In 2016, Lubert-Adler, in a Joint Venture, acquired the Taj Boston, a 273-key hotel in Boston, MA. Formerly the Boston Ritz Carlton, this hotel is an iconic asset located directly across from the Boston Public Garden with significant frontage on Newbury Street, which is a premier retail shopping area in downtown Boston.
The Joint Venture developed a 5-step value-add plan to increase retail space, room count, renovate guestrooms and create a restaurant rooftop amenity.
Dating back to acquisition, there was a focus on improving the operating performance. The Joint Venture spent a substantial amount of time working on the pre-development stage of the renovation. Rather than redeveloping the asset, the Joint Venture sold the asset in 2018 with the “redevelopment plan in-place.”