Taj Hotels Resorts and Palaces today announced that it is assuming the management rights, of The Pierre New York which is one of Manhattan's most luxurious hotel properties, effective July 1, 2005.

"Taj Hotels Resorts and Palaces is honored to be entrusted with the care and preservation of The Pierre. The Pierre is a landmark of the Upper Eastside and we look forward to working closely with the employees and residents to make it our U.S. flagship property," said Raymond Bickson, Managing Director and CEO of Taj Hotels, Resorts and Palaces. "Taj is excited to be returning to the New York market. We have an established track record in luxury hotel management and are committed to making The Pierre the symbol of uncompromised luxury in New York and around the world."

The current mix of rooms, 201 hotel rooms and 80 residential apartments, is expected to remain the same under Taj management. In addition, Taj Hotels, Resorts and Palaces plans to invest 35 million dollars into revitalizing The Pierre to ensure it continues to rank as one of the top luxury hotel destinations in New York. Under Taj management, the hotel will honor all previous bookings of hotel rooms, restaurants, ballrooms and other common areas.

"Speaking for the owners of The Pierre, I herald with great enthusiasm the arrival of Taj Hotels in its new role of manager and guardian of this unique edifice," said Phyllis Mailman, Chairman of 795 5th Avenue Corporation, the cooperative owners of the property. "Taj brings a wealth of experience in luxury service and maintenance and a sincere commitment to both. We anticipate a long productive partnership. Welcome to our home."

Opened on October 1, 1930, The Pierre hotel was a joint venture between Charles Pierre Casalasco of Corsica and a group of Wall Street investors that included Otto Kahn, E.F. Hutton and Walter P. Chrysler. Following a foreclosure during the Great Depression, oil tycoon John Paul Getty bought The Pierre in 1938 for $2.5 million, less than one-fifth of its nominal value. Twenty-one years later, in 1959, The Pierre became a cooperative, with the permanent residents assuming ownership. Since then, there have been several different entities managing the property. Prior to Taj Hotels, Resorts and Palaces, Four Seasons had managed The Pierre since 1981.