Taj to buy Ritz-Carlton Boston for $170mnBS Reporter / Mumbai November 10, 2006Taj Hotels Resorts and Palaces has entered into a definitive agreement to purchase The Ritz-Carlton Boston Hotel from Millennium Partners for $170 million.The transaction is scheduled to close on January 11, 2007 after which the Taj group will get control of the hotel. The acquired hotel will be renamed The Taj Boston."The Ritz-Carlton is one of New England's finest hotels and a premiere social address in Boston. We are delighted to extend our presence in the US with the hotel. The addition of the hotel to Taj Hotel's growing international portfolio reiterates our commitment to establishing a significant presence in key destinations across the globe," Raymond Bickson, CEO and MD of Indian Hotels Company, which operates Taj Hotels Resorts and Palaces, said.Ritz-Carlton, which has 273 rooms, is located in the city's premiere retail district. The hotel completed a $50 million restoration and refurbishment plan in 2002.David Gibbons, who was recently GM of the flagship Swiss
