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Lemon Tree Hotels Limited Annual Report 2019-20

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Lemon Tree Hotels Limited Annual Report 2019-20 Corporate Overview Management Reports Financial Statements Rest Assured Lemon Tree Hotels Limited Annual Report 2019-20 Annual Report 2019-20 1 LEMON TREE HOTELS LIMITED Corporate Overview Management Reports Financial Statements containment protocols including continuous sanitization Contents of surfaces in public areas, social distancing (of people and seating arrangements), altered food and beverage Rest service norms, personal hygiene norms like wearing a Corporate Overview mask, sneezing/coughing protocol, use of gloves, etc. This is implemented within the employee teams, as well as with Rest Assured 1 Assured hotel guests. We have built the new processes keeping in We are Lemon Tree Hotels 2 mind our core value ‘ensuring the well-being and self-worth of our colleagues, who are of the utmost importance to us’. Year’s Highlights 8 It is imperative for our teams to be motivated and rest Financial Highlights 12 assured that their health and safety are taken care of in Resilience in the Times of Crisis 14 The spread and impact of the COVID-19 pandemic have the line of duty, even in these uncertain times. been profound. A nationwide lockdown was enforced Chairman’s Letter 20 on 25 March 2020 on very short notice and a country of The business impact of the pandemic on the economy and Board of Directors & over 1.3 billion people was ushered into a long tunnel of specifically on the hospitality and tourism sector continues Key Management Team 22 uncertainty, anxiety and immovability. One that unfolded, to be tremendous. A lockdown means a total lack of layer by layer, as a five-phased lockdown, spanning four movement within and between cities. With flights, trains Management Reports months and continuing. and road travel all coming to a grinding halt, demand for hotel rooms collapsed. Lemon Tree’s approach is a Offices, hotels, restaurants, bars, shops, malls, two-pronged strategy. First, to bring in revenue from Management Discussion & Analysis 26 transportation and almost everything else (except a few all segments available in these circumstances. Second, Board’s Report 38 essential services)closed instantly. This deeply impacted to re-align and redefine our cost structure – both fixed Corporate Governance Report 57 the guests who were then staying at our hotels across and variable costs. Our commitment to ‘maximizing the the country, as well as those who would have to stay efficiency of our processes, to enable us to be the most Business Responsibility Report 95 with us during the pandemic (quarantine, transit). The cost-effective brand offering the greatest value, which our threat posed by the coronavirus to everyone’s health customers have every right to expect’ is top of mind at this Financial Statements including that for our employees is large and very real. time. If the revenue stream is shrinking significantly it Our commitment to ‘delighting our guests, whose comfort, is the company’s responsibility to shrink costs to match Consolidated Financial Statement 104 safety, security and well-being is our main reason for being’ these new revenues and help the company stay net continued to guide our actions even in this difficult time. EBITDA positive. This would mean Lemon Tree’s Standalone Financial Statement 194 With our customer focus and our careful redefinition of stakeholders can rest assured that the risk to their hygiene and sanitization processes, we ensure that our investment is mitigated to the maximum extent possible, guests rest assured during their stay at Lemon Tree in the current unprecedented circumstances. Hotels. As the virus spreads quickly through human interaction, it is important for our hotel teams to follow strictly 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 changes in the industry structure, significant changes in the political and economic environment in India and overseas, tax laws, import duties, litigation and labour relations. Lemon Tree Hotels Limited (LTH) 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. 