Lemon Tree Hotels Impact to Acquire Keys hotels

The stake will either be acquired by Lemon Tree directly or through its subsidiaries, subject to due diligence and obtaining requisite approvals, the company said in the filing.

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INDIA'S THIRD-largest mid-market hotel operator, Lemon Tree Hotels Ltd, announced in an exchange filing that it has signed a non-binding agreement with Berggruen Hotels Pvt. Ltd. to acquire 100 percent stake in Keys Hotels. The stake will either be acquired by Lemon Tree directly or through its subsidiaries, subject to due diligence and obtaining requisite approvals, the company said in the filing. 

No financial details were released as Lemon Tree has signed a non-disclosure agreement, the filing said. Lemon Tree Hotels currently operates 5,411 rooms in 54 hotels across 32 cities. The acquisition, when completed, will expand its operating portfolio to 75 hotels with 7,322 rooms in 44 cities. 

This week, Lemon Tree Hotels got on board ex-Ginger CEO Rahul Pandit as MD and CEO of Hamstede Living, its recently formed co-living joint venture with private equity firm Warburg Pincus. Pandit has a 0.5 percent stake in the JV. 

Keys Hotels had been looking for buyers and there were reports in February this year about OYO’s interest to acquire the company.






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