IHCL Shares Gain 1% as Reports Hint at $2 Billion Sale of New York’s Iconic Pierre Hotel

Shares of Indian Hotels Company Ltd (IHCL) rose 1% on September 18 after reports suggested that the Pierre Hotel in New York, managed by Taj, may undergo a change in ownership. According to the New York Times, the Khashoggi family of Saudi Arabia and the Dorchester Collection—owned by the Sultanate of Brunei—are in the final stages of discussions to acquire the luxury property for about $2 billion. While the Khashoggis are expected to provide part of the funding, Dorchester Collection would manage the property post an extensive renovation. The Pierre, inaugurated in 1930 and relaunched in 2007 as Taj’s US flagship, has long been a Central Park landmark. If the deal materializes, permanent residents, including Michael Eisner, Tory Burch, and Shari Redstone, may be forced to vacate. IHCL stock has gained nearly 2% in the last five days but remains down about 10% in 2025 so far, despite posting a 16% gain over the past year. #IndianHotels #IHCL #TajHotels #PierreHotel #HospitalityNews