As expected, the auction of the Mandarin Oriental will likely set a Boston hotel-sales record. The Irish government is dumping the 14-story luxury inn at 776 Boylston Street as part of an asset liquidation of the defunct Anglo Irish Bank. Hilton bid on the Mandarin last week.
The hospitality giant offered just under $946,000 per room, the Globe's Tim Logan reports. That would translate into a sale of just over $140,000,000—the priciest hotel buy in Boston history. The amount would easily best the nearest competitors. A 2014 stake sale at the Boston Harbor Hotel valued those rooms at $724K each, and the Revere Hotel traded last year for about $731K per room. Hilton's bid, which does not include the building's 85 luxury residences, is not final as the Mandarin's namesake operator is entitled to make a counteroffer. Stay tuned.
· Hilton Offers $140 Million for Mandarin Oriental [Globe]
· Mandarin Oriental Sale Could Set a Boston Hotel Record [Curbed Boston]