It's one more thing in Greater Boston real estate to watch this fall: the auction of the Mandarin Oriental Hotel in downtown Boston. The Irish bank that held a controlling stake in it went spectacularly bankrupt and now the inn portion of the 14-story luxury building (not its vaunted condos) is up for grabs.
The 148-room hotel could fetch as much as $148 million in the auction, per Tim Logan at the Globe. That's $1,000,000 a room, of course, more than enough to make a Mandarin sale the priciest hotel trade in Boston history. Deals last year involving the Revere and Boston Harbor hotels valued each at around $730K per room, to give you some perspective. Such trades easily reflect the value of the city's hotels amid a Thunderdome-like demand level. As for the Mandarin day-to-day amid the expectations of the auction, Logan reports that nothing much is expected to change—i.e., still uber-pricey.
· Hotel's Sale Price Could Set a Boston Record [Globe]
· Boston's Many New Hotels Will Find a Warm Reception [Curbed Boston]
· 7 Things to Watch For in Greater Boston Real Estate This Fall [Curbed Boston]
· Gobsmackingly Terraced Mandarin Spread Gets $8M-Plus [Curbed Boston]