The property is expected to be operational by December 2023 and shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary and the management arm of Lemon Tree Hotels, the company said.

It further informed that the said hotel will feature 47 well-appointed rooms, a restaurant, a banquet, a gym and other public areas.

Mahesh Aiyer, CEO, Carnation Hotels, commented, "We are happy to announce our expansion in Madhya Pradesh with our valued partner, Hotel Rajtilak Pvt. Ltd. We already have 2 operational hotels in the state, in Indore and Bandhavgarh and another 3 upcoming in Kanha, Jabalpur and, now, Bhopal.

We have found that Madhya Pradesh has immense tourism and business potential and are looking at adding more hotels and resorts in the state to our existing portfolio. Though we are just in February, this is already the fifth hotel signed by the company this CY.

We signed 19 hotels in the previous CY and we are looking to top that number in CY23 through our asset-light expansion strategy.”

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.

The company reported a consolidated net profit of Rs 39.97 crore in the quarter ended December 2022 as against net loss of Rs 1.87 crore during the previous quarter ended December 2021. Sales rose 62.58% to Rs 233.55 crore in Q3 FY23 over Q3 FY22.

The scrip fell 2.33% to end at Rs 73.35 on the BSE yesterday.