Ritz-Carlton Boston being bought out by Taj
BOSTON, NOVEMBER 10: Taj Hotels Resorts and Palaces said on Thursday it had agreed to buy The Ritz-Carlton Boston hotel, the longest continuously operated Ritz-Carlton hotel in the United States, for $170 million.
Financial Express
Nov 10 2006.
The 79-year-old luxury hotel, a fixture in Boston's elegant Back Bay section, overlooks one of the oldest parks in the country. It is being sold by Millennium Partners, a New York- based real estate developer.
The 273-room hotel will be renamed Taj Boston, Indian Hotels Chief Executive Raymond Bickson said in a statement.
Taj Hotels Resorts is a unit of Indian Hotels Co. Ltd., India's biggest hotel operator.
In 1999, Millennium paid USD122 million for the Ritz-Carlton Boston, which opened in 1927 and was built by Edward Wyner.
Financial Express
Nov 10 2006.
posted by Sukesh at 6:40 AM
6 Comments:
making $48mil in 7 yrs is a pretty good deal i'd say :)
Didn't know Taj was doing so good that they can buy in dollar millions. Though, it is the buyer's market now.
I think some Bostonians will not be happy to see the Ritz go. But I agree that is a really good profit.
They have nice resort is GOA, and other tourist places.
Indians are Freaking taking over the world yeeehhhhhhhaaaaaaa
I would like to see some Indian choices on the menu..........;)
Starting with you tulan, You took over greenfield, wolf or fox or what ever law firm. You are partner of the firm so all we have to do is follow your foot-step
Post a Comment
<< Home