This hotel will feature 48 well-appointed rooms, banquet facilities, a restaurant, a bar, meeting rooms, a banquet hall, a fitness center and other public areas.

Speaking on the occasion, Mahesh Aiyer, CEO, Carnation Hotels, commented, “We are excited to partner with Mahaveer Trading for the signing of our newest hotel in Udaipur, a city renowned for its rich heritage and captivating beauty. This addition expands our portfolio in the city which already has Aurika, Udaipur. Rajasthan has six operational and 3 more upcoming properties in the state, aside from this one. The aimis to meet the evolving needs of different kinds of travelers.”

Lemon Tree Hotels (LTH) is the largest mid-priced hotel sector chain, and the third largest overall, on the basis of controlling interest in owned and leased rooms, as of 30 June 2017, according to the Horwath Report. LTH operates in the mid-market sector, consisting of the upscale, upper midscale, midscale and economy hotel segments and seeks to cater to Indian middle-class guests and deliver differentiated yet superior service offerings, with a value-for-money proposition.

On a consolidated basis, the company reported a net profit of Rs 43.97 crore in Q4 FY23 as against net loss of Rs 26.72 crore reported in Q4 FY22. Revenue from operations surged 111.39% year on year to Rs 252.68 crore in the quarter ended 31 March 2023.

The scrip rose 0.94% to Rs 93.82 on the BSE.