Boston, USA: A unit of India's Tata Group conglomerate has said it will buy the Boston Ritz-Carlton Hotel for $170 million and rename the 79-year-old hotel the Taj Boston.
Taj Hotels, Resorts and Palaces said it plans to close January 11 on its purchase from Millennium Partners, a New York-based real estate company that bought the Boston Ritz-Carlton in 1999 from Marriott International Inc. Millennium completed a $50 million renovation in 2003.
The Boston Ritz-Carlton, the oldest Ritz-Carlton hotel in continuous operation in the United States, is on Arlington Street in Boston’s Back Bay section, near the city's Public Gardens and high-end Newbury Street shops.
The 273-room hotel is a few blocks away from the more modern Boston Common Ritz-Carlton and Towers, a complex of 193 hotel rooms and 358 condominiums that also is owned by Millennium. That property will not change hands with the Boston Ritz-Carlton's sale.
Taj Hotels, Resorts and Palaces operates 75 high-end hotels in India and other locations around the world.
The Boston Ritz-Carlton purchase is the company's second US hotel deal, after a lease agreement last year to operate and manage The Pierre, on New York City's Fifth Avenue.
''The Ritz-Carlton is one of New England's finest hotels and a premiere social address in Boston,'' said Raymond Bickson, managing director and chief executive of Indian Hotels Co., which operates Taj Hotels, Resorts and Palaces.
''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.''
The Tata Group is an industrial conglomerate with interests in everything from steel and automobiles to software services and hotels.
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