Assotech Realty & Lemon Tree Hotels to build and manage serviced residences

NEW DELHI: Assotech Realty has tied up with mid-market company Lemon Tree Hotels to manage and operate its serviced residences. The first project, 210 apartments, under the branding of Sandal Suites will be launched in Noida in 2015.

The companies will launch 8-10 similar projects in a phased manner over the next seven years with an investment of Rs.800-900 crores approximately in cities like Ahmadabad, Hyderabad, Goa, and Bangalore.

Lemon Tree Hotels Group LTHG (through Carnation Hotels) will act as the partner in providing the design consultancy to the project in the initial phase and managing the day to day operation of the serviced apartments later.

The business model of Sandal Suites will allow suite owners to earn income as well as create asset for themselves on a lease back basis.

The complex will be located on Sector 135, Noida Expressway, Assotech Business Crestera and is a mixed use development project at Noida Expressway in National Capital Region (NCR).