ITC Hotels Ltd announced on Wednesday the successful completion of its acquisition of GHK Hospitality for an enterprise value of Rs 155 crore. The transaction, conducted on a cash-free, debt-free basis, was finalized on September 1, 2026, marking a significant expansion for the hospitality giant.
The acquisition involved ITC Hotels securing 2,82,27,741 equity shares of GHK Hospitality. This total comprised 1,54,54,545 shares through primary subscription and an additional 1,27,73,196 shares via secondary purchases, as detailed in the Share Purchase and Share Subscription Agreement executed on July 16.
Strategic Expansion in Ahmedabad
GHK Hospitality, a public limited company based in Ahmedabad, Gujarat, India, is primarily engaged in the hospitality sector. Its key asset is the 'Welcomhotel Ahmedabad', a property featuring 130 keys. The hotel was previously operated by ITC Hotels under an existing operating services agreement.
For the financial year 2026, GHK Hospitality reported an annual turnover of Rs 35.16 crore. Its turnovers for previous years were Rs 31.23 crore in FY25 and Rs 25.62 crore in FY24, indicating consistent growth.
Capitalizing on Market Demand
ITC Hotels highlighted that this acquisition allows the company to significantly bolster its owned asset portfolio within Ahmedabad. By integrating an established hotel like Welcomhotel Ahmedabad, ITC Hotels aims to cater to all market segments and capitalize on the city's robust and diversified year-round demand for hospitality services. This value-accretive move is expected to strengthen ITC's presence in a key Indian market.