If you’ve spent any time here in Boston there’s a pretty good chance you’ve gone to the iconic Public Garden, a serene oasis in heart of downtown. Now, for a pretty heft price, you could own a large chunk of garden-side property. The Taj Boston hotel, situated along the backside of the park, recently went up for sale.
The Taj is a premium luxury hotel owned by Indian Hotels Co. Ltd. Its got 273 rooms, and was the site of the old Ritz-Carlton Boston. The Ritz-Carlton was bought for $170 million in 2006, according to the Boston Business Journal, and then rebranded as the Taj.
Indian Hotels quietly put the hotel up for sale, instructing its American subsidiary to “dispose” of the property. It’s not surprising, as in recent times the hotel has been operating at a loss, most recently of more than $7 million. Indian Hotels has set the minimum price of the hotel at $120 million, $50 million less than they bought it for a decade ago.