Parks Hospitality Holdings Acquires Boston Park Plaza

USA, Boston, Massachusetts. November 27, 2023

In a move signaling its U.S. market expansion strategy, Parks Hospitality Holdings (PHH), a leading hospitality developer and hotel owner, confirmed the acquisition of the strategically positioned Boston Park Plaza. Located at 50 Park Plaza in Boston's central Back Bay neighborhood, the 1,060-key property will see the property transition to Hilton Boston Park Plaza as part of a post-acquisition rebranding initiative.

The architecturally impressive hotel features contemporary and pet-friendly guestrooms and suites, two restaurants, a variety of amenities, and 70,000 square feet of meetings and event space.

"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."

Founded in 2006 by Charles El-Mann Fasja, PHH affiliates' current portfolio includes over 11,000 hotel keys and more than 11,000 U.S.-based multifamily units with an additional 2,000 under development (primarily in Colorado, California, and other U.S. Southern locations). PHH, the foremost real estate developer in Mexico, has showcased its ability to translate its prowess to the U.S. market through a successful venture in 2018: an investment in the 285-key Grand Hyatt Vail. Under PHH's stewardship, the resort underwent extensive renovations and reopened in 2019, aligning seamlessly with its enduring commitment to revitalizing the surrounding locality and fostering community growth. Furthermore, PHH achieved the conversion of the property into a distinguished brand hotel, Grand Hyatt Vail, previously operating independently. In a testament to their ongoing commitment to excellence, renovations continue, and a branded restaurant is set to grace the property in December, enhancing its allure and hospitality offerings.

As PHH expands its investment reach and strategy, it will continue to work with Hilton and other partners to evolve and grow in the U.S., Mexico, and beyond.

Hilton Boston Park Plaza - At a GlanceLocation: Boston Park Plaza is located just four miles from Boston Logan Airport, a block away from the historic Boston Common, and steps from Boston Public Garden, the Theater District, and the Arlington T Station.

Historic Significance: Opened in 1927 as The Statler Hotel, this landmark has witnessed ownership changes, from Conrad Hilton in 1954 to a local family in 1976. Dignitaries, U.S. Presidents, and celebrities favor it.

Accommodations: Home to 1,060 modern rooms, its design celebrates New England's legacy. Unique suites like the Presidential Suite and Garden Suite offer luxury with private terraces, bars, and more.

Dining: Guests can delight in the signature restaurant, Off the Common, or enjoy Italian delicacies at Strega Italiano. The hotel also features an onsite Starbucks and a comprehensive room service menu.

Amenities: With access to Lynx Fitness Club, guests have 20,000 square feet of health facilities. Unique offerings include Boston's first Topgolf Swing Suite and the only Leica Store and Gallery in New England. A FedEx Business Center caters to corporate travelers.

Event Spaces: Boasting 70,000 square feet, the hotel can accommodate events of all scales. Its Grand Ballroom, complete with Baccarat Crystal chandeliers, sets the scene. Alternative venues like Avenue 34 offer a modern twist.

Loyalty Program: Boston Park Plaza offers the exclusive Hilton Honors program, an award-winning guest-loyalty offering for Hilton's distinct hotel brands. Members who book directly have access to instant benefits, including a flexible payment slider that allows members to choose nearly any combination of Points and money to book a stay, an exclusive member discount, free standard Wi-Fi, and the Hilton Honors mobile app.

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