Indian Hotels to pay $170 m for Ritz-Carlton of Boston

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Mr Raymond Bickson, Managing Director and CEO of IHC, said that the Ritz-Carlton is one of the finest New England hotels and a premier social address in Boston.

"The addition of this hotel to the Taj group's growing international portfolio reiterates our commitment to establishing a significant presence for the Taj Hotels Resorts and Palaces brand in key destinations across the globe," he said in a release.

Mr David M. Gibbons, who was most recently General Manager of Swissôtel The Drake on Park Avenue in New York, has been named General Manager of the Taj Boston.

Mr Gibbons also served as General Manager of the Swissôtel Boston from 1992 to 2003.

"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."

Global Advisors, a New York-based firm, advised Taj Hotels on the transaction.

The Taj group operates 75 high-end hotels in India and other locations around the world.

Its portfolio encompasses luxury and business hotels, top-end leisure resorts and authentic palaces.

The Ritz-Carlton was restored and refurbished in 2002 by Millennium Partners at a cost of $50 million.

Millennium Partners bought the Boston Ritz-Carlton from Marriott International in 1999.

They continue to operate the Ritz-Carlton Hotel and Towers in Boston Common.

Taken from Business Line

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