Announcement under Regulation 30 (LODR)-Acquisition
ITCHOTELS · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
ITC Hotels has entered into a Share Purchase Agreement to acquire 100% of Zuri Hotels and Resorts Private Limited (ZHRPL), which owns The Zuri Kumarakom, Kerala Resort & Spa. The deal values ZHRPL at an enterprise value of ₹205 crores (cash-free, debt-free basis), with total consideration not exceeding ₹175 crores for the equity plus debt repayment. The resort has 72 keys, 2 restaurants, a bar, and an Ayurvedic spa spread over 18 acres in Kumarakom, Kerala. Post-renovation, it will be rebranded as a luxury resort under ITC Hotels. The transaction is all-cash and expected to close within 7 working days. ZHRPL reported revenues of around ₹21.6-22 crore over the past 3 years.
Positive for ITC Hotels as it strengthens its luxury portfolio in Kerala's high-growth leisure destination. The acquisition adds a well-established resort property that can benefit from ITC Hotels' brand and operational strengths.