Letter of Intent Calls for Renovations at Taj Boston
A Letter of Intent has been filed on behalf IREP Newbury Hotel, LLC, an affiliate of Highgate Hotels calling for renovations at the historic Taj Boston on 15 Arlington Street in the Back Bay.
The Project contemplates interior renovations that include updating the existing hotel guest rooms, creating 12 additional hotel guest rooms, modifying the interior corridors and the existing connection to an adjacent building, permanently enclosing the existing seasonal rooftop restaurant, and additional interior public space enhancements.
The Project also proposes to relocate the main entrance of the hotel from Arlington Street to Newbury Street. This new main entrance and related improvements will enhance the public realm by creating a raised, accessible entry, illuminating the public right-of-way, refurbishing the existing canopy on Arlington Street, adding street trees, and adjusting the existing grade change of the sloped sidewalk in front of the hotel to improve overall access.
American Realty Advisors acquires University Station retail component for $206 million
Last Wednesday (August 17th, 2016), California-based real estate investment manager American Realty Advisors acquired the 400,000 square foot retail component of the two million square foot, 120-acre multi-phased University Station development in Westwood for $206 million as recorded in the Norfolk County Registry of Deeds. The retail component opened recently, in March 2015, and features leading tenants including Wegmans, Target, Lifetime Fitness, Nordstrom and Panera Bread. The following is a link to the official press release announcing American Realty Advisors' acquisition, and the following is the deed for the acquisition:
Investors buying Taj Boston hotel building
The Boston Globe reports that New England
Development and Eastern Real Estate are leading a group of investors that will buy the Taj
Boston hotel building at 15 Arlington Street in Downtown Boston. A final sale price has not been
disclosed. Indian Hotels Company, which currently owns the building, previously
stated that it would not sell the building for less than $125 million.
Indian Hotels Company purchased the Taj Boston hotel building in
2007 for $166 million and announced its plan to sell it in early May of this
year. Plans have not yet been released for how the buyers intend to improve the