Kolkata: ITC Hotels Limited has announced it will acquire a 100% stake in GHK Hospitality and Infrastructures Ltd., the owner of Welcomhotel, Ahmedabad, for an enterprise value of ₹155 crore on a debt-free, cash-free basis.
The 130-key upper-upscale hotel is currently operated by ITC Hotels under an operating services agreement. The transaction is expected to be completed within the current quarter, subject to customary adjustments.
Welcomhotel Ahmedabad is located on Ashram Road, overlooking the Sabarmati Riverfront. It is also in proximity to Ahmedabad International Airport and the Narendra Modi Stadium. The property includes 8,500 sq ft of banqueting space, a restaurant, and a rooftop swimming pool.
According to Anil Chadha, Managing Director, ITC Hotels, the acquisition converts a managed property into an owned asset.
“The acquisition of this hotel will mark another milestone in pursuit of the company’s growth aspiration by adding another owned property in one of the fastest growing urban centres of India,” he said.
ITC Hotels said the move will strengthen its owned portfolio in Ahmedabad across all branded hospitality segments and price points, and is expected to be EPS accretive in the first full year of operations.
