This celebrated and architecturally significant hotel in the heart of Boston’s historic Back Bay was owned by India-Based Taj Corporation. Eastern saw an opportunity to reposition this 273-room luxury hotel and provide a well-articulated vision for the future.
Through a multi-year relationship development, Eastern gained a comprehensive understanding of the seller’s perspective and was able to complete this complex cross-cultural transaction. Eastern Real Estate formed a partnership to lead the acquisition of this landmark hotel.
Working closely with our partners, the team created an efficient operating plan, renegotiated contracts with employee unions, mapped a redevelopment plan for common areas and guestrooms, and created vision to improve an underutilized rooftop deck. In 2018, the partnership sold 95% of the asset through a recapitalization with Iconiq Capital.