ITC Hotels Boosts Luxury Portfolio with Zuri Hotels Acquisition
ITC Hotels reported a 23.1% rise in net profit for the March quarter and announced a Rs 205 crore acquisition deal for Zuri Hotels and Resorts. The transaction is set to bolster its luxury offerings, with post-renovation plans to re-brand Zuri as a luxury resort.
ITC Hotels, in a significant business move, reported a substantial 23.1% increase in consolidated net profit for the March quarter, amounting to Rs 317.43 crore, compared to Rs 257.85 crore from the previous year.
In a progressive strategy to enhance its luxury accommodation offerings, ITC Hotels has initiated an acquisition of Zuri Hotels and Resorts for an impressive Rs 205 crore. This transaction is poised to elevate its presence in the high-growth leisure sector.
The acquisition includes full ownership of the reputed 'The Zuri Kingmakers, Kerala Resort & Spa.' Post-renovation, ITC plans to re-brand Zuri as a luxury resort to strengthen its luxury market position. Concurrently, ITC aims to expand its hotel portfolio significantly by 2031, under the 'Asset-Right' strategy.
(With inputs from agencies.)
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