Taj Hotels to buy the Ritz-Carlton

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New Delhi, Nov 10 (UNI) Taj Hotels Resorts and Palaces has entered into a definitive agreement with Millennium Partners to purchase Boston-based The Ritz-Carlton Hotel for 170 million dollars.

The hotel will be renamed Taj Boston upon closing the purchase, which is scheduled for January 11, 2007. Taj Hotels will assume management of the hotel on the same date.

''We are delighted to extend our presence in the United States with The Ritz-Carlton, New England's finest hotels. Its rich heritage, superb location and grand architecture make it an ideal fit for Taj,'' said Mr Raymond Bickson, CEO and MD, Indian Hotels Company Ltd, which operates Taj Hotels Resorts and Palaces.

The addition of Ritz to Taj Hotels growing international portfolio reiterates company's commitment to establish a significant presence for the Taj Hotels Resorts and Palaces brand in key destinations across the globe, he addded.

The General Manager of Taj Boston will be Mr David M Gibbons, who was the General Manager of the flagship Swissôtel The Drake, New York. He also served as GM for the Swissôtel Boston from 1992 to 2003.

''This is an extraordinary opportunity to bring the Taj brand of luxury and service to a building that already has a sterling reputation for refinement and taste. I think Taj Boston is going to be a very nice fit for this city and region, and I'm thrilled to be on board,'' Mr Gibbons said.

The transaction will not result in any job losses or large-scale personnel changes in the hotel, he clarified.

''Everyone in the hotel world is aware of the elegance and class that has distinguished The Ritz-Carlton for generations. We are focused on making the Taj Boston experience a wonderful event for generations to come,'' Mr Bickson said.

The Taj Boston will become the company's second hotel property in the United States. In 2005, Taj Hotels entered into a lease agreement to operate and manage The Pierre, New York.

Taj Hotels Resorts and Palaces operates 75 hotels across the world.

The international hotels include the award winning Taj Exotica Resort & Spa resorts in Mauritius & Maldives, 51 Buckingham Gate in London, Blue, Woolloomooloo Bay in Sydney and Taj Palace in Dubai amongst others.