ITC Hotels Acquires 100% Stake in GHK Hospitality for ₹155 Crore, Adds Welcomhotel Ahmedabad to Owned Portfolio

BY ADMIN • FILED 02 Sep 2026, 3:09 PM

ITC Hotels Limited has completed the acquisition of 100% of GHK Hospitality & Infrastructures Limited (GHK), strengthening its owned hotel portfolio in Ahmedabad. The acquisition was completed on September 1, 2026, according to the company’s regulatory filing.

GHK Hospitality owns Welcomhotel Ahmedabad, a 130-key hotel, and has been operating the property under an Operating Services Agreement with ITC Hotels.

ITC Hotels Completes GHK Hospitality Acquisition

ITC Hotels announced that it acquired the entire share capital of GHK Hospitality & Infrastructures Limited on September 1, 2026. Following the transaction, GHK has become a wholly owned subsidiary of ITC Hotels with effect from the same date.

The company had earlier disclosed the proposed transaction on July 16, 2026.

The acquisition involves 2,82,27,741 equity shares of GHK, comprising:

1,54,54,545 shares through primary subscription
1,27,73,196 shares through secondary purchases

The transaction has been completed through a cash consideration.

Deal Valued at ₹155 Crore Enterprise Value

The acquisition carries an enterprise value of ₹155 crore, calculated on a cash-free and debt-free basis.

The final consideration remains subject to customary adjustments specified under the Share Purchase and Share Subscription Agreement executed on July 16, 2026.

There is no related-party transaction involved in the acquisition, and ITC Hotels stated that neither the promoter/promoter group nor group companies have any interest in the entity being acquired.

Welcomhotel Ahmedabad Comes Into ITC Hotels’ Owned Portfolio

The key strategic aspect of the transaction is that ITC Hotels is adding an established operating hotel to its owned asset portfolio in Ahmedabad.

GHK owns Welcomhotel Ahmedabad, a 130-key property serving the hospitality market in the city.

According to ITC Hotels, the acquisition will allow it to expand its owned asset portfolio across different market segments in Ahmedabad.

The company believes the acquisition is value-accretive and provides an opportunity to benefit from Ahmedabad’s diversified, year-round demand.

GHK Hospitality Financial Performance

GHK has reported steady growth in turnover over the past three financial years.

Its audited turnover stood at:

FY2025-26: ₹35.16 crore
FY2024-25: ₹31.23 crore
FY2023-24: ₹25.62 crore

The company was incorporated on May 10, 2007, and has its registered office in Ahmedabad, Gujarat.

Investor Takeaway

For ITC Hotels, the transaction is strategically important because it shifts the Welcomhotel Ahmedabad asset into its owned portfolio, rather than relying solely on an operating arrangement.

The acquisition also gives ITC Hotels greater ownership and control over a 130-key hotel in Ahmedabad, a major business and tourism market. With GHK generating ₹35.16 crore of turnover in FY2025-26, the transaction adds an operating hospitality asset with an established revenue base.

The ₹155 crore enterprise value implies that ITC Hotels is acquiring an existing hotel asset rather than building a new property from the ground up, potentially providing a faster route to expanding its presence in Ahmedabad.

Key Points for ITC Hotels Investors

ITC Hotels has acquired 100% of GHK Hospitality & Infrastructures Limited.
GHK is now a wholly owned subsidiary of ITC Hotels.
Deal enterprise value: ₹155 crore, cash-free and debt-free.
Acquisition completed on September 1, 2026.
GHK owns Welcomhotel Ahmedabad with 130 keys.
FY2025-26 turnover was ₹35.16 crore.
The acquisition expands ITC Hotels’ owned asset portfolio in Ahmedabad.
The company expects to benefit from Ahmedabad’s diversified year-round demand.
No regulatory approvals were required for completing the acquisition.
The transaction was funded through cash consideration.

Bottom line: The acquisition strengthens ITC Hotels’ presence in Ahmedabad and adds an established 130-key property to its owned portfolio. The ₹155 crore enterprise-value transaction is therefore more significant from an asset ownership and long-term portfolio expansion perspective than a simple hotel operating agreement.