The property, aimed at extended stays, will feature 88 rooms and suites, a restaurant, a bar, a swimming pool, meeting rooms, a fitness center and other public areas.

Speaking on the occasion, Mahesh Aiyer, chief executive officer (CEO), Carnation Hotels, commented, "We are delighted to expand our bouquet of hotels in Karnataka with a new property in Whitefield, Bengaluru with our valued partner, Peninsula Projects (Bangalore), a group company of the Vaswani Group. We already have 6 operational hotels in the state out of which 5 are in Bengaluru and 1 in Coorg. We have one more upcoming in Hubli and now another in Bengaluru itself. We want to offer diverse brands and operate hotels at different locations to fully tap into the immense potential that the city holds out. We plan to on signing and opening more hotels to enhance our offerings to our guests as well as owners and partners in tourism and hospitality."

Lemon Tree Hotels is engaged to carry out business of developing, owning, acquiring, renovating, operating, managing and promoting hotels, motels, resorts, restaurants, etc. under the brand name of Lemon Tree Hotel, Lemon Tree Premier, Red Fox Hotel, Aurika, Keys Select, Keys Prima and Keys Lite. Also, some of the Group companies provide project management services and learning & development services.

On a consolidated basis, the company reported a net profit of Rs 39.97 crore in Q3 December 2022 as against net loss of Rs 1.87 crore in Q3 December 2021. Net sales surged 62.58% YoY to Rs 233.55 crore in Q3 FY23.

The scrip was down 0.03% to end at Rs 77.26 on Monday, 3 April 2023.