By United Overseas Holdings Inc. (indirect subsidiary of Indian Hotels Co)
Indian Hotels Co announced that United Overseas Holdings Inc. (an indirect wholly owned subsidiary of the Company) has completed the sale of the entire issue and outstanding LLC interest of IHMS (Boston) LLC held by United Overseas Holding, to AS Holding LLC, Boston for an aggregate consideration of USD 125 million. The net sale proceeds will be utilised largely to retire outstanding debt.Pursuant to the sale of UOH of its entire LLC Interests of IHMS (Boston) LLC, the owning company of the Hotel, the Hotel will continue to be operated and managed by IHMS (USA) LLC, an indirect wholly held subsidiary of the Company. IHMS (USA) LLC has entered into a Management Services Agreement with the new owning company, thus ensuring continuity of Taj's presence in Boston market.
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