IHCL denies exit plans from The Pierre, New York

Indian Hotels Company Limited (IHCL), which operates the Taj group of hotels, on Thursday (September 18) dismissed reports suggesting it was looking to sell its stake in The Pierre, New York.The company, in a filing to the BSE and NSE, clarified that it does not own the landmark property but holds leasehold rights, under which operations are continuing as usual.

The clarification follows reports that the hotel group may exit NYC’s Pierre in $2 billion deal. IHCL said the reports were “misleading and speculative”.

The shares of Indian Hotels Company ended 0.4% in the green on Thursday. The stock has fallen over 10% in the year so far.The Pierre, overlooking Central Park, first opened its doors in 1930 and was relaunched in 2007 as Taj Hotels’ flagship property in the United States.  The Pierre has been synonymous with New York luxury, attracting fashion icons and Hollywood stars from Coco Chanel and Elizabeth Taylor to Barbra Streisand and Joan Collins, and the 41-storey landmark is known for its neo-Georgian architecture, sweeping marble floors, ornate murals, and storied social events.

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