September 19, 2025

Buzz was building after The New York Times dropped a bombshell story about New York’s famous Pierre hotel. It claimed the co-op board is nearly done selling this swanky property for around $2 billion! Big names like the Saudi Khashoggi family and the Dorchester Collection from Brunei were mentioned as buyers and managers. Naturally, this stirred waves in the media, suggesting Taj might exit the scene. But hold your horses! Tata Group-backed Indian Hotels Company (IHCL), which runs Taj, quickly jumped in with a clear message to everyone. They said, "Operations continue as usual. Recent media reports stating otherwise are misleading and speculative." Aha! So, no shocking exits or sudden sales from the Taj side. Here’s the deal — IHCL doesn’t actually own The Pierre hotel. Instead, they hold leasehold rights. It means they operate and manage the hotel, but ownership lies elsewhere. The chain also promised strict honesty and transparency, saying, "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." Why all this fuss? The New York Times story talked about the Pierre’s unique mix of residents and guests. Some lucky permanent residents get the hotel’s daily housekeeping and room service — a lavish lifestyle that many can only dream of! The media jumped on the report, making wild guesses that Taj was planning to sell its stake. But now, IHCL has slammed the brakes on those rumors. So, the bottom line is clear. The Taj brand is happily running The Pierre, ensuring luxurious stays continue without any change. Any chatter about selling or pulling out? Just hot air! Indian Hotels Company’s swift response has cleaned up the confusion, proving that sometimes reading beyond headlines is a must.

Read More at Economictimes →

Tags: Taj hotel, The pierre, Indian hotels company, Ihcl, New york, Hotel management,