Indian Hotels sells iconic Taj Boston for $125 million

NEW DELHI: Indian Hotels Company, which runs 100 hotels in 62 locations under the Taj Hotels Resorts and Palaces brand, on Wednesday said it has sold the iconic Taj Boston Hotel in the US for $125 million (about Rs 837 crore) to a consortium of real estate developers.

The consortium of buyers includes New England Development, Eastern Real Estate, Rockpoint Group, Lubert-Adler and Highgate. Taj Hotels will, however, continue to manage the 90 year-old, 273 key hotel under a long-term management services agreement.

Rakesh Sarna, managing director at Taj Hotels Resorts and Palaces, said: “The US 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,” he said.

Sentinel Advisors advised the buyers on strategy. Sarna said Taj Hotels is excited about the relationship with its new partners, who are all recognised leaders in real estate development. “We will work together to ensure that the hotel will maintain the unparalleled guest service standards of Taj,” he said.