Indian Hotels expands in North America
As part of its global expansion strategy, The Indian Hotels Company Ltd. (IHCL) has announced that it has entered into a definitive agreement to acquire The Campton Place, San Francisco. With this intended acquisition, IHCL will expand its presence in the US market, taking its tally to 3 iconic hotels in this region. The Campton Place will be acquired from the Kor Hotel Group for a consideration of US $58 million.
Announcing the transaction, Mr. R.K. Krishna Kumar, Vice Chairman, The Indian Hotels Company Ltd. said, “North America is a very important source market for our hotels across the globe. Our acquisition of The Campton Place, San Francisco, offers us a unique opportunity to establish Taj’s presence on the US West Coast.
“San Francisco is one of the top 5 markets in the U.S and has a unique connect with India, especially in the technology industries, thus offering a considerable potential for business. New York, Boston and San Francisco provide access to a strategic network of key source markets, not only for our US operations as a whole but also for our properties in India. A presence in this key gateway city cements our growing presence in the competitive US market. “
The Campton Place, San Francisco will become the company’s third hotel property in the United States. In 2005, Taj Hotels entered into a lease agreement to operate and manage The Pierre, the luxurious, landmark hotel on New York’s Fifth Avenue. Taj Hotels also assumed full ownership of 80-Year-Old Landmark Hotel on Arlington Street, now re-christened, Taj Boston in January, 2007.
Located along the Stockton Street on the prestigious Union Square, The Campton Place, San Francisco has been rated among the “World’s Best 500 Hotels for 2006” by Travel + Leisure. It is located at the heart of San Francisco’s world-class retail corridor for shopping and entertainment district.
San Francisco is on the brink of a huge upside potential of a robust job growth and an increased venture capital spending. Hence, with a perfect timing and a brilliant location, The Campton Place, San Francisco will draw from the growing passenger volume of corporate and leisure travellers alike.
The Campton Place, San Francisco an elegant, European-style hotel is currently a 110 key luxury hotel with 101 rooms and 9 suites. It also has a celebrated Restaurant and a Bar, The Campton Place Restaurant and Bar which has been rated the Wine Spectator magazine in October 2006 as one of the 10 finest restaurant in San Francisco.
The restaurant, famed for its touch of class has also received highest possible score in 2007 by the Zagat Survey. The hotel also features a well equipped Fitness Center and in room Spa services.
With a legacy dating back to the launch of its landmark hotel, the Taj Mahal Palace & Tower in Mumbai, in 1903, the Taj portfolio worldwide today encompasses luxury and business hotels, and distinctive leisure resorts, including the award winning Taj Exotica Resort & Spa at Mauritius and the Maldives, 51 Buckingham Gate in London and Blue Sydney, amongst others.
Taj Hotels also manages a portfolio of some of the finest authentic palace hotels in the world. These include the magnificent Umaid Bhawan Palace in Jodhpur, recipient of the World Monuments Fund’s 2006 Hadrian Award for architectural restoration, and selected by the editors of Robb Report Luxury Hotels 2006 as one of the world’s 100 most exceptional hotels.
The Taj Lake Palace in Udaipur was rated 10th in The Top 100 Travel+Leisure’s annual Readers‘Poll - World’s Best Awards 2006, and the Rambagh Palace in Jaipur, rated among the Top 50 in Asia.
For more information on Taj Hotels Resorts and Palaces, visit Tajhotels.com.
