Keyword: Lemon Tree Hotels
The deal is expected to help increase Lemon Tree's portfolio to 75 hotels in 44 cities with 7,322 rooms.
Signaling increased diversification, India's largest mid-price hotel chain is forming a JV to branch out to a co-living platform.
Lemon Tree Hotels' backers are set to sell between Rs1,000 and 2,000 crore in shares.
The company will acquire a property in Kolkata and will manage two midscale hotels.