India's Taj Hotels Resorts and Palaces, one of Asia's largest 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. The hotel will be renamed the Taj Boston upon closing the purchase.
Taj Hotels Resorts and Palaces operates 75 hotels across the world, which include some of the world's most luxurious and iconic hotels.
Raymond Bickson, managing director and CEO of Indian Hotels company which operates Taj Hotel Resort and Palaces, said the new addition shows the commitment to establish significant presence in key destination across the globe.
"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," he said.
"Its rich heritage, superb location and grand architecture make it an ideal fit for Taj," he added. 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 had completed a 50 million dollar restoration and refurbishment. Taj Hotels will assume management of the hotel on January 11 next. 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 had started his career in London and Paris. Most recently, he was general manager of a luxury hotel in New York.
"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," 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.
Over the past year, Taj Hotels has announced the launch of four luxury projects - The Taj Exotica Resort, Spa and Golf (opening 2008) in Doha, Qatar, the Taj Exotica Resort and Spa (opening 2008) on the Palm Jumeirah Crescent in Dubai, the Taj Exotica Resort and Spa (opening 2009) in Phuket, Thailand and a Taj Luxury Hotel (opening 2008) in Cape Town, South Africa.
