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Photo credit: Taj Boston
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]
