Indian real estate developer Omaxe has signed a memorandum of understanding (MoU) with Carnation Hotels, a subsidiary of Lemon Tree Hotels, to operate ten hospitality projects across the country.
The proposed portfolio comprises 4,000 keys.
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The agreement forms part of Omaxe’s Rs62bn ($653.63m) hospitality expansion, announced in June 2026. That plan covers 19 hotels across five states.
Omaxe estimates that the ten projects in the latest agreement will require an investment of about Rs40bn.
The properties are planned for Lucknow, Vrindavan, Amausi, Ghaziabad, Greater Noida, Amritsar, Kaushambi and Faridabad.
They will operate under brands in the Lemon Tree Hotels portfolio. Development and commissioning timelines will range from nine months to five years, depending on the project, the real estate developer added.
Omaxe managing director Mohit Goel said: “India’s hospitality opportunity is expanding beyond established metropolitan markets, with Tier 2 and Tier 3 cities emerging as important destinations for business, leisure and pilgrimage travel.
“Temple towns, growing commercial centres and transit hubs each have distinct accommodation needs, creating an opportunity to develop hospitality assets that are aligned with the demand drivers of their respective markets.
“Our arrangement with Lemon Tree Hotels brings established operating expertise to this strategy, while our sale-led development model enables us to pursue this expansion with a disciplined approach to capital deployment.”
The portfolio includes two bus terminal projects in Lucknow with 500 and 330 keys, and a 693-key project in Amausi near the airport.
In Vrindavan, the agreement covers Omaxe Eternity-II with 501 keys and Omaxe BeTogether Courtyard with 81 keys. The remaining projects are in Ghaziabad, Greater Noida, Kaushambi and Faridabad, alongside 745 service apartment keys in Amritsar.
Omaxe expects to fund construction through sales proceeds under its sale-led development model, without taking on loan funding.
