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Mid-market hotel chain Lemon Tree Hotels Group on Thursday announced a tie-up with NCR-based real estate player Assotech Realty to manage and operate the latter’s upcoming Sandal Suites Serviced Residences project in Assotech Business Crestera in Noida.
With this, Lemon Tree enters a new segment in hospitality business, and the company, through its subsidiary Carnation Hotels, will act as strategic partner for design consultancy in the initial phase of the project and then later run day-to-day operations.
Neeraj Gulati, Managing Director, Assotech Realty, said, “Both companies plan to launch 9-10 similar projects over the next few years with an investment of ₹800-1000 crore. The target cities will be Ahmedabad, Goa, Bangalore, Hyderabad.”
The 210-keys serviced residences project in Noida will be part of a mix-use development of 1.5 billion sq ft consisting of office spaces, high street retail, banquet and conferencing, food court, private clubs, among others.
Rattan Keswani, Deputy Managing Director, Lemon Tree Hotel Group, said, “Extended stay market is an untapped segment in India. This is an opportunity for us to seek guest catchment as there are not enough serviced residences currently in India with facilities such as proper kitchen, laundry, apart from other luxury facilities.”
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