Sydney hotel takeover

The Indian Hotels Company Limited (IHCL), which operates 73 hotels in India and abroad, has announced the purchase of a 100-room, five-year old hotel, located in close proximity to the central business district of Woolloomooloo Bay, Sydney for Australian $36 million. The hotel is currently operated by the Starwood Group and is amongst the top five hotels in Sydney. The management and re-branding of the hotel will begin in February 2006. This follows the earlier takeover of the legendary Pierre Hotel in New York.

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