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13 July 2016
Indian Hotels Company Limited (IHCL), which
runs the brand of Taj Hotels Resorts and Palaces, here on Wednesday announced
completion of the sale of its Taj Boston hotel to a consortium comprising New
England Development, Eastern Real Estate, Rockpoint Group, Lubert-Adler and
Highgate for $125 million. The Total Investment & Insurance
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"We are pleased to inform...the
divestment of the hotel for an aggregate consideration of $125 million. The net
sale proceeds will be utilised largely to retire outstanding debt," the
company said in a Bombay Stock Exchange filing.
"The sale was in line with Taj’s global
business strategy. 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,” Rakesh Sarna, MD and CEO of Taj Hotels Resorts and
Palaces, said. The Total Investment & Insurance
Solutions
“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,” the company said in a statement.
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, the statement added.
All current bookings for hotel rooms,
restaurants and banquets will be honoured, and guests can continue to book the
hotel through existing channels, it 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," Stephen R. Karp, Chairman of New England Development, said. The
Total Investment & Insurance Solutions
"Taj Boston is an internationally
acclaimed hotel due to its rich heritage, superb location and grand
architecture,” he added. The Total Investment & Insurance
Solutions
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