TAJ HOTELS Resorts and Palaces announced that it has sold the historic Taj Boston hotel to a consortium comprising New England Development, Eastern Real Estate, Rockpoint Group, Lubert-Adler, and Highgate. While this partnership will take over the ownership of the 90-year old, 273-key hotel, Taj Hotels Resorts and Palaces will retain its brand presence in Boston through a long-term management services agreement. Sentinel Advisors Pte Ltd worked closely with Eastern Real Estate in advising the buyers on strategy.
As part of the transaction, New England Development, Eastern Real Estate and Highgate will serve as asset managers, working closely with the Taj Hotels Resorts and Palaces team, Rockpoint Group and Lubert Adler. All current bookings for hotel rooms, restaurants and banquets will be honoured, and guests can continue to book the hotel through existing channels.
Taj Boston is central to the Back Bay skyline with its location on the Boston Public Garden and adjacent to the city’s premier retail district on the corner of Newbury and Arlington streets. The landmark hotel has the ambience of an elegant Boston townhouse, enhanced with traditional furnishings, crystal chandeliers, luxurious bedding and indulgent bath amenities. The 273 guestrooms include 44 exquisitely designed spacious suites, each featuring classic décor and a wood-burning fireplace.
Rakesh Sarna, MD and CEO, Taj Hotels Resorts and Palaces said that the sale was in line with Taj’s global business strategy: “The U.S. remains an important market for us and we are committed to our presence which we have built over the past decade in key cities like New York, San Francisco and Boston. We are excited about our relationship with our new partners, who are all recognized leaders in real estate development and have deep roots and expertise in this market. We will work together to ensure that the hotel will maintain unparalleled guest service standards of Taj while celebrating Boston culture and history.”
Stephen R. Karp, Chairman of New England Development, said “We are thrilled to join with Eastern Real Estate, Rockpoint, Lubert-Adler and Highgate in acquiring this legendary hotel property – located in one of the country’s most famous shopping districts. Taj Boston is an internationally acclaimed hotel due to its rich heritage, superb location and grand architecture. We look forward to making further improvements to this legendary hotel so it becomes the focal point of Boston’s cultural activities.”
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