Indian Hotels Company Ltd. (IHCL), part of the Tata Group, has clarified that it does not own New York’s iconic Pierre Hotel, but holds leasehold rights to operate the property. The statement, filed with the BSE, follows media reports suggesting IHCL’s exit from the hotel.
“Operations continue as usual. Recent media reports stating otherwise are misleading and speculative,” IHCL said, adding that the company adheres to the highest standards of governance and disclosure. Any material developments, it noted, would be promptly communicated to the stock exchanges in line with regulatory requirements.
Speculation arose after a New York Times report indicated that The Pierre’s co-op board, advised by real estate firm Newmark, is finalising negotiations for a $2 billion sale of the property, which includes a residential component. According to the report, Saudi Arabia’s Khashoggi family may fund part of the deal, while Dorchester Collection could take over management after renovations.
IHCL, which has managed The Pierre since 2005, reaffirmed that the hotel remains fully operational under its current leasehold arrangement.
source: TOI
