Taj on prowl, eyes LA’s Four Seasons
Sources said IHCL has evaluated 2-3 options in LA and seems to be veering towards Four Seasons.
By Lijee Philip & Boby Kurian, TNN |
MUMBAI: Hospitality major Taj Group is once again on the prowl in the US. The Tata-controlled Indian Hotel Company (IHCL), which operates properties under the Taj brand, could be looking at the Four Seasons property at Beverly Hills, Los Angeles, among others, sources said.
Sources said IHCL has evaluated 2-3 options in LA and seems to be veering towards Four Seasons. The deal size is pegged at around $200 million, sources said. LA-based Four Seasons, the world’s leading operator of luxury hotels, is located in a quiet palm-lined residential neighbourhood just minutes away from the world-renowned Rodeo Drive and Robertson Boulevard shopping. IHCL officials declined to comment.
Incidentally, last week, Microsoft chairman Bill Gates and Saudi Prince Alwaleed bin Talal acquired Four Seasons Inc, which operates 75 properties across 31 countries as well as a number of time-share properties, in a deal valued at $3.8 billion. Sources said Four Seasons could be headed for a restructuring as both Mr Gates and Prince Alwaleed walk in as financial investors partnering CEO Isadore Sharp in a management buyout.
Taj has been looking at significant acquisitions in the US, more specifically at a West Coast property, with the aim of building the brand in the US, which accounts for a sizeable chunk of its revenues. In 2005, Taj acquired Pierre Hotel in New York from Four Seasons. Last year, it unveiled its $170-million buyout of the Ritz Carlton hotel in Boston. Its other signature assets overseas include St James Court in London while it is also reportedly keen on acquisitions in Cape Town and Durban in preparation for the FIFA World Cup 2010.
The Rs 1,127-crore hospitality chain is also eyeing takeovers in other markets, especially prominent gateways in South-East Asia, sources added.
lijee.philip@timesgroup.com
Sources said IHCL has evaluated 2-3 options in LA and seems to be veering towards Four Seasons. The deal size is pegged at around $200 million, sources said. LA-based Four Seasons, the world’s leading operator of luxury hotels, is located in a quiet palm-lined residential neighbourhood just minutes away from the world-renowned Rodeo Drive and Robertson Boulevard shopping. IHCL officials declined to comment.
Incidentally, last week, Microsoft chairman Bill Gates and Saudi Prince Alwaleed bin Talal acquired Four Seasons Inc, which operates 75 properties across 31 countries as well as a number of time-share properties, in a deal valued at $3.8 billion. Sources said Four Seasons could be headed for a restructuring as both Mr Gates and Prince Alwaleed walk in as financial investors partnering CEO Isadore Sharp in a management buyout.
Taj has been looking at significant acquisitions in the US, more specifically at a West Coast property, with the aim of building the brand in the US, which accounts for a sizeable chunk of its revenues. In 2005, Taj acquired Pierre Hotel in New York from Four Seasons. Last year, it unveiled its $170-million buyout of the Ritz Carlton hotel in Boston. Its other signature assets overseas include St James Court in London while it is also reportedly keen on acquisitions in Cape Town and Durban in preparation for the FIFA World Cup 2010.
The Rs 1,127-crore hospitality chain is also eyeing takeovers in other markets, especially prominent gateways in South-East Asia, sources added.
lijee.philip@timesgroup.com
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