ITC Hotels Limited has signed definitive agreements to acquire The Zuri Kumarakom Kerala Resort and Spa in Kerala, marking the company’s first owned resort in the state.
As part of the transaction, ITC Hotels will acquire a 100 percent stake in Zuri Hotels and Resorts Private Limited, which owns the resort, at an enterprise value of Rs. 205 crore on a debt-free and cash-free basis, subject to customary adjustments.
The acquisition is expected to be completed over the next few days and forms part of ITC Hotels’ strategy to strengthen its luxury hospitality footprint in high-growth leisure destinations across India.
The Resort is spread over 18 acres of lush landscaped greenery, along the serene banks of the Vembanad Lake, offering panoramic views and a private waterfront frontage. Located approximately 70 km from Cochin, it serves as an accessible luxury hub for both international and domestic travellers. The 72 keys Resort, includes 38 villas and cottages, which are designed around a sprawling 5-acre man-made lagoon that mirrors the tranquillity of Kerala’s backwaters. The property provides a seamless blend of traditional architecture and contemporary luxury with multiple dining venues, event spaces and about 20,000 sq.ft. of spa and wellness facilities.
Speaking on the occasion, Anil Chadha, Managing Director of ITC Hotels Limited 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 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.”
Post extensive renovation, the Resort will be rebranded as a luxury resort under the “ITC Hotels” brand. Inspired by ITC Hotels’ core philosophy of “Rooted in the Soil”, the Resort will draw inspiration from the region’s traditional architectural designs – integrating traditional woodcraft and stone-work that celebrate the authentic spirit and craftsmanship of Kerala. By integrating ITC Hotels’ institutional strengths – including signature culinary experiences, best-in-class guest services, Club ITC loyalty program and robust distribution network, the Resort will unlock brand- led value uplift and establish itself as a premier luxury destination for leisure and high-profile MICE. Stabilized Revenue of the Resort is expected to be close to 3x of current levels and margin accretive to ITC Hotels’ portfolio.
Kumarakom, often referred to as the ‘Crown Jewel’ of Kerala, is globally known for its backwaters, Ayurvedic wellness offerings, lush landscapes and luxury houseboat experiences, making it one of the state’s most sought-after tourism destinations.
