Taj Hotels Agrees to Acquire the Campton Place, San Francisco for $58 Million, Continuing Its U.S. and Worldwide Expansion

Continuing its global expansion strategy, Taj Hotels Resorts and Palaces has entered into a definitive agreement to acquire The Campton Place, San Francisco, from the Kor Hotel Group for $58 million. The potential acquisition will expand Taj's U.S. presence to three luxury properties.

Announcing the transaction, Raymond Bickson, CEO and managing director of Taj Hotels, said "We're thrilled to add this exceptional San Francisco hotel to our growing collection of luxury properties in the U.S., continuing our worldwide expansion of the Taj brand. With an acquisition of The Campton Place, we can now offer business and leisure travelers our signature Taj hospitality in the top U.S. gateways of New York, Boston and San Francisco. The Campton Place has enjoyed an enviable reputation throughout its 24-year history, and we aim to enhance its stature in the city when we assume ownership on April 30."

The Campton Place, San Francisco will become the company's third hotel in the U.S. In 2005, Taj Hotels entered into a lease agreement to operate and manage The Pierre on New York's Central Park. Taj Hotels also assumed full ownership of the 1927 Boston landmark hotel overlooking the Public Garden at Arlington and Newbury streets, now known as Taj Boston, in January 2007. The company plans to acquire luxury hotels in other gateway cities in the U.S. and worldwide.

Situated on Stockton Street, just steps from Union Square, The Campton Place is an intimate European-style hotel crafted from two historic buildings that date back to 1909 and 1910. The hotel has 101 rooms, nine suites, an acclaimed restaurant, bar, fitness center and in-room spa services.

The acquisition, when completed, will not result in any job losses or large-scale personnel changes, and Taj will honor all previous bookings for hotel rooms, restaurants and banquets.

About Taj Hotels Resorts and Palaces

Established in 1903, Taj Hotels Resorts and Palaces is one of Asia's largest and finest groups of hotels, comprising 59 hotels in 41 locations across India with an additional 17 international hotels in Australia, the Maldives, Mauritius, Malaysia, UK, USA, Bhutan, Sri Lanka, Africa and the Middle East. Taj Hotels Resorts and Palaces is part of the Tata Group, India's premier business house.

For more information, visit www.tajhotels.com.

Source: Forbes