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    Group purchases Taj Boston hotel for $125 million

    The Taj Boston.
    The Taj Boston.

    A group led by mall mogul Steve Karp closed on its purchase of the Taj Boston hotel Tuesday, for $125 million.

    Karp and his partners are buying the elegant-but-faded five-star hotel overlooking the Public Garden from Indian Hotels Co., but will retain the Taj flag and management under a long-term agreement. Indian Hotels had said keeping the 273-room hotel branded as a Taj was a condition of the sale.

    Karp’s New England Development has said little about plans for the property, which they’re purchasing with Woburn-based developer Eastern Real Estate, Boston investment firm Rockpoint Group, and two other partners, since confirming their deal to buy it in late May.


    But in a statement Tuesday, Karp said they intend to “make improvements to this legendary hotel so it becomes the focal point of Boston’s cultural activities.”

    Tim Logan can be reached at Follow him on Twitter at @bytimlogan.