The Taj at Boston

The Tata group overseas ventures received a further boost with the Taj Hotel Resorts and Palaces, one of Asia’s largest hotel groups, signing an agreement to purchase the Boston based Ritz-Carlton Hotel.

The 79-year-old Hotel to be purchased for $ 170 million will be renamed the Taj Boston once the deal is closed in January with the current owners, Millennium Partners.

"The Ritz-Carlton is one of New England’s finest hotels and a premier social address in Boston,” Raymond Bickson, managing director and CEO of Indian Hotels, said in a statement.

The 273-room Hotel is located near the Boston Public Garden and the city’s premier retail district. "In ’02, Ritz-Carlton completed a $ 50 million restoration and refurbishment plan. Galileo Global Advisors, a New York based firm, advised Taj in this transaction,” The Economic Times of November 11, 2006 reported.

The Ritz-Carlton in Boston will be now called the Taj Boston

The Times of India (TOI) report dated November 14 stated that if the Tatas had continued with the Ritz-Carlton brand, the acquisition price would have escalated by a couple of million dollars in annual royalties.

"Ritz-Carlton is also famous for being the first hotel to offer private baths in guest rooms, uniforms for the staff, and fresh flowers in the hotel’s common areas. Opened in 1927 with a room rate of $ 15, its guests have included Winston Churchill and John Kennedy,” states the TOI of November 11, 2006.

The new acquisition will be the first wholly owned property by the Taj group in the US, states Business India (BI), December 3, 2006.

"Over the past two years, Taj hotels has added three international hotels to their fold which takes the total tally to 17 overseas hotels. Last year, Taj hotels entered into a lease agreement to operate and manage ‘Le Pierre’ hotel in New York,” stated the BI report.