<?xml version="1.0" encoding="UTF-8" standalone="no"?><xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2023-06-30/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Closure_Of_Trading_Window/2023-06-30/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Closure_Of_Trading_Window/2023-06-30/in-capmkt-roles" xmlns:in-capmkt-type="https://www.sebi.gov.in/xbrl/2023-06-30/in-capmkt-types" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:xlink="http://www.w3.org/1999/xlink"><link:schemaRef xlink:href="in-capmkt-ent-2023-06-30.xsd" xlink:type="simple"/><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">541233</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2025-09-27</xbrli:instant></xbrli:period></xbrli:context><in-capmkt:NameOfTheCompany contextRef="MainI">LEMON TREE HOTELS LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="MainI">LEMONTREE</in-capmkt:NSESymbol><in-capmkt:ScripCode contextRef="MainI">541233</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE970X01018</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncementForClosureOfTradingWindow contextRef="MainI">New</in-capmkt:TypeOfAnnouncementForClosureOfTradingWindow><in-capmkt:TypeOfEventForClosureOfTradingWindow contextRef="MainI">Closure of Trading Window</in-capmkt:TypeOfEventForClosureOfTradingWindow><in-capmkt:DateOfStartOfTradingWindowClosure contextRef="MainI">2025-10-01</in-capmkt:DateOfStartOfTradingWindowClosure><in-capmkt:BriefDetailsForTradingWindowClosureEndDate contextRef="MainI">In view of the ongoing evaluation of reorganization options by the Committee and in terms of the  Company’s Code of Conduct for Regulation, Monitoring and Reporting of Trading by Designated Persons, read with Clause 4 of Schedule B of  Regulation 9 of SEBI (Prohibition of lnsider Trading) Regulations, 2015 (as amended), it is hereby informed that the Trading Window shall continue to remain closed for all Designated Persons and their immediate relatives till 48 hours of the declaration of the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter &amp; half year ending September 30, 2025 or until 48 hours after the public disclosure of the outcome of the Committee’s recommendations and/or decisions of the Board on a potential corporate reorganization initiative, whichever is later.</in-capmkt:BriefDetailsForTradingWindowClosureEndDate><in-capmkt:PurposeOfTheClosureOfTradingWindow contextRef="MainI">In view of the ongoing evaluation of reorganization options by the Committee and in terms of the  Company’s Code of Conduct for Regulation, Monitoring and Reporting of Trading by Designated Persons, read with Clause 4 of Schedule B of  Regulation 9 of SEBI (Prohibition of lnsider Trading) Regulations, 2015 (as amended), it is hereby informed that the Trading Window shall continue to remain closed for all Designated Persons and their immediate relatives till 48 hours of the declaration of the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter &amp; half year ending September 30, 2025 or until 48 hours after the public disclosure of the outcome of the Committee’s recommendations and/or decisions of the Board on a potential corporate reorganization initiative, whichever is later.</in-capmkt:PurposeOfTheClosureOfTradingWindow><in-capmkt:DateOfReport contextRef="MainI">2025-09-27</in-capmkt:DateOfReport></xbrli:xbrl>