ITC Hotels Limited has informed the Exchange about Acquisition of Zuri Hotels and Resorts Private Limited.
ITCHOTELS · price
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On the reaction day the stock moved 1.7 pts less than Nifty Midcap 150 and 0.1 pts less than its Hotels & Resorts peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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ITC Hotels Limited has entered into a Share Purchase Agreement to acquire 100% of Zuri Hotels and Resorts Private Limited (ZHRPL) for an enterprise value of ₹205 crores. The consideration does not exceed ₹175 crores for the share capital, plus debt repayment and customary adjustments. ZHRPL owns 'The Zuri Kumarakom, Kerala Resort & Spa', a 72-key luxury resort with 2 restaurants, a bar, and an ayurvedic spa on 18 acres in Kerala. The resort has shown stable turnover of around ₹21-22 crores over the last 3 years. Post-renovation, the property will be rebranded as a luxury resort to strengthen ITC Hotels' luxury portfolio in the leisure segment. The transaction is not a related party transaction and is expected to close within 7 working days.
This acquisition expands ITC Hotels' presence in the luxury leisure segment and adds an established property to its portfolio. The deal is funded through cash and is not expected to have any regulatory hurdles.