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The grande dame of Boston hospitality is getting an upgrade, and it might be partially funded by Mark Zuckerberg.
Iconiq Capital, the San Francisco-based money manager of Facebook founder Mark Zuckerberg, bought a $190M interest in the Taj Boston hotel and plans significant capital improvements to the Back Bay property, the Boston Globe reports. The Taj, which was originally Boston’s first Ritz-Carlton, is one of Boston’s most elegant hotels, but it is also one of the city’s oldest. The 273-room property first opened in 1927.
A group of local investors, including New England Development Chairman and CEO Stephen Karp, bought the hotel in 2016 for $125M. The group has spent the last two years working with a team of engineers, architects and interior designers to determine a plan for the hotel, which lost some of its luster in recent years as newer luxury properties like the Mandarin Oriental opened in the neighborhood.
The local ownership group will keep a stake in the property and work with Iconiq on the expected renovation to guest rooms, public areas and dining areas. While New England Development and Iconiq did not divulge further plans for the upgrade to the hotel, Karp has previously said he wants the hotel to be the center of Boston cultural activity.
The news comes as Back Bay readies for its second Four Seasons Hotel at a 742-foot tower under construction near the Prudential Center. Taj Hotels bought the Ritz-Carlton Boston in 2006 and renamed the property as the Taj Boston in 2007, leaving the only Ritz in Boston across Boston Common on Avery Street.
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