 COLUMN BY NAVIN BERRY Aerocity may take another 2 years to reach 2019 levels 28 Expect Recovery Tail to be Shorter, says Marriott’s Neeraj Govil 30 Wait and watch as the high drama unfold in hospitality, says Arun Saraf 32 Uptick in hospitality will depend upon demand, says Zubin Saxena 34 GUESTCOLUMN BY RAKESH MATHUR In dark clouds, there is a silver lining and Indian tourism will bounce back, for sure! 36 35 Hotels should be allowed to sell liquor by Home delivery! 12 TRANSPORT 36 COVID-19 and the State of the DESTINATIONS Indian
    [Show full text]
  • Should Lemon Tree Hotels Attempt to Replicate Its Inclusion-Based Human Resources Strategy in the U.S
    Should Lemon Tree Hotels Attempt to Replicate Its Inclusion-based Human Resources Strategy in the U.S. Market? David Wernick Florida International University, Miami, Florida, USA [email protected] Abstract: This teaching case examines the question of whether Lemon Tree Hotels, India’s leading midscale hotel operator, should attempt to replicate its highly successful, inclusion-based human resources strategy in the U.S. market. The strategy focuses on recruiting, training, and hiring workers with disabilities to work alongside non-disabled staff throughout various areas of hotel operations. Among the groups targeted for employment are individuals with speech, hearing, and vision impairments, orthopaedic disabilities (i.e., amputees), and intellectual challenges such as autism and Down syndrome. In recent years, Lemon Tree has expanded its outreach to individuals from economically and socially marginalized sectors of society, including orphans raised in institutions and victims of acid attacks. Today, nearly 20 percent of Lemon Tree’s 5,000-strong workforce is comprised of such “opportunity-deprived individuals,” and the company aims to increase this number to 45 percent by 2025. The case is set in mid-2019. Ms. Aradhana Lal, vice president of sustainability initiatives, is contemplating a conversation she had earlier in the day with the company’s managing director. The executive informed her that he is considering expanding Lemon Tree’s international footprint by entering the U.S. market and wants her advice on whether it is possible to replicate the company’s HR strategy there. Lal finds the idea intriguing yet sees major strategic, financial, and operational challenges. She considers how to respond to her boss.
    [Show full text]
  • Companyseéfetary & GM Legal
    @ififli’l i’fiif‘ H O T E I, 3 August 20, 2018 National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-l, Block G Phiroze Jeejeebhoy Towers Bandra Knrla Complex Dalal Street, Mumbai — 400 001 Bandra (E), Mumbai — 400 051 NSE LEMONTREE BSE Scrip Code: 541233 , Scrip Symbol: Ref: Submission of Annual Report for Finandal Year 2017—18 Dear Sir Pursuant to Regulation 34(1) of SEBI(Listing Obligations & Disclosure Requirements) Regulations, for Financial Year 2017-18 2015, we are enclosing herewith Annual Repon ofthe Company into record, We would request you to please take the above information Thanking You _ xix \H ;\i i New {39111 im; Nik i1 $ethi\\ LIN/r Grou Company Seéfetary & GM Legal & Compliance Officer Lemon Tree Hotels Limited (CIN Nor L74899DL1992PLC049022) Registered Office: Asset No 6, Aerocily Hospitality Districtx New Delhi—110037 T +91 11 4605 0101, F +91 11 46050110. E [email protected] www.|emontreehoielslcom Refreshingly dif ferent LEMON TREE HOTELS LIMITED ANNUAL REPORT 2017-18 Disclaimer In this annual report, certain statements may be ‘forward looking statements’ within the meaning of applicable laws and regulations. These forward-looking statements involve a number of risks, uncertain ties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Important developments that could affect the Company’s operations include WHAT’S changes in the industry structure, significant changes in political and economic environment in India and overseas, tax laws, import duties, litigation and labour relations. Lemon Tree Hotels Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
