Parks Hospitality Holdings Continues its Expansion in the United States and Acquires Boston Park Plaza

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Oct 31, 2023, 09:16 ET

Acquisition Expands Renowned Hospitality Developer's Portfolio; Indicates Future Growth in the United States

BOSTON, Oct. 31, 2023 /PRNewswire/ -- In a move signaling its U.S. market expansion strategy, Parks Hospitality Holdings (PHH), a leading hospitality developer and hotel owner, today 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 Glance
Location: 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.

To learn more about PHH, please visit https://phh.com.mx/.

To learn more about Hilton Hotels & Resorts, visit stories.hilton.com.

About Parks Hospitality Holdings
Parks Hospitality Holdings (PHH) is a world-class real estate developer founded in 2006 by Charles El-Mann Fasja. PHH is Latin America's largest full-service hotel developer, with 11,000 rooms developed and 3,000 more in the pipeline. Since its founding, PHH has successfully developed more than 100 million square feet of real estate, including mixed-use, high-rise office, high-rise residential, commercial, industrial, and hotels. Led by CEO Charles El-Mann Fasja, Parks Hospitality enhances the destination experience by building and spreading the region's resilience by employing and sourcing directly from the area. PHH is a significant employer and supporter of local suppliers, uplifting the economy and fostering community development. In addition to enhancing local economies, PHH is deeply committed to environmental stewardship. Each property is a testament to this dedication, reflecting a synergy between luxury and environmental sustainability. From using eco-friendly materials in construction to integrating green technologies, PHH ensures that every venture makes a minimal environmental footprint while offering an unmatched guest experience. The PHH portfolio includes, but is not limited to, Conrad Tulum, Waldorf Astoria Cancun, Hilton Cancun All Inclusive, Hilton Tulum All Inclusive, Grand Hyatt Vail, and soon-to-be-completed Park Hyatt Cancun and Grand Hyatt Cabo.

About Hilton
Hilton (NYSE: HLT) is a leading global hospitality company with a portfolio of 22 world-class brands comprising nearly 7,400 properties and more than 1.1 million rooms in 124 countries and territories. Dedicated to fulfilling its founding vision to fill the earth with the light and warmth of hospitality, Hilton has welcomed more than 3 billion guests in its more than 100-year history, earned a top spot on Fortune's 100 Best Companies to Work For list and been recognized as a global leader on the Dow Jones Sustainability Indices for six consecutive years. Hilton has introduced several industry-leading technology enhancements to improve the guest experience, including Digital Key Share, automated complimentary room upgrades, and the ability to book confirmed connecting rooms. Through the award-winning guest loyalty program Hilton Honors, the more than 173 million members who book directly with Hilton can earn Points for hotel stays and experiences money can't buy. With the free Hilton Honors app, guests can book their stay, select their room, check in, unlock their door with a Digital Key and check out, all from their smartphone. Visit stories.hilton.com for more information, and connect with Hilton on Facebook, Twitter, LinkedIn, Instagram and YouTube.

About Hilton Hotels & Resorts
For over a century, Hilton Hotels & Resorts has set the benchmark for hospitality around the world, providing new product innovations and services to meet guests' evolving needs. With more than 600 hotels across six continents, Hilton Hotels & Resorts properties are located in the world's most sought-after destinations for guests who know that where they stay matters. Experience a positive stay at Hilton Hotels & Resorts by booking at hiltonhotels.com or through the industry-leading Hilton Honors app. Hilton Honors members who book directly through preferred Hilton channels have access to instant benefits. Learn more about Hilton Hotels & Resorts at stories.hilton.com/hhr, and follow the brand on Facebook, Twitter and Instagram.

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SOURCE Parks Hospitality Holdings