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Singapore-listed Mandarin Oriental International announced Wednesday (6 January) it will acquire the property that houses Mandarin Oriental, Boston together with its hotel business for US$140 million (S$201 million).
The 148-room hotel, which is situated on Boylston Street in Boston, is owned by CWB Hotel Limited Partnership. The acquisition was based on Mandarin Oriental’s management contract where it has the right to acquire the property for a sum equivalent to the highest bid received for the hotel property. Completion of the sale and purchase of the hotel, subject to final court approval of the terms agreed at auction, is expected to take place in the first quarter of 2016.
Mandarin Oriental’s total investment of US$140 million will be funded through a mixture of existing cash reserves and debt, the hotel operator said in a press release.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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