The Indian Hotels Company Limited (IHCL), which operates 73 hotels in India and abroad, has, this morning, announced the purchase of a 100-room, five-year-old hotel, located in close proximity to the central business district of Woolloomooloo Bay, Sydney. The hotel is currently operated by the Starwood Group, and is amongst the top five hotels in Sydney.

The acquisition price was Australian$36 million. The Taj Hotels' re-branding and management of the hotel will begin by early February 2006. The hotel will be operated under one of its own brands. The Taj had, in July this year, taken over the legendary Pierre hotel in New York. The foray into Australia now represents yet another step of the Indian hotel major into another part of the world, reflecting the Tata group's strategic intent of becoming a global force.

Mr Raymond Bickson, managing director and CEO, Indian Hotels Company Limited, said, "We are delighted to make our debut in Australia with this wonderful hotel located in the up-market business district of Sydney."

Situated at The Wharf at Woolloomooloo in Sydney, the acquisition is a boutique hotel in the heart of a luxury marina, entertainment and apartment complex. It is located within walking distance of the central business and shopping districts, the Sydney Opera House and is adjacent to the Royal Botanical Gardens, offering spectacular views of the same. A Condé Nast Traveler 2005 'Gold List' award winner, it is a unique blend of a boutique hotel, with the facilities and reliability of a top-end business hotel. Providing an upscale experience, the hotel offers rooms with stylish interiors, popular restaurants, state-of-the-art fitness facilities, spa services and a full-service business centre. The hotel's Water Bar has been named "Bar of the Year" by the Sydney Morning Herald and "One of the Top 10 Bars in the World" by Condé Nast Traveler, an international magazine.