<?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/2023-01-31/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2023-01-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2023-01-31/in-capmkt-roles" 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-2023-01-31.xsd" xlink:type="simple"/><xbrli:context id="OneI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">LEMONTREE</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-01-10</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">LEMONTREE</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-01-10</xbrli:startDate><xbrli:endDate>2026-01-10</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="D_AmalgamatedEntity1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">LEMONTREE</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-01-10</xbrli:startDate><xbrli:endDate>2026-01-10</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:AmalgamatedEntityAxis"><in-capmkt:AmalgamatedEntityDomain>AmalgamatedEntityDomain1</in-capmkt:AmalgamatedEntityDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_AmalgamatedEntity1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">LEMONTREE</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-01-10</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:AmalgamatedEntityAxis"><in-capmkt:AmalgamatedEntityDomain>AmalgamatedEntityDomain1</in-capmkt:AmalgamatedEntityDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="D_AmalgamatedEntity2"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">LEMONTREE</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-01-10</xbrli:startDate><xbrli:endDate>2026-01-10</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:AmalgamatedEntityAxis"><in-capmkt:AmalgamatedEntityDomain>AmalgamatedEntityDomain2</in-capmkt:AmalgamatedEntityDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_AmalgamatedEntity2"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">LEMONTREE</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-01-10</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:AmalgamatedEntityAxis"><in-capmkt:AmalgamatedEntityDomain>AmalgamatedEntityDomain2</in-capmkt:AmalgamatedEntityDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="D_AmalgamatedEntity3"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">LEMONTREE</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-01-10</xbrli:startDate><xbrli:endDate>2026-01-10</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:AmalgamatedEntityAxis"><in-capmkt:AmalgamatedEntityDomain>AmalgamatedEntityDomain3</in-capmkt:AmalgamatedEntityDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_AmalgamatedEntity3"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">LEMONTREE</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-01-10</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:AmalgamatedEntityAxis"><in-capmkt:AmalgamatedEntityDomain>AmalgamatedEntityDomain3</in-capmkt:AmalgamatedEntityDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><xbrli:unit id="shares"><xbrli:measure>xbrli:shares</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="OneI">LEMONTREE</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="OneI">LEMON TREE HOTELS LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">New</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:EventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Amalgamation/ Merger</in-capmkt:EventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:DateOfEventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneI">2026-01-09</in-capmkt:DateOfEventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:DateOfReport contextRef="OneI">2026-01-10</in-capmkt:DateOfReport><in-capmkt:NameOfTheAmalgamatedEntity contextRef="I_AmalgamatedEntity1">Carnation Hotels Private Limited</in-capmkt:NameOfTheAmalgamatedEntity><in-capmkt:TypeOfAmalgamatedEntity contextRef="D_AmalgamatedEntity1">Transferor</in-capmkt:TypeOfAmalgamatedEntity><in-capmkt:RelationshipOfAmalgamatedEntityWithListedEntities contextRef="D_AmalgamatedEntity1">Others</in-capmkt:RelationshipOfAmalgamatedEntityWithListedEntities><in-capmkt:DetailsOfOtherRelationsOfAmalgamatedEntityWithListedEntities contextRef="I_AmalgamatedEntity1">Wholly Owned Subsidiary</in-capmkt:DetailsOfOtherRelationsOfAmalgamatedEntityWithListedEntities><in-capmkt:BriefDetailsOfTurnoverOrSizeOrOtherDetailsOfAmalgamatedEntity contextRef="I_AmalgamatedEntity1">Networth :- 6212.34 Lakhs 
