Mandarin Oriental International says it will acquire the freehold interest in the property that houses Mandarin Oriental, Boston together with its hotel business for US$140 million ($199.7 million).
Mandarin Oriental has managed the 148-room hotel, which is situated on Boylston Street in Boston, under a management contract since its opening in 2008.
The hotel operator also manages 85 privately owned Residences at Mandarin Oriental connected to the hotel.
Mandarin Oriental says the acquisition is an exercise of its right under a long-term management contract to acquire the hotel from CWB Hotel Limited Partnership.
The hotel has been offered for sale by auction and a number of bids had been received.
But the management contract allows the group the right to acquire the property for a sum equivalent to the highest bid.
Mandarin Oriental expects the acquisition to complete in the 1Q, subject to the final court approval of the terms agreed at auction.
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Mandarin Oriental has managed the 148-room hotel, which is situated on Boylston Street in Boston, under a management contract since its opening in 2008.
The hotel operator also manages 85 privately owned Residences at Mandarin Oriental connected to the hotel.
Mandarin Oriental says the acquisition is an exercise of its right under a long-term management contract to acquire the hotel from CWB Hotel Limited Partnership.
The hotel has been offered for sale by auction and a number of bids had been received.
But the management contract allows the group the right to acquire the property for a sum equivalent to the highest bid.
Mandarin Oriental expects the acquisition to complete in the 1Q, subject to the final court approval of the terms agreed at auction.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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