India's Lemon Tree Hotels rises; Macquarie bullish on Aurika expansion

** Lemon Tree Hotels LEMONTREE rises 2% to 173 rupees

** Macquarie says upcoming Aurika, Nehru Place could be among New Delhi's largest luxury hotels

** Co, via it's Fleur Hotels, secured Special Property Licence from DDA to build 500-room Aurika hotel on 2.2-acre plot

** Brokerage expects 12% Internal Rate of Return (IRR) for project

** Sees efficient cash flow, strong demand, strategic location, Aurika's brand scale-up as key drivers of confidence on hotel chain operator

** LEMO rated "buy" on average; median PT is 175 rupees, per data compiled by LSEG

** YTD, LEMO gains 13%