Indian Hotels to buy Ritz's Boston unit
IHCL will acquire the 400-room Boston facility of Ritz Carlton Hotel Company's for $170 million.
By PTI |
MUMBAI: India's largest hospitality chain Indian Hotels Company Ltd (IHCL) that runs the Taj group of hotels, may soon acquire Ritz Carlton Hotel Company's Boston division.
IHCL will acquire the 400-room Boston facility of Ritz Carlton Hotel Company's for around USD 170 million, a senior official said.
"We are in the process of conducting the due diligence to acquire the Boston unit of Ritz Carlton," Tata Sons Director R K Krishna Kumar told reporters here on Tuesday.
IHCL, which acquired Australia's W-Sydney Hotel for USD 36 million last year, is buying the Ritz Carlton division as part of its long-term strategy to establish international presence.
The largest hospitality chain in the country, IHCL has 59 hotels at 40 locations across India.
The company has 17 international hotels in Maldives, Mauritius, Malaysia, UK, US, Bhutan, Sri Lanka, Africa, the Middle East and Australia.
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