Taj closes in on Boston hotel

The Indian Hotels Company, promoted by the Tata group, is in the process of acquiring the Ritz-Carlton, a Boston-based luxury hotel, for around $170 million (around Rs 765 crore).

Due diligence was likely to be completed soon, said RK Krishna Kumar, vice-chairman, Indian Hotels.

The hotel would be acquired through the company's New York-based subsidiary, Kumar told reporters on the sidelines of a press conference today.

The Rs 1,127-crore hotel major is looking to strengthen its presence in the US with the acquisition of the 79-year old Ritz-Carlton Boston.

The 400-room hotel is owned by Millennium Partners and is the longest continuously-operated Ritz-Carlton in the US.

The luxury hotel, located in Boston's elegant Back Bay area, was bought by Millennium Partners in 1999 for $122 million. The Boston hotel's name could now be changed.

Millennium owns a second Ritz-Carlton hotel in Boston, the Ritz-Carlton Boston Common, built in 2001.

The Indian Hotels Company had acquired The Pierre in New York through a lease agreement in 2005-06 and had also bought out a 100-room hotel in Sydney.