Kolkata: ITC Hotels has acquired a 100% equity stake in Ahmedabad-based GHK Hospitality and Infrastructures, which owns Welcomhotel Ahmedabad, for the enterprise value of Rs 155 crore. The hotel is currently operated by ITC under an operating services agreement. The acquisition is expected to be consummated within the current quarter.The 130-room upper-upscale business hotel has spacious rooms, 8,500 square feet of banquet space, a restaurant serving Indian and global cuisines, and a rooftop swimming pool. The addition of the hotel will strengthen ITC’s owned asset portfolio in Ahmedabad by straddling across all branded hospitality market segments and price points. “This acquisition will optimise capital efficiency and provide an opportunity to the company to capitalise on the diversified year-round demand emerging from the city,” ITC stated.Speaking on the development, ITC Hotels MD Anil Chadha said, “The acquisition of the 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. Transitioning this established 130-room property from a managed contract to full ownership allows us to unlock greater value from the asset.”Welcomhotel Ahmedabad is located on Ahmedabad’s prominent Ashram Road, overlooking the scenic Sabarmati riverfront, and is in proximity to Ahmedabad International Airport as well as the Narendra Modi Stadium.
