Mandarin Oriental Boston could sell for $1M per room

The 148-room Mandarin Oriental Hotel in Boston is being put up for sale, and the hotel may be valued at around $148 million - or $1 million per room.

"There are a lot of investors chasing high-end urban hotels," Jack Levy, SVP for finance at Boston investment firm Pyramid Hotel Group, told the Boston Globe. "And be they private equity or foreign investors, they're all very interested in Boston."

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The hotel was opened seven years ago on Boylston Street in Boston's Back Bay neighborhood. 

The property is currently owned by the Irish government. Anglo Irish Bank Corp., an Irish bank, once held a controlling interest in the Boston hotel but control was transferred to the government after the bank was nationalized during the financial crisis.

Initial bidding will begin in November and a sale is expected to be approved in court by the start of 2016. 

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The joint-venture partners have given a name to the upper-midscale brand they introduced in February.

Seven of the new hotels fall under the Budgetel Inn & Suites brand, three under the AmeriVu Inns & Suites brand and two under the Haven Hotel brand.

Sri Krishna Enterprises owns the 115-suite hotel, which took 16 months to construct, and Southern Hospitality Services manages it.