Search
 

Ritz-Carlton Boston Sells for $170M

BOSTON-The landmark property, purchased by Taj Hotels, Resorts and Palaces, will be renamed the Taj Boston when the deal closes on Jan. 11.

By Beverly Ford | Updated on November 09, 2006

BOSTON-Come Jan. 11, the city’s venerable Ritz-Carlton Boston will have a new name and a new owner. Millennium Partners has reached an agreement to sell the 273-room property across from the Boston Public Garden for $170 million to Taj Hotels, Resorts and Palaces of Mumbai, India. The 79-year-old Back Bay landmark will be renamed the Taj Boston once the deal closes.

“The Ritz-Carlton is one of New England’s finest hotels and a premiere social address in Boston,” says Raymond Bickson, managing director and CEO of Indian Hotels Co., which operates Taj Hotels. “Its rich heritage, superb location and grand architecture make it an ideal fit for Taj.”

New York-based Millennium purchased the 79-year-old Arlington Street property in 1999 for $122 million. It also owns the Ritz-Carlton Hotel & Towers Boston Common on Tremont Street, just a few blocks away.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.