“United Overseas Holdings effected on July 12 the divestment of Taj Boston Hotel through sale of the entire issued and outstanding LLC interests of IHMS (Boston) LLC held by UOH to AS Holding LLC, Boston for an aggregate consideration of USD 125 million,” IHC said in a BSE filing.
United Overseas Holdings (UOH) is an indirect wholly-owned subsidiary of IHC and IHMS (Boston) LLC is a direct subsidiary of UOH.
IHC, which runs Taj group of hotels, said net sale proceeds will be utilised largely to retire outstanding debt.
“The hotel will continue to be operated and managed by IHMS (USA) LLC, which has entered into a management services agreement with the new owning company, thus ensuring continuity of Taj’s presence in the Boston market,” it added.
In May this year, IHC said its board has also authorised the present management of the company for sale of Taj Boston.