    [Show full text]
  • Hopitality Ginger with Half Page Ad 190906.Qxp
    Hospitality In the middle of the action A new category of budget hotels is transforming the Indian hospitality sector, especially business travel, writes N.B. Rao. SMART BASICS: Addressing the mass-market economy traveller 56 WORKING LUNCH: For the busy executive nternational and domestic hotel chains nies, the Indian Hotels Co Ltd (part of the three years, about 5,000 rooms are and entrepreneurs are rushing in to fill Tata group), which has set up a separate expected to come up in the 'no-frills, self- a major gap in the Indian hospitality subsidiary (Roots Corporation, with the service' budget category of hotels. Isector. They are setting up modest Ginger brand) to cater to this buoyant seg- Most of these 'economy' class hotels properties in both metros and smaller ment, and Fortune Park Hotels, which is will come up in tier-II cities, or on the out- cities, and offering moderately-priced part of the tobacco-to-hospitality major skirts of metros. In fact, according to rooms to cater to the mid-market segment. ITC. One of the deficiencies in the hospitali- International majors eyeing this seg- ty industry has been the absence of quali- ment include Accor, the European leader Over the next ty properties, offering efficient and modern which has nearly 4,000 hotels worldwide, facilities to businessmen and tourists at and Country Inn & Suites, a brand of the two-three years, affordable rates. At the upper-end, there Carlson group. Smaller chains that have are 5-star properties and luxury resorts in unveiled major projects include Lemon Tree about 5,000 and around major Indian cities.
    [Show full text]
  • Lemon Tree Hotels
    Lemon Tree Hotels Offer: • 20% Off on stay at Lemon Tree Hotels in India Terms and Conditions: • The Offer is valid till 30 September 2020. • Under this Offer, Cardholders will get 20% off on booking an accommodation (at best available rates) on https://www.lemontreehotels.com/mastercard-lemontreehotels.aspx using promotion code MASTERLTH. • The Offer is available only upon making full payment by a valid and unexpired Mastercard card issued in India. • Discount on stay will not be available if the booking is done through Travel Agent, OTA or by any third party. • Blackout dates apply. Offer is not applicable during blackout dates and on National Holidays. • Offer cannot be combined with any other offer/ promotion/ scheme or code-based offer and no additional discount/ offer will be applicable. • This Offer is valid only on the best available rates displayed at time of booking. Discount applicable on pre-tax amount. Taxes as applicable to be borne by customer. Cardholders are required to pay any applicable GST, service charge or other Taxes. • The Offer is non-transferable and cannot be exchanged for cash or cheque or any form of credit. • The Offer is non-binding, non-encashable and non-negotiable. • Cardholder must apply the promo code before paying online to avail the offer. To redeem the Offer, full payment must be made using a valid and unexpired Mastercard card at the time of bill settlement. • Total spends will be calculated on the basis of product cost only excluding all taxes, GST, delivery charges, etc. Any taxes or liabilities or charges payable to the Government or any other authority or body, if any, shall be borne directly by the cardholder and/ or billed to the account of the cardholder • Any dispute regarding delivery, service, suitability, merchantability, availability or quality of the offer/or product/services availed under this offer must be addressed in writing, by the cardholder directly to [email protected].
