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Indian Hotels sells Taj Boston for $125 mn

Acquired 10 years ago, the Taj Boston remained a loss-making property for the third consecutive year last year forcing IHCL to explore liquidating options

Taj Boston
Taj Boston

Loss-making Tata Group firm Indian Hotels Company (IHCL) has sold Taj Boston, one of its three US-based properties, for $125 million (Rs 839 crore) to AS Holding LLC. The sale comes nearly a decade after IHCL bought the 90-year-old property after attempts to revive business at the iconic hotel remained fruitless. IHCL had bought the 273-rooms Ritz-Carlton-run luxury hotel from Millennium Partners for $170 million (Rs 765 crore) in November 2006, and subsequently renamed it Taj Boston. With the US being the single largest source market for the company, the idea behind the buyout was to ...