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 email@example.com. Follow him on Twitter at @bytimlogan.