Indian Hotels Company Ltd to Acquire Major Stake in ANK Hotels and Pride Hospitality for Up to X 110 Crore and X 94 Crore Respectively

Indian Hotels Company Ltd (IHCL) has announced its decision to acquire around 51% equity stake in ANK Hotels Private Limited and Pride Hospitality Private Limited. The total investment for ANK Hotels will not exceed X 110 crore, while for Pride Hospitality, it will not exceed X 94 crore. The acquisition aims to address India’s heterogenous market landscape and provide deeper geographical penetration across India in the midscale segment. ANK Hotels has a portfolio of 111 midscale hotels, while Pride Hospitality has a portfolio of 24 midscale hotels. Both companies operate under ‘The Clarks Hotels & Resorts’ brand, primarily across India.