Indian Hotels in $60m buyout overseas

MUMBAI: Indian Hotels, a Tata group company, has informed the BSE that it has approved the proposal to acquire, through its 100% subsidiary company, San Francisco based Hotel Campton Place for $60 million (including estimated transaction costs).
The hotel is intended to be acquired in partnership with financial investors, company officials said. While the sale-purchase agreement has been signed on April 2, 2007, the transaction closure is scheduled for April 30, 2007. The share price of Indian Hotels closed marginally lower by 0.7% on BSE on Tuesday.
West coast based Hotel Campton Place is a 14 storey, 110 room luxury boutique hotel situated in Union Square in San Francisco. Renamed Campton Place Hotel in 1983, the hotel occupies two historic and picturesque buildings dating back to the early 1900s.

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