Business Daily from THE HINDU group of publications
Tuesday, Sep 18, 2007
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Business Daily from THE HINDU group of publications Tuesday, Sep 18, 2007 ePaper |
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Hotels Corporate - Mergers & Acquisitions Indian Hotels picks 10% stake in Orient-Express for Rs 850 cr 
Our Bureau Mumbai, Sept. 17 Indian Hotels Company Ltd said on Monday it has acquired a 10 per cent stake in US-based Orient-Express Hotels for $211.28 million (about Rs 850 crore). The Tatas-owned Indian Hotels (IHCL) made the acquisition through its wholly owned subsidiary Samsara Properties Ltd. The Indian hospitality major plans to leverage Orient’s global networks and build brand equity for both companies, said a statement from IHCL. The Vice-Chairman of IHCL, Mr R.K. Krishna Kumar, said, “As part of our strategy to grow the Taj brand internationally, we have been pursuing alliances and relationships with leading hotel groups that have not yet set up a presence in India, but have secured leadership positions in various geographies. This move is in line with our plans and we look forward to pursuing a possible association between IHCL and the company, which has earned a great reputation for its outstanding ultra luxury hotels, trains and cruises.” Earlier this month, Taj Hotel Resorts and Palaces had signed a marketing alliance with Okura Hotels and Resorts of Japan. In the case of the Okura alliance, the two hotel majors have combined reservations in their nominated hotels. Implementation of reciprocated points in both the companies’ loyalty programme enables customers to earn and burn points at the participating hotels among other marketing initiatives. Orient-Express Hotels Ltd owns or part owns and manages 35 hotels in 25 countries across the world, besides operating luxury trains and cruises. More Stories on : Hotels | Mergers & Acquisitions | Overseas Investments
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