ICICI Securities has maintained a "BUY" rating on Lemon Tree Hotels, setting a target price of Rs 164. As of September 2024, the company operates 10,318 keys across 112 hotels and plans to expand by 5,220 keys by FY29, aiming for a total of 15,538 keys. Despite short-term operational constraints due to renovations, revenue and EBITDA are expected to grow at a CAGR of 22% from FY24 to FY27, with a gradual reduction in debt anticipated over the next few years.