Turnover :- 4392.13 Lakhs</in-capmkt:BriefDetailsOfTurnoverOrSizeOrOtherDetailsOfAmalgamatedEntity><in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="shares">934580</in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent><in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="pure">1</in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent><in-capmkt:NumberOfSharesUnderPublicCategoryPreEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="shares">0</in-capmkt:NumberOfSharesUnderPublicCategoryPreEvent><in-capmkt:PercentageOfSharesUnderPublicCategoryPreEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="pure">0</in-capmkt:PercentageOfSharesUnderPublicCategoryPreEvent><in-capmkt:NumberOfSharesUnderOtherCategoryPreEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="shares">0</in-capmkt:NumberOfSharesUnderOtherCategoryPreEvent><in-capmkt:PercentageOfSharesUnderOtherCategoryPreEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="pure">0</in-capmkt:PercentageOfSharesUnderOtherCategoryPreEvent><in-capmkt:TotalNumberOfSharesPreEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="shares">934580</in-capmkt:TotalNumberOfSharesPreEvent><in-capmkt:TotalPercentageOfSharesPreEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="pure">1</in-capmkt:TotalPercentageOfSharesPreEvent><in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="shares">0</in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent><in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="pure">0</in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent><in-capmkt:NumberOfSharesUnderPublicCategoryPostEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="shares">0</in-capmkt:NumberOfSharesUnderPublicCategoryPostEvent><in-capmkt:PercentageOfSharesUnderPublicCategoryPostEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="pure">0</in-capmkt:PercentageOfSharesUnderPublicCategoryPostEvent><in-capmkt:NumberOfSharesUnderOtherCategoryPostEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="shares">0</in-capmkt:NumberOfSharesUnderOtherCategoryPostEvent><in-capmkt:PercentageOfSharesUnderOtherCategoryPostEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="pure">0</in-capmkt:PercentageOfSharesUnderOtherCategoryPostEvent><in-capmkt:TotalNumberOfSharesPostEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="shares">0</in-capmkt:TotalNumberOfSharesPostEvent><in-capmkt:TotalPercentageOfSharesPostEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="pure">0</in-capmkt:TotalPercentageOfSharesPostEvent><in-capmkt:NameOfTheAmalgamatedEntity contextRef="I_AmalgamatedEntity2">Hamstede Living Private Limited</in-capmkt:NameOfTheAmalgamatedEntity><in-capmkt:TypeOfAmalgamatedEntity contextRef="D_AmalgamatedEntity2">Transferor</in-capmkt:TypeOfAmalgamatedEntity><in-capmkt:RelationshipOfAmalgamatedEntityWithListedEntities contextRef="D_AmalgamatedEntity2">Others</in-capmkt:RelationshipOfAmalgamatedEntityWithListedEntities><in-capmkt:DetailsOfOtherRelationsOfAmalgamatedEntityWithListedEntities contextRef="I_AmalgamatedEntity2">Wholly Owned Subsidiary</in-capmkt:DetailsOfOtherRelationsOfAmalgamatedEntityWithListedEntities><in-capmkt:BriefDetailsOfTurnoverOrSizeOrOtherDetailsOfAmalgamatedEntity contextRef="I_AmalgamatedEntity2">Networth :- 299.35 Lakhs 
Turnover :- NIL
</in-capmkt:BriefDetailsOfTurnoverOrSizeOrOtherDetailsOfAmalgamatedEntity><in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="shares">29500000</in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent><in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="pure">1</in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent><in-capmkt:NumberOfSharesUnderPublicCategoryPreEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="shares">0</in-capmkt:NumberOfSharesUnderPublicCategoryPreEvent><in-capmkt:PercentageOfSharesUnderPublicCategoryPreEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="pure">0</in-capmkt:PercentageOfSharesUnderPublicCategoryPreEvent><in-capmkt:NumberOfSharesUnderOtherCategoryPreEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="shares">0</in-capmkt:NumberOfSharesUnderOtherCategoryPreEvent><in-capmkt:PercentageOfSharesUnderOtherCategoryPreEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="pure">0</in-capmkt:PercentageOfSharesUnderOtherCategoryPreEvent><in-capmkt:TotalNumberOfSharesPreEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="shares">29500000</in-capmkt:TotalNumberOfSharesPreEvent><in-capmkt:TotalPercentageOfSharesPreEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="pure">1</in-capmkt:TotalPercentageOfSharesPreEvent><in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="shares">0</in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent><in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="pure">0</in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent><in-capmkt:NumberOfSharesUnderPublicCategoryPostEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="shares">0</in-capmkt:NumberOfSharesUnderPublicCategoryPostEvent><in-capmkt:PercentageOfSharesUnderPublicCategoryPostEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="pure">0</in-capmkt:PercentageOfSharesUnderPublicCategoryPostEvent><in-capmkt:NumberOfSharesUnderOtherCategoryPostEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="shares">0</in-capmkt:NumberOfSharesUnderOtherCategoryPostEvent><in-capmkt:PercentageOfSharesUnderOtherCategoryPostEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="pure">0</in-capmkt:PercentageOfSharesUnderOtherCategoryPostEvent><in-capmkt:TotalNumberOfSharesPostEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="shares">0</in-capmkt:TotalNumberOfSharesPostEvent><in-capmkt:TotalPercentageOfSharesPostEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="pure">0</in-capmkt:TotalPercentageOfSharesPostEvent><in-capmkt:NameOfTheAmalgamatedEntity contextRef="I_AmalgamatedEntity3">Lemon Tree Hotels Limited</in-capmkt:NameOfTheAmalgamatedEntity><in-capmkt:TypeOfAmalgamatedEntity contextRef="D_AmalgamatedEntity3">Transferee</in-capmkt:TypeOfAmalgamatedEntity><in-capmkt:RelationshipOfAmalgamatedEntityWithListedEntities contextRef="D_AmalgamatedEntity3">Listed Entity (self)</in-capmkt:RelationshipOfAmalgamatedEntityWithListedEntities><in-capmkt:BriefDetailsOfTurnoverOrSizeOrOtherDetailsOfAmalgamatedEntity contextRef="I_AmalgamatedEntity3">Networth :-  125714.92 Lakhs
Turnover:- 38462.77 Lakhs</in-capmkt:BriefDetailsOfTurnoverOrSizeOrOtherDetailsOfAmalgamatedEntity><in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent contextRef="I_AmalgamatedEntity3" decimals="INF" unitRef="shares">176502353</in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent><in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent contextRef="I_AmalgamatedEntity3" decimals="INF" unitRef="pure">0.2228</in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent><in-capmkt:NumberOfSharesUnderPublicCategoryPreEvent contextRef="I_AmalgamatedEntity3" decimals="INF" unitRef="shares">615345270</in-capmkt:NumberOfSharesUnderPublicCategoryPreEvent><in-capmkt:PercentageOfSharesUnderPublicCategoryPreEvent contextRef="I_AmalgamatedEntity3" decimals="INF" unitRef="pure">0.7767</in-capmkt:PercentageOfSharesUnderPublicCategoryPreEvent><in-capmkt:NumberOfSharesUnderOtherCategoryPreEvent contextRef="I_AmalgamatedEntity3" decimals="INF" unitRef="shares">398841</in-capmkt:NumberOfSharesUnderOtherCategoryPreEvent><in-capmkt:PercentageOfSharesUnderOtherCategoryPreEvent contextRef="I_AmalgamatedEntity3" decimals="INF" unitRef="pure">0.0005</in-capmkt:PercentageOfSharesUnderOtherCategoryPreEvent><in-capmkt:TotalNumberOfSharesPreEvent contextRef="I_AmalgamatedEntity3" decimals="INF" unitRef="shares">792246464</in-capmkt:TotalNumberOfSharesPreEvent><in-capmkt:TotalPercentageOfSharesPreEvent contextRef="I_AmalgamatedEntity3" decimals="INF" unitRef="pure">1</in-capmkt:TotalPercentageOfSharesPreEvent><in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent contextRef="I_AmalgamatedEntity3" decimals="INF" unitRef="shares">176502353</in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent><in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent contextRef="I_AmalgamatedEntity3" decimals="INF" unitRef="pure">0.2228</in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent><in-capmkt:NumberOfSharesUnderPublicCategoryPostEvent contextRef="I_AmalgamatedEntity3" decimals="INF" unitRef="shares">615345270</in-capmkt:NumberOfSharesUnderPublicCategoryPostEvent><in-capmkt:PercentageOfSharesUnderPublicCategoryPostEvent contextRef="I_AmalgamatedEntity3" decimals="INF" unitRef="pure">0.7767</in-capmkt:PercentageOfSharesUnderPublicCategoryPostEvent><in-capmkt:NumberOfSharesUnderOtherCategoryPostEvent