Excited-state proton transfer (ESPT) from pyranine (8-hydroxypyrene-1,3,6-trisulfonate, HPTS) to acetate has been studied by picosecond and femtosecond emission spectroscopy in gamma-cyclodextrin (gamma-CD) and 2-hydroxypropyl-gamma-cyclodextrin (HP-gamma-CD) cavities. In both the CDs, ESPT from HPTS to acetate is found to be very much slower (90 and 200 ps) than that in bulk water (0.15 and 6 ps). From molecular modeling, it is shown that in the cyclodextrin cavity the acetate is separated from the OH group of HPTS by water bridges. As a result, proton transfer in the cavity requires rearrangement of the hydrogen-bond network involving the cyclodextrin. This is responsible for the marked slowdown of ESPT. ESPT of HPTS in substituted gamma-CD is found to be slower than that in the unsubstituted one. This is attributed to the hydroxypropyl groups, which prevent close approach of acetate to HPTS.