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The Boston Park Plaza Hotel & Towers is being sold to a California real estate investment trust for $250 million, almost double the price it sold for two years ago.
Sunstone Hotel Investors Inc.
plans to buy the 1,053-room downtown hotel from the Rockpoint Group, a Boston real estate private equity group, which owns the hotel with longtime owner Donald Saunders. The Rockpoint partnership acquired the 86-year-old Park Plaza in 2011 from Starwood Hotels and Resorts for $126 million, according to property records.
The deal is expected to close at the end of July. Sunstone plans to invest an initial $15 million in the property, improving the infrastructure and renovating 43,000 square feet of retail space on the ground floor and below-ground levels.
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