IHCL clarifies on Pierre deal status

Indian Hotels Company (IHCL), the owner of the Taj chain, informed the BSE on Thursday that it does not own The Pierre in New York but has leasehold rights for the hotel. IHCL was responding to news articles appearing in media outlets including TOI, which carried a report under the headline "Taj may exit NYC's Pierre in $2bn deal".

TOI had reported that The Pierre, managed by Taj, may see a change in ownership. The Sultan of Brunei and the Khashoggi family of Saudi have shown interest in buying the hotel. Taj has been managing The Pierre for nearly two decades. "The Pierre's operations continue as usual," IHCL said in its regulatory filing. TNN