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One of the most iconic hotels in Boston is soon to become a Hilton brand hotel.
The Boston Park Plaza hotel traded hands from Sunstone Hotel Investors to Parks Hospitality Holdings for $370M, the seller announced Thursday. The buyer has rebranded it as the Hilton Boston Park Plaza, the Boston Business Journal reported Monday.
The 1,060-room, 760K SF hotel is the third-largest hotel in the state behind the 1,220-room Sheraton Boston Hotel and 1,147-room Boston Marriott Copley Place. The property is the second U.S. hotel for Mexico City-based Parks Hospitality Holdings, alongside a Hyatt hotel in Colorado, the BBJ reported.
The rebrand comes after another hotel in the city shifted away from the Hilton brand in August. The Hilton Boston Downtown/Faneuil Hall was rebranded as The Dagny Boston following a $39M renovation by owner DiamondRock Hospitality Co., the BBJ reported.
In 2013, Sunstone acquired the Boston Park Plaza from Rockpoint Group for $250M. Two years later, the REIT began a $95M renovation that would modernize the landmark hotel.
"Our completed investment in Boston Park Plaza further demonstrates our ability to create value from repositioning and to realize that value through the disposition and ultimately, the redeployment of those proceeds," Sunstone CEO Bryan Giglia said in a statement. "Boston remains a dynamic and attractive lodging market and we will continue to benefit from exposure to the city through our ownership of the Marriott Boston Long Wharf."
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