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Mumbai: The Tata group-promoted Indian Hotels Company is acquiring Boston-based luxury hotel, Ritz-Carlton, for $170 million (nearly Rs765 crore). The acquisition will be done through the company's New York-based subsidiary, R K Krishna Kumar, vice-chairman, Indian Hotels, said at a press conference in Mumbai. Indian Hotels would change the Boston hotel's name after acquisition. The 79-year old Ritz-Carlton, located in Boston's Back Bay area, is owned by Millennium Partners who bought it in 1999 for $122 million. Millennium owns a second Ritz-Carlton hotel in Boston, the Ritz-Carlton Boston Common, built in 2001. The 400-room hotel is the longest continuously operating Ritz-Carlton property in the US. Indian Hotels Company, the Rs1,127-crore hotel major, is looking to strengthen its overseas presence through acquisitions. Indian Hotels had acquired The Pierre in New York through a lease agreement in the 2005-06 fiscal and had also bought out a 100-room hotel in Sydney. Krishna Kumar said Indian Hotels would soon complete the due diligence process. The Taj group has identified Southeast and Far East Asian markets as potential destinations in its overseas plans. Besides the US and Europe, the group is also exploring business relationships in key emerging markets. The group also has a joint venture with the Hong Kong-based realty and hospitality company, the Sino group. Taj and Sino will develop luxury as well as three- and four-star hotels in China, Vietnam and India. IHCL may also join hands with Sino's sister company, Far East Organisation, to enter high-end realty market in India.
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