Indian Hotels: IHCL shares in focus after $2bn Pierre deal clarification
IHCL clarified that it has leasehold rights for the hotel and operations would continue as usual. Recent media reports stating otherwise are misleading and speculative, it informed stock exchanges NSE and BSE.
- Sep 19, 2025,
- Updated Sep 19, 2025 9:05 AM IST
Shares of Indian Hotels Company Ltd (IHCL) are in focus on Friday morning after the company stated that does not own The Pierre, New York, denying a report that suggested "Taj may exit NYC’s Pierre in $2 billion deal".
IHCL clarified that it has leasehold rights for the hotel and operations would continue as usual. Recent media reports stating otherwise are misleading and speculative, it informed stock exchanges NSE and BSE.
A Times of India report had earlier suggested New York’s The Pierre Hotel, managed by the Taj chain, may see change of ownership and The Sultan of Brunei, along with Saudi businessman Essam Khashoggi expressed interest in buying the Manhattan property for $2 billion.
"IHCL follows the highest standards of governance and disclosure and any material information requiring it to make disclosures under the applicable regulatory requirements will be promptly disseminated by the Company to the stock exchanges," it said.
The TOI report earlier indicated that if the transaction proceeds, management could shift to the luxury chain Dorchester Collection, owned by Sultan Hassanal Bolkiah, after extensive renovations. Essam Khashoggi, brother of the late Saudi arms dealer Adnan Khashoggi and uncle of slain Washington Post journalist Jamal Khashoggi, who was killed in a Saudi consulate in Turkey in 2018, is expected to help fund the deal.
The TOI suggested that exit would have signal a scaling back of Taj’s international presence, citing IHCL chairman N. Chandrasekaran recently commentary to shareholders that the company has no aggressive overseas expansion plans. “In terms of overseas expansion, we are not looking at every global market. For regions like Africa, New Zealand, and South Africa, we will consider city-specific opportunities, but we will not pursue widespread international expansion,” he said at the July AGM.
Shares of Indian Hotels Company Ltd (IHCL) are in focus on Friday morning after the company stated that does not own The Pierre, New York, denying a report that suggested "Taj may exit NYC’s Pierre in $2 billion deal".
IHCL clarified that it has leasehold rights for the hotel and operations would continue as usual. Recent media reports stating otherwise are misleading and speculative, it informed stock exchanges NSE and BSE.
A Times of India report had earlier suggested New York’s The Pierre Hotel, managed by the Taj chain, may see change of ownership and The Sultan of Brunei, along with Saudi businessman Essam Khashoggi expressed interest in buying the Manhattan property for $2 billion.
"IHCL follows the highest standards of governance and disclosure and any material information requiring it to make disclosures under the applicable regulatory requirements will be promptly disseminated by the Company to the stock exchanges," it said.
The TOI report earlier indicated that if the transaction proceeds, management could shift to the luxury chain Dorchester Collection, owned by Sultan Hassanal Bolkiah, after extensive renovations. Essam Khashoggi, brother of the late Saudi arms dealer Adnan Khashoggi and uncle of slain Washington Post journalist Jamal Khashoggi, who was killed in a Saudi consulate in Turkey in 2018, is expected to help fund the deal.
The TOI suggested that exit would have signal a scaling back of Taj’s international presence, citing IHCL chairman N. Chandrasekaran recently commentary to shareholders that the company has no aggressive overseas expansion plans. “In terms of overseas expansion, we are not looking at every global market. For regions like Africa, New Zealand, and South Africa, we will consider city-specific opportunities, but we will not pursue widespread international expansion,” he said at the July AGM.