Jardine Strategic’s Mandarin Oriental to acquire US$140m Boston hotel

The group has managed the hotel since 2008.

The firm has deepened its footprint in the gateway city of Boston as it acquires the freehold interest in the property that houses Mandarin Oriental, Bosten, together with its hotel business.

According to a statement by Jardine Strategic, the group manages 85 privately owned residences at Mandarin Oriental connected to the hotel.

“Mandarin Oriental has exercised its right under its long-term management contract to acquire the Hotel from CWB Hotel Limited Partnership. The Hotel had been offered for sale by auction, and a number of bids had been received. Under Mandarin Oriental’s management contract, it has the right to acquire the property for a sum equivalent to the highest bid,” the statement said.

Edouard Ettedgui, group chief executive, said the acquisition ensures the continuity of the company’s position in Boston.