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Mumbai April 3 The US subsidiary of Indian Hotels Company Ltd (collectively known as Taj Hotels, Resorts and Palaces) will acquire 100 per cent stake in the San Francisco-based four-star Hotel Campton Place at $60 million (Rs 270 crore).

The acquisition will be in partnership with financial investors, Indian Hotels said in a release to the BSE. Financial details of the deal were not made known, as company officials were not available for comment.

Hotel Campton Place is a 110-room luxury boutique hotel situated in San Francisco, on the west coast of the US. The acquisition is in line with the company's long-term strategy to establish its presence in key getaway cities of the world.

It is the second US acquisition of Indian Hotels this year. In January, the company had entered into a definitive agreement to purchase the Ritz-Carlton, Boston hotel for $170 million (Rs 765 crore). The hotel was renamed the Taj Boston upon closure of the purchase.

Indian Hotels scrip lost 0.5 per cent on the BSE to close at Rs.139.35 today.

More Stories on : Mergers & Acquisitions | Overseas Investments | Hotels

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