ITC Hotels Limited has announced the acquisition of The Zuri Kumarakom, Kerala Resort & Spa for an enterprise value of Rs. 205 crores. This strategic move marks the company’s first owned resort in Kerala, adding a 72-key luxury property to its growing portfolio. The acquisition is part of an expansion strategy to strengthen its presence in high-potential leisure destinations, with plans to renovate and rebrand the property under the ITC Hotels identity.
Strategic Expansion in Kerala
ITC Hotels Limited has entered into definitive agreements to acquire 100% of the stake in Zuri Hotels & Resorts Private Limited. This acquisition includes an 18-acre luxury resort situated along the banks of the Vembanad Lake in Kumarakom. Valued at an enterprise value of Rs. 205 crores on a debt-free and cash-free basis, the move underscores the company’s commitment to expanding its luxury footprint in one of India’s most iconic travel destinations.
Resort Features and Renovation Plans
The resort features 72 keys, comprising 38 villas and cottages nestled around a 5-acre man-made lagoon. The property currently offers extensive amenities, including 20,000 sq.ft. of spa and wellness facilities and over 13,500 sq.ft. of banqueting space. Following the acquisition, ITC Hotels plans to undertake an extensive renovation to align the property with its core philosophy of “Rooted in the Soil,” integrating local architectural elements before rebranding the facility under the ITC Hotels banner.
Future Growth and Value Creation
The company expects this acquisition to be margin accretive to its overall portfolio. By leveraging ITC’s robust distribution network, culinary excellence, and the Club ITC loyalty program, the company anticipates that the stabilized revenue of the resort will reach approximately 3x of current levels. This development is set to position the resort as a premier destination for both high-end leisure travellers and MICE (Meetings, Incentives, Conferences, and Exhibitions) events.
Source: BSE
