New Delhi, Jan. 13 -- Lemon Tree Hotels Ltd is redrawing its corporate map with the proposed restructuring, separating hotel ownership from hotel management. This makes the listed entity an asset-light management and franchise platform.

The owned and leased hotels, as well as the development pipeline of under-construction and future hotels, will be integrated into Fleur Hotels, which will receive a primary equity infusion of up to Rs.960 crore from Warburg Pincus.

Lemon Tree wants investors to value its management business for its fee income and margins, rather than the debt and depreciation that accompany hotel ownership.

Nuvama Institutional Equities currently views the restructuring as value-neutral, although positively, as it reint...