ITC Hotels Limited has announced the 100% acquisition of Zuri Hotels and Resorts Private Limited, the owner of ‘The Zuri Kumarakom, Kerala Resort & Spa’. The deal, valued at an enterprise value of ₹205 crores on a cash-free, debt-free basis, aims to strengthen the company’s luxury portfolio. The acquisition is expected to be completed within seven working days and will see the property rebranded as a premier luxury destination for leisure and high-profile events.
Strategic Expansion into Kerala
On May 15, 2026, ITC Hotels Limited executed a definitive Share Purchase Agreement to acquire the entire share capital of Zuri Hotels and Resorts Private Limited. This strategic move is designed to enhance the company’s presence in high-growth leisure markets. The acquired asset is an established luxury property located in Kumarakom, Kerala, spanning 18 acres. It currently features 72 keys, two restaurants, a bar, and an ayurvedic spa.
Financials and Value Proposition
The transaction represents an enterprise value of ₹205 crores. The consideration for the 100% stake acquisition is capped at ₹175 crores, with the remaining value accounting for debt repayment and other customary adjustments. The target entity has demonstrated steady performance, with a turnover of ₹21.91 crores in the 2025-26 financial year, ₹21.97 crores in 2024-25, and ₹21.58 crores in 2023-24.
Future Outlook and Rebranding
Following the completion of the acquisition, which is anticipated in approximately seven working days, ITC Hotels plans to undertake significant renovations. The property will be rebranded as a flagship luxury resort. By integrating the resort into its institutional network, the company expects to unlock significant brand-led value, positioning the site as a top-tier destination for both leisure travelers and high-profile MICE (Meetings, Incentives, Conferences, and Exhibitions) events.
Source: BSE
