Sunstone Hotel Investors Inc has entered into an agreement to purchase the Boston Park Plaza Hotel and Towers. The 1,053 room iconic edifice is located near Boston's Common Park and is sold for the price of US$250 million.
Aside from the purchase price, the company is planning to invest in renovations, such as the upgrade of the elevator's and the building facade, according to the real estate investment trust.
The announcement was made by the Aliso,Viejo CA based company during its first quarter earnings report. It is also planning to 'enhance the hotel's competitive positioning' in the long run.
The hotel was opened back in 1927 located in the Back Bay neighborhood of Boston. According to the REIT fund, the hotel 'generates significant in-place cash flow and an attractive yield on the company's initial investment.' The hotel and tower complex includes eight restaurants with a nightly rate starting at US$160.65 for the week of May 13.
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