First the Mandarin, now the Taj, swanky Boston hotels up for sale | bostonglobe.com
The luxury hotel that Travel + Leisure magazine calls “the epitome of Boston sophistication” is back on the market. But luxury and sophistication, it appears, don’t necessarily guarantee big profits.
The owner of the Taj Boston put the classic hotel overlooking the Public Garden up for sale this week, saying it wants at least $125 million, about one-fourth less than it paid for the property a decade ago.
In documents filed with securities regulators in India, Mumbai-based Indian Hotels Co. said it plans to sell the Taj to shed debt and focus on faster-growing markets overseas. But it also disclosed that the establishment, with Tiffany & Co. in the lobby and its much-loved tea service, is a money-loser and has been for years.