The Tata group promoted Indian Hotels Company is in the process of acquiring Boston-based luxury hotel the Ritz-Carlton, for around $170 million (around Rs 765 crore). The due diligence for the process is likely to be completed soon...The hotel would be acquired through the company's New York-based subsidiary, R K Krishna Kumar, vice-chairman of Indian Hotels, said.Indian Hotels is looking to strengthen its presence in the US with this acquistion.Ritz-Carlton, with a capacity of 400 rooms, is owned by Millennium Partners and is the longest continuously operated Ritz-Carlton hotel in the United States. The luxury hotel, a fixture in Boston's elegant Back Bay section, was bought by Millennium Partners in 1999 for $122 million. The Boston hotel's name could undergo a change now. Millennium owns a second Ritz-Carlton hotel in Boston, the Ritz-Carlton Boston Common, which was built in 2001.IHCL had acquired The Pierre in New York, through a lease agreement in FY06 and had also bought out a 100-room hotel in Sydney.
