Lemon Tree Hotels Ltd.'s (LTH) Q3FY26 result was in-line with our estimates on key parameters. The management highlighted a structural demand shift postCOVID, with younger travelers increasingly preferring branded hotels, indicating the current upcycle is not purely cyclical but supported by long-term changes in consumer behavior. National hotel occupancy remains around mid-60%, suggesting the industry is still below peak-cycle levels, leaving room for further repricing as occupancies approach the 7580% threshold in key micro-markets. MICE demand is expected to grow structurally with India's expanding corporate and events ecosystem, prompting Lemon Tree to design newer hotels with...