Taj agrees to buy Ritz-Carlton Boston

Taj Hotels Resorts and Palaces 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.
  Both Bickson and Gibbons said hotel guests will notice few changes
beyond the new name. The purchase will not result in any job losses or
large-scale personnel changes, they said. “Everyone in the hotel world is
aware of the elegance and class that has distinguished The Ritz-Carlton,
Boston for generations. We are focused on making the Taj Boston experience
a wonderful event for generations to come,” Bickson said.
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