ITC Hotels has entered agreements to purchase the Zuri Kumarakom Resort & Spa in Kerala, India, for an enterprise value of Rs2.05bn ($21.3m).
The company will buy the complete stake from the property's owner, Zuri Hotels & Resorts Private, on a debt-free, cash-free basis.
ITC Hotels anticipates completing the acquisition in the coming days, with standard contract adjustments to be made according to the signed agreements.
Once the acquisition is finalised, the property will mark ITC Hotels’ first owned resort in Kerala, representing an expansion of the group’s presence in the state’s leisure market.
Situated along Vembanad Lake and approximately 70km from Cochin, the resort occupies an 18-acre site and includes 72 rooms with 38 villas and cottages.
Facilities at the property feature a five-acre man-made lagoon, multiple dining venues, event areas, and nearly 20,000ft² spa and wellness offerings.
ITC Hotels intends to undertake significant renovation work, with plans to relaunch the property under its own brand.
ITC Hotels managing director Anil Chadha said: “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 recognised culinary excellence and world-class Ayurvedic wellness offerings. This move reinforces our commitment to deliver authentic experiences that define the future of Indian hospitality.”
Projections suggest that the resort’s stabilised revenue after brand integration may approach three times its present level and contribute to the profitability of ITC Hotels’ overall portfolio.
Earlier this year, ITC Hotels opened its 30th Welcomhotel property in Mohali, Chandigarh, India, featuring 113 rooms.
