<p>The Capital-based firm has formed a 51:49 joint venture -- Oceanus Real Estate Pvt Ltd -- with Warburg Pincus for the housing projects.<br /><br />Besides diversification into housing, the hospitality chain has put in place a blueprint to expand in its core business within India and explore neighboring markets like Nepal and Sri Lanka.<br /><br />"The joint venture with Warburg Pincus will develop at least three to four affordable housing projects in Gurgaon," Lemon Tree Hotels Chairman and Managing Director Patu Keswani told PTI.<br /><br />Out of a total planned investment of Rs 1,400 crore by 2015, the JV will invest Rs 700 crore while Warburg Pincus alone will put another Rs 700 crore separately, he said.<br />Keswani said the residential apartments would be sold under the 'Lemon Tree' brand in the range of Rs 20 lakh to Rs one crore per unit.<br /><br />"We have already identified a couple of sites in Gurgaon and will begin construction soon and start selling by December this year," he said.<br /><br />In 2006, Warburg Pincus had invested in Lemon Tree Hotels and currently own 25.8 per cent stake.<br /><br />In the hospitality segment, the company currently owns and operates 14 mid-scale Lemon Tree hotels in the country with a total capacity of 1,500 rooms.<br /><br />"By mid 2013, we have a plan to own and operate total 20 hotels with 2,800 rooms and then we have a plan to go public by making an IPO," Keswani said.<br /><br />The first Lemon Tree hotel was opened in 2004 and since the inception in 2000, Rs 1,600 crore has been invested in the company.<br /><br />Asked about revenues, while he did not provide figures for the past fiscals, he said this financial year Lemon Tree Hotels expects the turnover to be around Rs 300 crore.<br /><br />Besides, domestic expansion, Keswani is also exploring Nepal and Sri Lanka to set up Lemon Tree hotels.<br /><br />"International expansion plans is at a preliminary stage at the moment," he said.<br />Keswani, who also runs a budget hotel chain under the Red Fox brand with three properties through a separate entity, Spank Hotels Pvt Ltd, said it is also being expanded.<br /><br />"Red Fox hotels are run by separate company and we have a plan to have a total of six such hotels in the next two and a half years with 1,000 rooms," he said.<br /><br />Keswani also said he is considering to set up a 250 room hotel in New York in his individual capacity in partnership with "with a friend" but not under Lemon Tree brand. He did not give details about the same.</p>
<p>The Capital-based firm has formed a 51:49 joint venture -- Oceanus Real Estate Pvt Ltd -- with Warburg Pincus for the housing projects.<br /><br />Besides diversification into housing, the hospitality chain has put in place a blueprint to expand in its core business within India and explore neighboring markets like Nepal and Sri Lanka.<br /><br />"The joint venture with Warburg Pincus will develop at least three to four affordable housing projects in Gurgaon," Lemon Tree Hotels Chairman and Managing Director Patu Keswani told PTI.<br /><br />Out of a total planned investment of Rs 1,400 crore by 2015, the JV will invest Rs 700 crore while Warburg Pincus alone will put another Rs 700 crore separately, he said.<br />Keswani said the residential apartments would be sold under the 'Lemon Tree' brand in the range of Rs 20 lakh to Rs one crore per unit.<br /><br />"We have already identified a couple of sites in Gurgaon and will begin construction soon and start selling by December this year," he said.<br /><br />In 2006, Warburg Pincus had invested in Lemon Tree Hotels and currently own 25.8 per cent stake.<br /><br />In the hospitality segment, the company currently owns and operates 14 mid-scale Lemon Tree hotels in the country with a total capacity of 1,500 rooms.<br /><br />"By mid 2013, we have a plan to own and operate total 20 hotels with 2,800 rooms and then we have a plan to go public by making an IPO," Keswani said.<br /><br />The first Lemon Tree hotel was opened in 2004 and since the inception in 2000, Rs 1,600 crore has been invested in the company.<br /><br />Asked about revenues, while he did not provide figures for the past fiscals, he said this financial year Lemon Tree Hotels expects the turnover to be around Rs 300 crore.<br /><br />Besides, domestic expansion, Keswani is also exploring Nepal and Sri Lanka to set up Lemon Tree hotels.<br /><br />"International expansion plans is at a preliminary stage at the moment," he said.<br />Keswani, who also runs a budget hotel chain under the Red Fox brand with three properties through a separate entity, Spank Hotels Pvt Ltd, said it is also being expanded.<br /><br />"Red Fox hotels are run by separate company and we have a plan to have a total of six such hotels in the next two and a half years with 1,000 rooms," he said.<br /><br />Keswani also said he is considering to set up a 250 room hotel in New York in his individual capacity in partnership with "with a friend" but not under Lemon Tree brand. He did not give details about the same.</p>