Taj Hotels enters agreement to acquire The Ritz-Carlton

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Taj Hotels Resorts and Palaces, one of Asia's largest and finest hotel groups, has entered into a definitive agreement to purchase The Ritz-Carlton, Boston Hotel from its current owners, Millennium Partners.  The $170 million transaction is scheduled to close on January 11, 2007.  Taj Hotels Resorts and Palaces operates 75 hotels across the world, which include some of the world's most luxurious and iconic hotels.  The hotel, to be renamed the Taj Boston upon closing the purchase, will reflect the world-renowned characteristics of the Taj brand: Unparalleled accommodations and unrivalled service.

"The Ritz-Carlton is one of New England's finest hotels and a premiere social address in Boston.  We are delighted to extend our presence in the United States with this renowned hotel.  Its rich heritage, superb location and grand architecture make it an ideal fit for Taj.  We are thrilled to be able to bring to Boston the service and style that have made Taj hotels a favourite among discerning travellers throughout the world.  The addition of this hotel to Taj Hotels 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," said Mr. Raymond Bickson, Managing Director and CEO, Indian Hotels Company Ltd, which operates Taj Hotels Resorts and Palaces. The hotel, which has 273 rooms, is located next to the famous Boston Public Garden and the city's premiere retail district.  In 2002, The Ritz-Carlton completed a $50 million restoration and refurbishment plan.   Taj Hotels will assume management of the hotel on January 11, 2007. Galileo Global Advisors, a New York-based firm, advised Taj in this transaction.

David M. Gibbons has been named as the new general manager for the Taj Boston.  Gibbons, who started his career in London and Paris, was most recently GM of the flagship Swissôtel The Drake on Park Avenue in New York City.  He also served as GM for the Swissôtel Boston from 1992 to 2003.

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