ITC Hotels Ltd will acquire 100% stake in The Zuri Hotels and Resorts Pvt Ltd, which owns a luxury resort in Kumarakom, Kerala, for an enterprise value of ₹205 crore on a cash-free, debt-free basis.
The acquisition, subject to repayment of certain debts and customary obligations, involves a total cash consideration of ₹175 crore and is expected to be completed within seven working days, according to a regulatory filing.
The acquisition gives ITC Hotels access to “The Zuri Kumarakom, Kerala Resort & Spa”, a five-star property located on the banks of Vembanad Lake. The resort has 72 keys, including 38 villas, and is spread across 18 acres.
Strengthens leisure portfolio
The company said the acquisition would strengthen its luxury hospitality portfolio in a high-growth leisure destination through an established premium property.
Post-renovation, the resort will be repositioned and rebranded as a luxury destination under the ITC Hotels portfolio.
According to the company, the property is expected to benefit from ITC Hotels’ brand strength, culinary offerings and wellness expertise, while also expanding its presence in the high-end leisure and MICE (meetings, incentives, conferences and exhibitions) segment.
Managing Director Anil Chadha said the acquisition marked a strategic step in expanding the company’s footprint in one of India’s leading leisure tourism markets.
He said Kerala’s cultural heritage and backwater tourism appeal continue to attract domestic and international travellers, while the integration of the Kumarakom property would help enhance guest experience through ITC Hotels’ culinary and Ayurvedic wellness offerings.
The acquisition is also aligned with the company’s broader strategy of expanding its presence across key leisure destinations in India through owned and managed luxury hospitality assets.