Hong Kong-based Mandarin Oriental Hotel Group International Ltd. has agreed to acquire the Mandarin Oriental Boston in Back Bay for $140 million. The property features a 148-room hotel along with a 85-unit luxury condominium. The price works out to a record-setting $945,945 per room. Mandarin Oriental stated it exercised its rights under a long-term management contract to acquire the hotel from CWB Hotel LP. Mandarin Oriental Hotel Group operates 47 hotels in 25 countries with approximately 11,000 rooms either in operation or under development. The deal is expected to be finalized in the first quarter of this year.
“The hotel had been offered for sale by auction, and a number of bids had been received,” the company said in a press release. “Under Mandarin Oriental’s management contract, it has the right to acquire the property for a sum equivalent to the highest bid.”
