Iconic Taj Boston hotel sold, will retain name
The Taj Boston will have a new owner, but keep the same name after a deal announced yesterday by New England Development and Eastern Real Estate, the real estate firms leading the investment group that is buying the 273-room luxury Arlington Street hotel.
Rockpoint Group LLC and Lubert-Adler are also partnering with the buyers to acquire the hotel — which overlooks Commonwealth Avenue, the Public Garden, and the first block of Newbury Street — from the Taj Group, according to a New England Development press statement. The hotel, the statement said, will remain a Taj-branded property.
“We are thrilled to join with Eastern and our partners Rockpoint and Lubert-Adler to acquire this legendary hotel property — located in one of the country's most famous shopping districts,” said Stephen R. Karp, chairman of New England Development.
“Together our partnership looks forward to working with our new employees, the community and the City of Boston to redefine the vibrant and luxurious potential of this internationally acclaimed, iconic hotel,” added Daniel J. Doherty, III, a principal of Eastern Real Estate.
The Taj first opened in 1927 as a Ritz-Carlton, the name it carried until it was acquired by Taj in 2006.
Terms of the deal were not disclosed and subject to final approvals, the statement said, adding the transaction is scheduled to close in July.
New England Development and Eastern Real Estate have worked together on numerous projects including partnering to develop University Station in Westwood, one of the largest mixed-use developments in the state, the statement said.