Mandarin Oriental International Limited (SGX:M04) agreed to acquire Mandarin Oriental, Boston from CWB Hotel Limited Partnership for $140 million on January 6, 2016. As part of the transaction, Mandarin Oriental International Limited will acquire the freehold interest in the property that houses Mandarin Oriental, Boston together with its hotel business. Mandarin Oriental has exercised its right under its long-term management contract to acquire the Hotel from CWB Hotel Limited Partnership by placing the highest bid in a bankruptcy sale auction.

The transaction is expected to be funded through existing cash reserves and debt. For the year ended December 31, 2014, the Hotel generated EBITDA of $5.0 million. The transaction is subject to court approval and is expected to close by end of April 2016.

The acquisition of the Hotel is anticipated to have a positive impact on Mandarin Oriental International's earnings. Joanna Donne of Brunswick Group Limited acted as PR advisor to Mandarin Oriental International Limited.