Taj group to acquire Ritz-Carlton in Boston

Our Corporate Bureau
04 October 2006

Indian Hotels would change the Boston hotel's name after acquisition.

The 79-year old Ritz-Carlton, located in Boston's Back Bay area, is owned by Millennium Partners who bought it in 1999 for $122 million.

Millennium owns a second Ritz-Carlton hotel in Boston, the Ritz-Carlton Boston Common, built in 2001.

The 400-room hotel is the longest continuously operating Ritz-Carlton property in the US.

Indian Hotels Company, the Rs1,127-crore hotel major, is looking to strengthen its overseas presence through acquisitions. Indian Hotels had acquired The Pierre in New York through a lease agreement in the 2005-06 fiscal and had also bought out a 100-room hotel in Sydney.

Krishna Kumar said Indian Hotels would soon complete the due diligence process.