    [Show full text]
  • India's Traveling, Middle-Class Giant Awakens
    Lemon Tree Amarante Beach Resort in Goa India’s traveling, As recently as 10 years ago, most hotel chains were only in India’s biggest cities, charging higher prices middle-class giant compared to surrounding countries. In smaller cities, awakens independent hotels were often travelers’ only choice, says Manav Thadani, founder and chairman of consultancy Hotelivate. Fast-forward to today and the country’s booming economy is enriching younger generations, changing travel patterns in the process, Thadani says. Rather Debbie Carlson than families taking one annual summer vacation, this March 14, 2019 // hotelsmag.com generation is more willing to go on smaller, multiple trips with their friends, both in India and internationally. “There has been a shift in the thought process about traveling,” he says. Luxury chains like Oberoi used to see occupancy of 80% foreigners and 20% Indians, but the ratio has shifted to 35% to 65%. “And the room rates The country’s huge transition makes getting a handle haven’t changed. The Indian traveler is willing to on traditional economic hospitality metrics tough, say spend a decent amount of money for the Thadani and Thacker. For so long, much of the lifestyle he wants,” Thadani says. country’s hospitality industry was composed of under- the-radar guesthouses that aren’t counted as hotels, Although India’s hospitality sector is seeing and in some areas it remains that way. growth from in all tiers of accommodation, budget and mid-range sectors are leading, says “India is such a vast country and we’ve got so many Vijay Thacker, director, Horwath HTL – India.
    [Show full text]
  • Lemon Tree Hotels Limited: Rating Assigned for Enhanced Amount
    November 27, 2019 Lemon Tree Hotels Limited: Rating assigned for enhanced amount Summary of rating action Previous Current Rated Rated Instrument* Rating Action Amount Amount (Rs. crore) (Rs. crore) Long-term Fund-based – Term Loan 99.37 116.00 [ICRA]A- (stable); assigned/outstanding Long-term/ Short -term – Fund Based 30.00 30.00 [ICRA]A- (stable)/ [ICRA]A2+; outstanding Working Capital Short-term/ Short-term – Unallocated 4.11 0.00 - Total 133.48 146.00 *Instrument details are provided in Annexure-1 Rationale ICRA has taken a consolidated view of Lemon Tree Hotels Limited (LTHL), its subsidiaries, step-down subsidiaries and associate companies (the Lemon Tree Group) while assigning the credit rating, given the common management and significant operational and financial linkages between them. The rating assignment/reaffirmation factors in the consistent improvement in the financial and operating metrics of LTHL’s hotel portfolio in FY2019 owing to favourable demand environment across operative micro-markets. This enabled an improvement of 7% on a YoY basis in average room revenues (ARRs) coupled with steady occupancy of over 75%. On a consolidated level, the company reported a 13.5% and 24% YoY growth in operating income (OI) and OPBDIT, respectively, in FY2019. While there was delay in the launch of its Pune (city centre) and Mumbai (Andheri) properties, the ramp-up since their eventual launch (in December 2018 and June 2019, respectively) has been healthy and is expected to contribute meaningfully to profitability, going forward. In H1 FY2020, despite weak macroeconomic conditions and one-off events—such as the general elections and airline industry issues—the company reported steady occupancy levels and 3.8% average YoY growth in ARRs.
    [Show full text]
  • Ever-Evolving Sansiri Thai Property Company Sees Collaboration
    September 2019 | www.hotelsmag.com Ever-evolving Sansiri Thai property company sees collaboration as the way forward in hospitality. PA Harrisburg, AN OFFICIAL PUBLICATION OF #311 Permit PAID POSTAGE U.S. STD PRST Committed to our owners’ success Drive business Lower costs with Boost loyalty with integrated sales strategic sourcing and with award-winning and marketing global distribution Wyndham Rewards TRYP BY WYNDHAM TIMES SQUARE SOUTH WYNDHAM GARDEN ELK GROVE VILLAGE/O’HARE DAYS INN BY WYNDHAM SAVANNAH NORTH I-95 NEW YORK, NY ELK GROVE VILLAGE, IL PORT WENTWORTH, GA The world’s largest hotel franchise company* Visit wyndhamdevelopment.com or call 800-889-9710 *Based on number of hotels. This is not an offer. Federal and certain state laws regulate the offer and sales of franchises. An offer will only be made in compliance with those laws and regulations, which may require we provide you with a franchise disclosure document, a copy of which can be obtained by contacting Wyndham Hotels & Resorts, Inc. at 22 Sylvan Way, Parsippany, NJ 07054. All hotels are independently owned and operated with the exception of certain hotels managed or owned by a subsidiary of the company. © 2019 Wyndham Hotels & Resorts, Inc. All rights reserved. FEATURES 16 COVER STORY Disrupting the disruptors Thai property developer Apichart Chutrakul’s investment in lifestyle hotel developer and operator SEPTEMBER 2019 VOLUME 20, NUMBER 3 Standard International is part of his bigger strategy to acquire a set of like-minded brands that can learn EDITORIAL/PUBLISHING GLOBAL ADVISORY BOARD from each other and even collaborate on projects to Jeff Weinstein Jonathon Zink compete with entrepreneurs disrupting the hotel space.
