Indian Hotels to Acquire Hotel Campton Place, San Francisco, USA

Indian Hotels Company Ltd has announced that the Board of Directors of the Company has, subject to necessary statutory approvals, approved the proposal to acquire, through its 100% US subsidiary Company, Hotel Campton Place, San Francisco and to execute the Sale Purchase Agreement for this acquisition. The acquisition would be made at a cost of US $ 60 million (including estimated transaction costs).

The Hotel is intended to be acquired in partnership with financial investors. The Sale Purchase Agreement is to be signed on April 02, 2007 and the transaction closure is scheduled for April 30, 2007.

Hotel Campton Place is a 110 room luxury Boutique hotel situated in Union Square in the heart of a Gateway city, San Francisco, on the West Coast of the US.

Shares of the company were trading at Rs.139.70, down by Re.0.25 or 0.17% on volume of 576644 shares.

Source : Equity Bulls

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