Partnership Announcement Details

Omaxe Ltd. has entered into a Memorandum of Understanding (MOU) with Carnation Hotels Private Limited, a wholly owned subsidiary of Lemon Tree Hotels Limited, to operate 10 hotel projects across India comprising 4,000 keys.

Transaction Structure and Investment

  • The operating arrangement represents a significant step in Omaxe's previously announced INR 6,200 crore hospitality expansion from June 2026
  • The 10 projects entail an estimated investment of approximately INR 4,000 crore
  • Projects will follow a sale-led development model, with Omaxe expecting to fund completion through sales proceeds without requiring loan funding

Project Locations and Details

The portfolio spans multiple locations across India:

  • Lucknow: Bus Terminal, Jankipuram (500 keys) and Bus Terminal, Vrindavan Yojna (330 keys)
  • Amausi: Omaxe BeTogether Centre Point near the airport (693 keys)
  • Vrindavan: Omaxe Eternity-II (501 keys) and Omaxe BeTogether Courtyard (81 keys)
  • Ghaziabad: Omaxe BeTogether Centre Point, Ambedkar Road (215 keys)
  • Greater Noida: Omaxe Connaught Place (150 keys)
  • Amritsar: Service Apartments (745 keys)
  • Kaushambi: Omaxe BeTogether Centre Point, Tower 1 (350 keys)
  • Faridabad: World Mall, Sector 79 (435 keys)

Development Timeline

Project development and commissioning timelines are expected to range from nine months to five years, depending on the individual development.

Strategic Rationale

The partnership reflects Omaxe's approach of integrating hospitality with its wider real estate and urban development portfolio. The properties will be operated under Lemon Tree Hotels' brand portfolio and will cater to a mix of hospitality segments. The portfolio includes hospitality developments at transit hubs, pilgrimage destinations, and commercial locations.

Management Commentary

Mr. Mohit Goel, Managing Director, Omaxe Ltd. stated: "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."

Mr. Neelendra Singh, Managing Director, Lemon Tree Hotels Limited stated: "Tier-2 and Tier-3 cities have long been central to our India growth strategy, and this operating arrangement lets us scale it faster, from transit hubs in Lucknow to temple towns like Vrindavan. Omaxe brings nearly four decades of real estate development experience across these markets, while Lemon Tree brings over two decades of hospitality expertise and guest trust. This alliance combines developer scale with operating strength, and two trusted Indian brands with a proven record of execution, to build the next phase of growth. This will accelerate Lemon Tree Hotels' asset-light growth strategy, enabling the Company to expand its managed portfolio across diverse markets and asset formats."

Corporate Background

Omaxe Limited is listed on both the National Stock Exchange of India Ltd. and BSE Ltd. since 2007. The company has delivered approximately 145.50 million sq. ft. of real estate across 32 cities in 8 states & union territories. Its diverse portfolio spans residential, commercial, and integrated township projects.