Indian Hotels to acquire San Francisco''s Campton for $60 million

Mumbai: Indian Hotels Co Ltd, operator of Taj group of hotels, resorts and palaces, along with financial investors would acquire San Francisco-based Campton Place for $60 million (around Rs 264 crore) as it bids to expand its presence in the US market.

The acquisition cost includes estimated transaction costs, Indian Hotels informed the Bombay Stock Exchange (BSE) in a filing.

Hotel Campton Place is a 110-room luxury boutique hotel situated in Union Square in the heart of a Gateway city, San Francisco, on the West Coast of the US.

The board of directors of the Indian Hotels Company have approved of the acquisition subject to necessary statutory regulations.

The sale-purchase agreement was signed on April2 and the transaction is scheduled to close on April 30. The acquisition is subject to regulatory approvals.

Last year, Indian Hotels had signed an agreement to purchase the Ritz-Carlton Boston for $170 million.

In 2005, Taj Hotels had entered into a 30-year management contract agreement to operate and manage the Pierre on New York''s Fifth Avenue. The lease price was $5 million a year.