    [Show full text]
  • Lemon Tree Hotels Offers T&C
    Offer Terms & Conditions Lemon Tree Hotels 1. The Offer is valid till 30 September 2020. 2. Under this Offer, Cardholders will get 20% off on booking an accommodation (at best available rates) on https://www.lemontreehotels.com/mastercard-lemontreehotels.aspx using promotion code MASTERLTH. 3. The Offer is available only upon making full payment by a valid and unexpired Mastercard card issued in India. 4. Discount on stay will not be available if the booking is done through Travel Agent, OTA or by any third party. 5. Blackout dates apply. Offer is not applicable during blackout dates and on National Holidays. 6. Offer cannot be combined with any other offer/ promotion/ scheme or code-based offer and no additional discount/ offer will be applicable. 7. This Offer is valid only on the best available rates displayed at time of booking. Discount applicable on pre-tax amount. Taxes as applicable to be borne by customer. Cardholders are required to pay any applicable GST, service charge or other Taxes. 8. The Offer is non-transferable and cannot be exchanged for cash or cheque or any form of credit. 9. The Offer is non-binding, non-encashable and non-negotiable. 10. Cardholder must apply the promo code before paying online to avail the offer. To redeem the Offer, full payment must be made using a valid and unexpired Mastercard card at the time of bill settlement. 11. Total spends will be calculated on the basis of product cost only excluding all taxes, GST, delivery charges, etc. Any taxes or liabilities or charges payable to the Government or any other authority or body, if any, shall be borne directly by the cardholder and/ or billed to the account of the cardholder 12.
    [Show full text]
  • March 26, 2018 LEMON TREE HOTELS LIMITED SMC Ranking
    LEMON TREE HOTELS LIMITED March 26, 2018 SMC Ranking (1.5/5) Issue Highlights About the Company Industry Hotels Incorporated in 1992, Lemon Tree Hotels Limited operates in the mid-priced hotel sector, Offer for sale (Shares) 195,797,000 consisting of the upper-midscale, midscale and economy hotel segments. The company caters to the Indian middle class guests and deliver differentiated yet superior service Net Offer to the Public 195,797,000 offerings, with a value-for-money proposition. As on July 31, 2017, the company operated Issue Size (Rs. Cr.) 1057-1097 4,289 rooms in 40 hotels (including managed hotels) across 24 cities in India. Hotels of the Price Band (Rs.) 54-56 company are located across India, in metro regions Operations of the company range from Offer Date 26-Mar-18 acquiring land to owning, leasing, developing, managing and marketing hotels. The Close Date 28-Mar-18 company undertakes business through, direct ownership of hotel properties, long-term Face Value 10 lease or license arrangements for the land on which they construct their own hotels, long- Lot Size 265 shares term leases for existing hotels which are owned by third parties and operating and management agreements. As of July 31, 2017, the company has a portfolio of 19 owned hotels, three owned hotels located on leased or licensed land, five leased hotels and 13 Issue Composition In shares managed hotels. Total Issue for Sale 195,797,000 Strength QIB 97,898,500 Leading mid-priced hotel chain with a differentiated business model: Lemon Tree NIB 29,369,550 Hotels, operating through 45 properties, is the largest mid-market hotel brand in India.
    [Show full text]