Lemon Tree Hotels Limited has announced the mutual termination of its agreement for a proposed hotel project in Agartala, Tripura. Originally signed on March 18, 2024, the contract involved a Hotel Operating Agreement and a License Agreement between the company, its operator subsidiary, and the property owner. The hotel had not yet commenced operations, and the company confirmed there is no financial impact resulting from this development.
Termination of Development Agreements
Lemon Tree Hotels Limited has officially ended its partnership regarding a planned property in Agartala, Tripura. The termination involves the Hotel Operating Agreement and the License Agreement that were originally executed on March 18, 2024. The agreements were between M/s. PRM Tirupati Pvt. Ltd. (Owner), M/s. Carnation Hotels Pvt. Ltd. (Operator), and the company.
Financial and Operational Impact
The company has confirmed that the hotel project was not yet operational at the time of the termination. Consequently, there is no financial impact on Lemon Tree Hotels Limited arising from this decision. The parties reached a mutual agreement to dissolve the arrangements, effectively ceasing all future plans for the hotel under the ‘Lemon Tree Hotel’ brand at that specific location.
Source: BSE
