Indian Hotels Company, which owns the Taj Group of hotels, has decided to sell Taj Boston at a base price which is not lower than $125 million (about Rs 837 crore). The board of the hotel chain has approved United Overseas Holdings (UOH), a wholly-owned subsidiary in the US, to pursue the sale and disposal of the property in Boston to an independent third party.
Indian Hotels had acquired Taj Boston hotel in 2006 with the purpose of having presence in the US. However, global recession took its toll on the hospitality industry worldwide which impacted the profitability of the property.
Indian Hotels company and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces and recognized as one of Asia's largest and finest hotel company. It operates in the luxury, premium, mid-market and value segments of the market.
| Company Name | CMP |
|---|---|
| Indian Hotel | 659.55 |
| ITC Hotels | 162.45 |
| EIH | 321.55 |
| Chalet Hotels | 778.90 |
| Mahindra Holi.&Resor | 272.70 |
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