2 Annual Report 2019-20 1 LEMON TREE HOTELS LIMITED Corporate Overview Management Reports Financial Statements We are Lemon Tree Hotels Our portfolio of 7 brands Upper-midscale hotels at strategic locations with vibrant décor segment FY20 15* 2,207 Hotels Rooms CY22 20 2,624 Luxury by Lemon Tree Hotels with experiences ‘beyond the unusual’ FY20 01* 139 Hotels Rooms CY22 02 808 Midscale hotels offering a refreshingly different experience FY20 35* 2,646 Hotels Rooms CY22 56 4,199 *As of 29th May 2020 *As of 29th May 2020 2 Annual Report 2019-20 3 LEMON TREE HOTELS LIMITED Corporate Overview Management Reports Financial Statements Economy hotels offering unbeatable value for money FY20 12* 1,423 Hotels Rooms CY22 13 1,503 Midscale hotels where elegance meets comfort, for both business and leisure travelers FY20 14* 1,429 Hotels Rooms CY22 14 1,429 Upper-midscale segment hotels with a premium experience at an affordable price point FY20 01* 115 Hotels Rooms CY22 02 155 Economy hotels with all the must-have-amenities, at a value- for-money price point FY20 02* 47 Hotels Rooms CY22 *As of 29th May 2020 02 47 *As of 29th May 2020 4 Annual Report 2019-20 5 LEMON TREE HOTELS LIMITED Corporate Overview Management Reports Financial Statements Our footprint Our network Destinations 48 20 68 onarg + = ularg rinagar atra anali Operational Cities* Upcoming Cities Cities by end of CY22 au hila addi ritsar ussoorie udhiana ehradun ishiesh handigarh orett eelanth e elhi Hotels haiaad hipu 80 29 109 oida urugra athandu angto + = anesar ligarh agarotonarg areeling hiandiularg lar iliguri uno rinagar anali Operational Hotels* Upcoming Hotels Hotels by end of CY22 atra alior atna aipurau hila hansi addi daipur ritsar andhagarh ussoorie anthaoreudhiana ehradun hedaad ishiesh handigarh oaro orett adodara ndore eelanth eurgapur elhi haiaadolata hipu uai oida angto Rooms urangaadurugra athandu 8,006 2,759 10,765 ara anesar ligarh agarot areeling hirdi hiandi huanesar iliguri + = lar uno alior uai atna aipur hansi daipur indi andhagarh Operational Rooms* Upcoming Rooms Rooms by end of CY22 une anthaore hedaad oaro oa adodara ndore urgapur yderaad olata uai iayada olhapur urangaad ara hirdi huanesar Certificate of uai engaluru indi Excellence 47 of 55 une hennai oorg oa ohiode yderaad ohi iayada iruhirappalliolhapur lleppey Hotels operating for at least a year, awarded TripAdvisor Certificate of Excellence for 2019 oiatore engaluru hennai International Operations oorg hiruananthapura ohiode ohi United Arab Emirates iruhirappalli lleppey Dubai oiatore Bhutan 1,168,939 VS 947,776 hiruananthapura Members Thimphu Members at the end of FY20 Members at the end of FY19 Nepal Operating Kathmandu Repeat 28% are the repeat guests in Adult 31% are the repeat guest in Young upcoming Nagarkot Guests hotels i.e. hotels more than 3 years old. hotels i.e. hotels less than 3 years old. Note : As of 29th May 2020 *As of 29th May 2020 6 Annual Report 2019-20 7 LEMON TREE HOTELS LIMITED Corporate Overview Management Reports Financial Statements Year’s Highlights New Brands Acquisition Aurika Hotels and Acquired “Berggruen Hotels Private Limited”, 4th largest mid-market hotel chain in India, Resorts operating under three brands – Keys Prima Hotels, Keys Select Hotels, Keys Lite Hotels. With the consummation of the transaction, Lemon Tree Hotels expanded its operating New upscale brand launched portfolio by ~ 1,600 rooms, 17 hotels and 8 new destinations. with Aurika, Udaipur Keys Prima Hotels Upper-midscale brand acquired with the acquisition of Berggruen Hotels Private Limited Keys Select Hotels Midscale brand acquired with the acquisition of Berggruen Hotels Private Limited Keys Lite Hotels Economy brand acquired with the acquisition of Berggruen Hotels Private Limited 8 Annual Report 2019-20 9 LEMON TREE HOTELS LIMITED Corporate Overview Management Reports Financial Statements Hotel Openings International Markets Lemon Tree Lemon Tree Hotel, Hotel, Amritsar Thimphu 8th April 2019 Lemon Tree Hotels Limited made its 27th February 2020 international entry with the launch of Lemon Tree Hotel, Dubai, and subsequently Lemon Tree Hotel, Thimphu. Red Fox Hotel, Alwar 6th May 2019 Lemon Tree Premier, Mumbai 28th June 2019 Lemon Tree Premier, Kolkata 14th October 2019 Aurika, Udaipur 29th October 2019 Red Fox Hotel, Vijayawada 28th November 2019 New Hotel Signings Awards and Accolades 1. Lemon Tree Hotel, Baga, Goa • Best Differently Abled Friendly Hotel th 18 December 2019 at FICCI Travel & Tourism Excellence 2. Lemon Tree Hotel, Darjeeling, West Awards 2019 Bengal 23rd December 2019 • Best 3-star Hotel at FICCI Travel & Lemon Tree 3. Keys Prima Hotel, Dehradun, Lemon Tree Hotel, Hotel, Rishikesh Uttarakhand 1st January 2020 Tourism Excellence Awards 2019 Dubai 14th January 2020 19th December 2019 4. Lemon Tree Hotel, Nagarkot, Nepal 10th February 2020 10 Annual Report 2019-20 11 LEMON TREE HOTELS LIMITED Corporate Overview Management Reports Financial Statements Financial Highlights Stronger Operating Performance
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