NEW DELHI: ITC Hotels Ltd has officially signed definitive agreements to acquire a luxury resort in Kumarakom, Kerala, known as The Zuri Kumarakom, Kerala Resort & Spa. The company will purchase a 100% stake in Zuri Hotels & Resorts Pvt Ltd (ZHRPL), the owner of the resort, at an enterprise value of Rs 205 crore on a debt-free and cash-free basis. The acquisition is expected to be finalized within the next few days, according to an official statement from ITC Hotels.
Strategic Expansion in Kerala
This acquisition marks ITC Hotels' first owned resort in Kerala and is a strategic move to expand its luxury portfolio in a high-growth leisure destination. The resort is spread over 18 acres and is located approximately 70 km from Cochin. It features 72 keys, including 38 villas and cottages, offering guests a serene backwater experience.
Leadership Insights
ITC Hotels Managing Director Anil Chadha commented on the acquisition: "The acquisition of this exclusive property in Kumarakom marks a strategic cornerstone in our journey to expand ITC Hotels’ footprint into one of India’s most sought-after leisure destinations. Kerala’s rich cultural heritage and breathtaking landscapes have always resonated with tourists, and we are thrilled to bring our luxury offerings to this serene backwater sanctuary. By integrating this iconic resort into our portfolio, we aim to elevate the guest experience through our globally recognized culinary excellence and world-class Ayurvedic wellness offerings. This move reinforces our commitment to deliver authentic experiences that define the future of Indian hospitality."
Future Plans
Post extensive renovation, the resort will be rebranded as a luxury property under the "ITC Hotels" brand. This acquisition strengthens ITC Hotels' presence in the Indian hospitality sector, particularly in the leisure segment.
