ITC Hotels Expands Luxury Portfolio with Acquisition of Zuri Kumarakom

ITC Hotels is poised to expand its presence in the luxury leisure sector by acquiring The Zuri Kumarakom Resort & Spa in Kerala. The acquisition, worth an enterprise value of Rs 205 crore, signifies ITC's first foray into owning a resort in the state. A statement from ITC Hotels on Friday confirmed the signing of definitive agreements to purchase a 100 percent stake in Zuri Hotels & Resorts Private Limited on a debt-free and cash-free basis, pending customary adjustments.

The resort, prominently situated along the backwaters of Kumarakom and the banks of Vembanad Lake, spans 18 acres and boasts 72 rooms, including 38 villas and cottages. It also features dining venues, event spaces, and extensive spa and wellness facilities. ITC Hotels Managing Director Anil Chadha expressed that this acquisition aligns with the company's strategic objective to strengthen its footprint in India's high-growth leisure hospitality market.

Chadha emphasized that incorporating this iconic resort into ITC's portfolio aims to enhance guest experiences through superior culinary offerings and exceptional Ayurvedic wellness services. Following comprehensive renovations, the resort will be rebranded under the 'ITC Hotels' brand, drawing inspiration from Kerala's traditional architecture and craftsmanship. ITC expects the resort's revenue to triple and contribute positively to the company's overall profit margins through its integration into the ITC Hotels' distribution network and Club ITC loyalty program.

(With inputs from agencies.)