Taj Expands Its United States Portfolio with Hotels in Boston and San Francisco

Taj Hotels expanded its United States portfolio in 2007 with acquisitions in Boston and San Francisco, extending its presence beyond New York and establishing operations on both the East and West Coasts. On 11/01/2007, Taj Hotels Resorts and Palaces assumed ownership of the former Ritz-Carlton, Boston, at 15 Arlington Street overlooking the Boston Public Garden. The 273-room property was renamed Taj Boston. Taj had announced the purchase agreement in November 2006, with the transaction valued at approximately $170 million. The Boston acquisition followed Taj's entry into New York, where the company had taken over management of The Pierre in 2005. The addition of Taj Boston therefore expanded the group's U.S. presence to a second major East Coast city. The Boston property itself had a long history, having opened in 1927 as the Ritz-Carlton and operated for decades beside the Public Garden before its acquisition by Taj. Taj's U.S. expansion continued on 30/04/2007, when it completed the acquisition of Campton Place in San Francisco for approximately $58 million. The 110-room luxury hotel, located near Union Square, became Taj's first property on the West Coast and its third hotel in the United States. The property subsequently operated under the Taj portfolio as Taj Campton Place. Together, the Boston and San Francisco transactions represented approximately $228 million in announced acquisition value. By the end of these transactions, Taj had established a presence in three prominent U.S. markets: New York, Boston and San Francisco. The 2007 acquisitions also gave the Indian hospitality group properties on opposite sides of the country rather than concentrating its American operations solely in New York. Significance The two acquisitions created a geographically broader U.S. portfolio for Taj within a period of less than four months. Boston strengthened its East Coast presence, while Campton Place provided its first West Coast location, placing Taj properties in three internationally prominent U.S. cities.