BOSTON — San Francisco-based Iconiq Capital has invested in the 90-year old Taj Boston hotel, located at 15 Arlington St. in Boston.
Financial terms were not disclosed, but the Boston Business Journal reports the private equity firm — which manages money for Facebook founder Mark Zuckerburg — acquired a $196 million stake in the property.
A group of investors including New England Development, Eastern Real Estate, Rockpoint Group, Lubert-Adler and Highgate originally acquired the 273-room hotel in 2016 for $125 million, and will retain an interest in the asset.
The new partnership plans to execute a major capital improvement program that will include a comprehensive renovation of guestrooms, public areas and food and beverage outlets.
According to a release, hotel owners have spent the past two years working with a team of architectural and interior design firms, consultants and engineers to develop a new vision for the property. A construction timeline for the project was not disclosed.
Situated at the corner of Newbury and Arlington streets in Boston’s high-end Back Bay neighborhood, the hotel overlooks the Boston Public Garden and is adjacent to the city’s retail district. Amenities include nightly turndown, a 24-hour fitness center, business center, and onsite dining and bar establishments.
— Camren Skelton