Taj Boston Sale Officially Closes, Improvements to Come

Jul 14, 2016 [Boston Business Journal]

A consortium of real estate developers have closed a deal to acquire the Taj Boston hotel from Indian Hotels Co. Ltd., though the group did not specify a final purchase price.

Indian Hotels had first acquired the former Ritz-Carlton Boston Hotel at 15 Arlington St. in Boston’s Back Bay for $170 million in 2006. When the Mumbai-based firm put the hotel on the market this spring, it planned to sell the asset for at least $125 million — a full $45 million less than its last sale price.

The property’s new owner is a Massachusetts-based LLC affiliated with a handful of prominent real estate firms including New England Development, Eastern Real Estate, Rockpoint Group, Lubert-Adler and Highgate.

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