Mandarin purchases Boston hotel

Mandarin Oriental International Limited is purchasing the freehold interest in the building that houses the Mandarin Oriental, Boston together with its hotel business for US$140 million.
Mandarin Oriental has managed the 148-room hotel on Boylston Street under a management contract since it opened in 2008. The Group also manages 85 privately owned Residences at Mandarin Oriental connected to the hotel.
As part of the long-term management contract, Mandarin Oriental has exercised its right to acquire the hotel from CWB Hotel Limited Partnership.
The hotel was offered for sale by auction, and ?a number? of bids had been received, the company said in a statement. Under Mandarin Oriental?s management contract, it has the right to acquire the property for a sum equivalent to the highest bid,?which Hilton made last month.