ITC Hotels Limited has informed the Exchange regarding 'Acquisition - Media Statement and Presentation'.
ITCHOTELS · price
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ITC Hotels Limited has signed definitive agreements to acquire 100% stake in Zuri Hotels & Resorts Private Limited, which owns The Zuri Kumarakom, Kerala Resort & Spa. The acquisition is at an Enterprise Value of Rs. 205 crores on a debt-free and cash-free basis, expected to close over the next few days. The resort spans 18 acres with 72 keys including 38 villas and cottages along Vembanad Lake in Kumarakom, Kerala. Post extensive renovation, the property will be rebranded as an ITC Hotels luxury resort. The company expects stabilized revenue to be close to 3x of current levels and margin accretive to its portfolio.
This acquisition expands ITC Hotels' luxury portfolio into a strategic leisure destination, with potential for significant revenue growth and margin improvement once renovation and rebranding are complete.