Media Statement and Presentation-Acquisition of shares 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 signed definitive agreements to acquire 100% stake in Zuri Hotels & Resorts Private Limited (ZHRPL), which owns The Zuri Kumarakom, Kerala Resort & Spa. The acquisition is for an Enterprise Value of Rs. 205 crores on a debt-free and cash-free basis. The resort spans 18 acres with 72 keys (38 villas and cottages), 20,000 sq.ft. of spa facilities, and is located along Vembanad Lake in Kumarakom, Kerala. Post-renovation, the property will be rebranded under the ITC Hotels brand. The company expects stabilized revenue to be close to 3x of current levels and be margin accretive to its portfolio.
This acquisition expands ITC Hotels' luxury portfolio into a strategic leisure destination, adding an established property with significant growth potential through brand-led value uplift and operational improvements.