contextRef="I_AmalgamatedEntity3" decimals="INF" unitRef="shares">398841</in-capmkt:NumberOfSharesUnderOtherCategoryPostEvent><in-capmkt:PercentageOfSharesUnderOtherCategoryPostEvent contextRef="I_AmalgamatedEntity3" decimals="INF" unitRef="pure">0.0005</in-capmkt:PercentageOfSharesUnderOtherCategoryPostEvent><in-capmkt:TotalNumberOfSharesPostEvent contextRef="I_AmalgamatedEntity3" decimals="INF" unitRef="shares">792246464</in-capmkt:TotalNumberOfSharesPostEvent><in-capmkt:TotalPercentageOfSharesPostEvent contextRef="I_AmalgamatedEntity3" decimals="INF" unitRef="pure">1</in-capmkt:TotalPercentageOfSharesPostEvent><in-capmkt:WhetherTheAmalgamationOrMergerWouldFallWithinRelatedPartyTransactions contextRef="OneD">false</in-capmkt:WhetherTheAmalgamationOrMergerWouldFallWithinRelatedPartyTransactions><in-capmkt:WhetherAmalgamationOrMergerEventRPTIsMaterial contextRef="OneD">false</in-capmkt:WhetherAmalgamationOrMergerEventRPTIsMaterial><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupOrAssociateOrHoldingOrSubsidiaryCompaniesOrDirectorAndKMPAndItsRelativesHaveAnyInterestInTheEntityBeingAmalgamated contextRef="OneD">true</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupOrAssociateOrHoldingOrSubsidiaryCompaniesOrDirectorAndKMPAndItsRelativesHaveAnyInterestInTheEntityBeingAmalgamated><in-capmkt:NatureOfInterestAndDetailsThereofForAmalgamationOrMergerEvent contextRef="OneI">Wholly Owned Subsidiary</in-capmkt:NatureOfInterestAndDetailsThereofForAmalgamationOrMergerEvent><in-capmkt:WhetherAmalgamationOrMergerIsDoneAtArmsLength contextRef="OneD">true</in-capmkt:WhetherAmalgamationOrMergerIsDoneAtArmsLength><in-capmkt:AreaOfBusinessOfTheEntitiesForAmalgamationOrMergerEvent contextRef="OneI">1. The Company is, inter alia, engaged in the hospitality business and owns / leases / operates / franchises hotels, motels and resorts. The Company is a leading hospitality company in India with an established portfolio of owned, leased and managed hotels. In addition to its hotel-ownership portfolio, the Company has developed a strong hotel-management platform covering brand-name systems, distribution, sales, loyalty, technology, operations and other central functions. 2. The Transferee Company is, inter alia, engaged in the hospitality business and owns / leases hotels, motels and resorts. 1. The Company is, inter alia, engaged in the hospitality business and owns / leases / operates / franchises hotels, motels and resorts. The Company is a leading hospitality company in India with an established portfolio of owned, leased and managed hotels. In addition to its hotel-ownership portfolio, the Company has developed a strong hotel-management platform covering brand-name systems, distribution, sales, loyalty, technology, operations and other central functions.  2. The Transferee Company is, inter alia, engaged in the hospitality business and owns / leases hotels, motels and resorts.  3. Transferor Company 1 is, inter alia, engaged in the hospitality business and provides end-to-end management solutions to hotel owners, from design conceptualization to day-to-day operations.  4. Transferor Company 2 is, inter alia, engaged in the hospitality business.  5. Transferor Company 3 is, inter alia, engaged in the hospitality business of developing, owning, acquiring, renovating, and promoting hotels, motels, resorts, restaurants, etc.  6. Transferor Company 4 is, inter alia, engaged in the business of developing, owning, acquiring, renovating and promoting hotels, motels, resorts, restaurants, etc.  7. Transferor Company 5 is, inter alia, engaged in the business of developing, owning, acquiring, renovating and promoting hotels, motels, resorts, restaurants, etc.  8. Transferor Company 6 is, inter alia, engaged in the business of developing, owning, acquiring, renovating and promoting hotels, motels, resorts, restaurants, etc.