Parks Hospitality Holdings (PHH), a hospitality developer and hotel owner, has acquired the historic Boston Park Plaza.
The 1,060-key property, located in the city’s central Back Bay neighborhood, opened in 1927 as The Statler Hotel. Its ownership changed hands over the year, from Conrad Hilton in 1954 to a local family in 1976, and its guests have included U.S. presidents, celebrities and dignitaries.
The hotel will be transitioned to Hilton Boston Park Plaza as part of a post-acquisition rebranding initiative. The financial aspect of the acquisition was not disclosed.
“Acquiring the celebrated Boston Park Plaza is a significant milestone for Parks Hospitality Holdings,” said Charles El-Mann Fasja, CEO at PHH. “This addition to our irreplaceable hotel real estate portfolio marks a new era of expansion for PHH, bringing our expertise in hospitality development and investment from Mexico to locations across the U.S. We’re honored to continue expanding our partnership with Hilton with this iconic project and have future plans to scale our presence across other key U.S. cities.”