Lemon Tree Hotels Limited has disclosed a mutual termination of a Franchise Agreement. The agreement was originally executed between the Company and M/s. Sparsh Inn LLP on May 10, 2024. The purpose of the agreement was for the use of the brand 'Keys Select by Lemon Tree Hotels' for an upcoming hotel project in Bareilly, Uttar Pradesh.
The termination is described as mutual between the two parties. A key point of clarification is that the hotel subject to this agreement was not in operations at the time of termination. The disclosure explicitly states that there is no material financial impact on the Company as a result of terminating this agreement.
This disclosure is made as a regulatory requirement under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The letter is signed by Pawan Kumar Kumawat, Company Secretary & Compliance Officer (Membership No: A25377), on behalf of Lemon Tree Hotels Limited.