Nov. 9, 2006 - -- 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 favorite among discerning travelers 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 Swissotel The Drake on Park Avenue in New York City. He also served as GM for the Swissotel 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," Gibbons said.
The Taj Boston will honor all previous bookings for hotel rooms, restaurants and banquets. All reservations at the hotel for dates beyond January 11, 2007 can be made toll-free through Taj at 877-482-5267 (877-4TAJ-BOS). 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, the luxurious, landmark hotel on New York's Fifth Avenue. With a legacy dating back to the launch of its landmark hotel, the Taj Mahal Palace & Tower in 1903, the Taj Hotels across the world have become destinations in themselves, offering distinctive service and unrivalled luxury. Today, the Taj portfolio worldwide encompasses luxury and business hotels, top end leisure resorts and authentic palaces amongst others.
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 the luxurious Taj Palace in Dubai amongst others.
In addition to these international hotels, Taj Hotels manages a portfolio of some of the finest authentic palace hotels in the world. These include the magnificent Umaid Bhawan Palace in Jodhpur, recipient of the World Monuments Fund's 2006 Hadrian Award for architectural restoration, and selected by the editors of Robb Report Luxury Hotels 2006 as one of the world's 100 most exceptional hotels, The Taj Lake Palace in Udaipur, rated 10th in The Top 100, T + L's Annual Readers ' Poll - World's Best Awards 2006, and the Rambagh Palace in Jaipur, rated among the Top 50 in Asia.
Over the past year, Taj Hotels has announced the launch of 4 luxury projects : The Taj Exotica Resort, Spa and Golf (Opening 2008) in Doha, Qatar; the Taj Exotica Resort & Spa (Opening 2008) on the Palm Jumeirah Crescent in Dubai; the Taj Exotica Resort & Spa (Opening 2009) in Phuket, Thailand and a Taj Luxury Hotel (Opening 2008) in Cape Town, South Africa.
Taj Hotels, Resorts and Palaces
Taj Hotels Resorts and Palaces
|Also See:||David Gibbons Named General Manager of The Lenox Hotel, Boston / October 2006|
|Millennium Pulls Off the Deal of the Year / Makings of Deal of the Year / June 2001|
|Ritz-Carlton Hotel & Towers Lifts Downtrodden Area of Boston / January 2003|