Lemon Tree Hotels has received approval from Finance Committee of Board of Directors to acquire 25.10% shareholding of Carnation Hotels from Rattan Keswani. Post consummation of the transaction, Carnation Hotels will become wholly owned subsidiary of the company. The acquisition is expected to be completed within 15 days.
Lemon Tree Hotels is India’s largest hotel chain in the mid-priced hotel sector, and the third largest overall, on the basis of controlling interest in owned and leased rooms.