</in-capmkt:AreaOfBusinessOfTheEntitiesForAmalgamationOrMergerEvent><in-capmkt:RationaleForAmalgamationOrMerger contextRef="OneI">(a) To consolidate all hospitality management, and operations of the Transferor Company 1 and Transferor Company 2 into a single entity, the Company, through Amalgamation 1, and to consolidate certain hotel-owning companies into the Transferee Company through Amalgamation 2, thereby eliminating duplications, improving operational efficiency, and ensuring unified brand management and decision-making. (b) To reorganize the group’s business by amalgamating the Transferor Company 3, Transferor Company 4, Transferor Company 5 and Transferor Company 6 together with the Subsidiary Hotels (defined below) and the Demerged Undertaking of the Company, into the Transferee Company. This will ensure that the Company remains focused on hotel management and operational activities, while the Transferee Company serves as the asset-holding and investment platform. In furtherance of this objective, the Existing Management Agreements shall be amended, inter alia, to extend their tenure from the Appointed Date to ensure continuity of hotel operations, brand management and commercial arrangements between the Company and the Transferee Company, and new hotel operating and ancillary agreements shall be entered into between the Company and the Transferee Company (and/or its subsidiaries), inter alia, for the operation and management of the properties transferred to the Transferee Company pursuant to the Scheme, in each case on the key commercial terms specified in the Scheme.
(c) To enable a potential separate listing of the Transferee Company, thereby providing it with independent market visibility, valuation, and access to capital for expansion and acquisition of new hospitality assets.
(d) To clearly demarcate the ownership and management functions of the group, allowing each entity to pursue its respective business objectives efficiently, while continuing to operate in synergy through management and service arrangements.
(e) To establish separate management teams and governance frameworks for the Company and the Transferee Company, promoting accountability, agility, and strategic oversight at both the operational and asset levels. (f) To create a flexible structure enabling the Transferee Company to attract investors or co-development partners for specific hotel projects, without affecting Company’s brand operations or control over strategic decisions.(g) To centralize all hotel management and brand arrangements under the Company, ensuring consistent service quality, operational standards, and brand positioning across owned and third-party hotels. (h) To simplify the existing group structure by merging Transferor Company 1 and Transferor Company 2,  both wholly owned subsidiaries of the Company, into the Company eliminating legal and structural layering and consolidating the assets and liabilities of these entities directly within the Company platform thereby reducing administrative processes and compliance costs associated with maintaining multiple standalone legal entities. (i) To achieve long-term value enhancement for shareholders by establishing two distinct yet complementary platforms, with the Company operating as the management and brand company and the Transferee Company operating as the asset platform, thereby improving operational focus, financial efficiency and market positioning.
</in-capmkt:RationaleForAmalgamationOrMerger><in-capmkt:NatureOfConsiderationForAmalgamationOrMerger contextRef="OneD">Others</in-capmkt:NatureOfConsiderationForAmalgamationOrMerger><in-capmkt:DetailsOfConsiderationForAmalgamationOrMerger contextRef="OneI">No new shares shall be issued and no payment in cash shall be made by the Company as consideration for Amalgamation, since Carnation Hotels Private Limited and Hamstede Living Private Limited are wholly owned subsidiaries of the Company.</in-capmkt:DetailsOfConsiderationForAmalgamationOrMerger><in-capmkt:BriefDetailsOfChangeInShareholdingPatternOfListedEntityForAmalgamationOrMerger contextRef="OneI">There will be no change in the shareholding pattern of the Company on account of the Scheme.</in-capmkt:BriefDetailsOfChangeInShareholdingPatternOfListedEntityForAmalgamationOrMerger><in-capmkt:AnyOtherBriefSignificantInformationForAmalgamationOrMerger contextRef="OneI">Carnation Hotels Private Limited and Hamstede Living Private Limited, each being a wholly owned subsidiary of the Company, shall stand amalgamated with and into the Company and consequently, Carnation Hotels Private Limited  and Hamstede Living Private Limited shall stand dissolved without winding up and all the equity shares of Carnation Hotels Private Limited and Hamstede Living Private Limited held by the Company (directly or through nominees) shall stand cancelled</in-capmkt:AnyOtherBriefSignificantInformationForAmalgamationOrMerger></xbrli:xbrl>