Taj Hotels Resorts and Palaces to acquire the Ritz-Carlton, Boston

10 November 2006

Mumbai: Luxury hospitality chain Taj Hotels Resorts and Palaces has entered into an agreement with Millennium Partners to purchase The Ritz-Carlton Boston Hotel for $170 million. The transaction will be completed 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 Ritz Carlton will be renamed the Taj Boston when the purchase is closed.

"The Ritz-Carlton is one of New England's finest hotels and a premiere social address in Boston," said Raymond Bickson, managing director and CEO, Indian Hotels Company, which operates Taj Hotels Resorts and Palaces. He added, "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 Hotel 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."

The Ritz Carlton, with 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 will be the new general manager for the Taj Boston. Gibbons, who started his career in London and Paris was the general manager of the flagship Swissôtel 'The Drake' on Park Avenue in New York City and also served as GM for the Swissôtel 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.