Sunstone Hotel Investors of Aliso Viejo, CA, announced last week it's sold the 1,050-room Boston Park Plaza in Park Square for $370 million, to Parks Hospitality Holdings, which is returning "Hilton" to the hotel's name.
Sunstone paid $270 million for the hotel in 2013, but said that while it boosted profits at the hotel, it wasn't willing to commit to the renovations it says the hotel needs:
Based on the timing of the prior renovation, the Company anticipates that the Hotel will require significant additional investment to maintain its competitive position and sustain its current level of earnings.
The hotel opened in 1927 as the Statler Hotel Boston - and as the second tallest building in Boston after the Custom House Tower. Hilton, which bought the Statler chain, planned to shut the large hotel in 1976, but the Saunders family bought it and ran it until selling it in 2013.
Photo from the BPL Boston Pictorial Archive. Posted under this Creative Commons license.