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Taj Boston On The Block

Taj Boston On The Block

Indian Hotels Co Ltd, which is one of Asia's largest hotel owners (and part of the vast conglomerate Tata Group) is selling the 273-room Taj Boston at 15 Arlington St in Back Bay. The sale will be used to pay down company debt.

The owner acquired the property in '06 for $170M, rebranding it from the Ritz-Carlton Boston Hotel. The hotel has operated at a loss in recent years, most recently generating $34.1M in revenue in FY 2015/16 but incurring a loss of $7.3M, the Boston Business Journal reports. The company is looking for real estate investment firms or real estate-focused private equity firms as buyers. [BBJ]