India-based Lemon Tree Hotels has revealed plans to further expand its presence across international markets, reported TheHinduBusinessLine.
Lemon Tree Hotels chairman and managing director Patanjali Keswani stated that the company aims to manage and operate hotels across cities such as London, Singapore, New York and Hong Kong.
Keswani was quoted by the publication as saying: “If you look at where Indians travel to, 70% of the Indians who travel out of India go to seven or eight cities – New York, London, Dubai, Thailand, Hong Kong, Singapore, Nepal, and Sri Lanka.
“So, these are the places where ideally we would like to operate hotels under management contracts.”
Keswani further noted that the company now aims to capitalise on the expansion of the unbranded hotel sector, both within the country and globally.
He added: “Today, out of our 10,000 rooms, 6,000 are owned. We’ll be going up to 20,000 rooms. These rooms will be management contracts. That means 70% of our inventory will be management contracts.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
The hospitality chain embarked on its international expansion with hotel openings in Dubai in December 2019, in Bhutan in February 2020 and additional hotels in Nepal.
Over the next three years, the company expects to open five to six more hotels in Nepal.
The company currently has more than 9,400 rooms across 96 hotels under seven brands, spanning 61 destinations.
It will oversee 13,300 rooms in 153 hotels across 97 destinations upon completion of the ongoing developments.
Additionally, the company aims to maintain a year-on-year revenue growth of 15% over the next four years.
Earlier this month, Lemon Tree Hotels signed Keys Select by Lemon Tree Hotels, Yadagirigutta, in the Indian state of Telangana.