Indian Hotels to acquire San Francisco''s Campton for $60 million
03 Apr 2007
Mumbai:
Indian Hotels Co Ltd, operator of Taj group of hotels,
resorts and palaces, along with financial investors
would acquire San Francisco-based Campton Place for
$60 million (around Rs 264 crore) as it bids to expand
its presence in the US market.
The acquisition cost includes estimated transaction
costs, Indian Hotels informed the Bombay Stock Exchange
(BSE) in a filing.
Hotel Campton Place is a 110-room luxury boutique hotel
situated in Union Square in the heart of a Gateway city,
San Francisco, on the West Coast of the US.
The
board of directors of the Indian Hotels Company have
approved of the acquisition subject to necessary statutory
regulations.
The sale-purchase agreement was signed on April2 and
the transaction is scheduled to close on April 30. The
acquisition is subject to regulatory approvals.
Last year, Indian Hotels had signed an agreement to
purchase the Ritz-Carlton Boston for $170 million.
In 2005, Taj Hotels had entered into a 30-year management
contract agreement to operate and manage the Pierre
on New York''s Fifth Avenue. The lease price was $5 million
a year.