ITC Hotels has signed definitive agreements to acquire 100 pc stake in Zuri Hotels & Resorts
Leading Indian luxury hospitality company ITC Hotels is set to strengthen its presence in Kerala’s tourism market with the acquisition of Zuri Kumarakom, Kerala Resort & Spa, marking the company’s first owned resort in the state.
In a press statement, ITC Hotels says that it has signed definitive agreements to acquire 100 pc stake in Zuri Hotels & Resorts, which owns the resort, for an enterprise value of over INR 2 billion on a debt-free and cash-free basis.
The statement adds that the property currently operates with 72 keys, including 38 villas and cottages built around a five-acre man-made lagoon. The resort, situated around 70 km from Kochi, also includes dining spaces, event facilities and wellness infrastructure spread across nearly 1,900 sqm.
The property currently operates with 72 keys, including 38 villas and cottages built around a five-acre man-made lagoon
Following the acquisition, the property will undergo renovation before being relaunched under the ITC Hotels brand. The company says that the redesigned resort will incorporate regional architectural elements, including traditional woodcraft and stonework associated with Kerala’s heritage.
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ITC Hotels says that the integration of its loyalty programme, culinary offerings and distribution network is expected to increase the resort’s market positioning and revenue potential
Anil Chadha
“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,” says Anil Chadha, Managing Director, ITC Hotels.