Taj Hotels Resorts and Palaces has sold the 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 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.
Rakesh Sarna, MD and CEO, Taj Hotels Resorts and Palaces said that the sale was in line with Taj’s global business strategy. He stated, “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. We are excited about our relationship with our new partners, who are all recognised 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, New England Development, commented, “We are thrilled to join with Eastern Real Estate, Rockpoint, Lubert-Adler and Highgate in acquiring this legendary hotel property. We look forward to making further improvements to this hotel, so it becomes the focal point of Boston’s cultural activities.”