Taj group eyes luxury hotel in New York to boost business overseas
The Economic Times — May 23, 2005

Taj Hotels Resorts and Palaces is planning to acquire the management rights of New York-based luxury hotel to boost its overseas business. Taj Hotels has entered into advanced negotiations with the promoter of The Pierre to take control of the management of the hotel. If Taj Hotels bags the contract, the company will make a foray into the lucrative US market for the second time. A few years ago, the hotel chain had restructured its international operations and had sold business hotels in the US, including the Lexington in New York and Executive Plaza in Chicago. Global hospitality major Four Seasons currently holds the management rights of The Pierre that posted a loss of $2m in the first quarter of the year that ended March 31, '05.