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Lemon Tree to close Keys deal

DNMUM442819 | 9/12/2019 | Author : Ashish K Tiwari | WC :300

Mumbai: Lemon Tree Hotels is set close the acquisition of Berggruen Hotels (Keys Hotels) soon. The company had in July this year said that its subsidiary Fleur Hotels will acquire the Berggruen Hotels Pvt Ltd for Rs 471 crore.
In a recent analyst meet, Lemon Tree Hotels officials said the financials of Keys Hotels are expected to be integrated with Lemon Tree from October 2019.
“The management was confident that after the acquisition is complete, the average room rate (ARR) of Keys Hotels could be increased on par with Lemon Tree. Therefore, the earnings before interest, tax, depreciation and amortisation (Ebitda) margin is not expected to decline,” Amit Agarwal, research analyst, Nirmal Bang Institutional Equities said
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