The ultra-luxury Taj Boston hotel is set to be acquired by a local real estate partnership consisting of Newton-based New England Development, Eastern Real Estate of Woburn and Rockpoint Capital of Boston.

The 273-room hotel will continue to operate under the Taj brand, according to the acquisition team. The 183,666-square-foot hotel operated under the Ritz Carlton brand from 1927 through 2006. The transaction is scheduled to close in July.

In a statement, Eastern Real Estate Principal Daniel Doherty III said the new ownership plans to “redefine the vibrant and luxurious potential” of the Taj Boston. Terms of the sale agreement were not disclosed.

Indian Hotels Co. of Mumbai acquired the property in 2007 for $166.1 million. The company disclosed this month that it planned to sell the Taj for a minimum of $125 million, or $456,000 a room.

Hotel properties in Boston have been fetching near-record prices in the past year. A German real estate fund paid $173.9 million, or $718,000 per room, for the Godfrey Hotel in Downtown Crossing.

But the market has shown some softness in recent months. In the Back Bay, occupancy rates in March were 81 percent, down from 84.3 percent in March 2015, according to a report by CBRE Hotels. Revenue per available room declined 7.6 percent from the previous year to $179.60.

The acquisition would be the latest joint venture for New England Development and Eastern Real Estate, which are partnering on the 2-million-square-foot University Station mixed-use development in Westwood. They have also developed two retail centers in West Palm Beach, Florida.