Photo courtesy of Hilton

The new owner of Boston’s 1,060-room Park Plaza Hotel is a Mexico City-based hospitality company with a portfolio of 32 properties in the U.S. and Mexico.

Parks Hospitality Holdings acquired the 96-year-old Back Bay hotel this week for $319 million and said it has rebranded the hotel as Hilton Boston Park Plaza in an expansion of its relationship with the Hilton brand.

The seller, Sunstone Hotel Investors, acquired the hotel in 2013 for $250 million.

Parks Hospitality Groups owns properties totaling 12,000 guest rooms in the U.S. and Mexico, including hotels operating under the Hilton, Grand Hyatt and Waldorf Astoria brands.

The Back bay hotel originally opened in 1927 as The Statler Hotel and includes two restaurants and 70,000 square feet of meeting and event space.

Hotel development has been on pause in Boston since COVID-19 disrupted the business and leisure travel markets, followed by increases in interest rates and project costs that made new projects harder to finance.

But existing properties have benefited from the recovery in occupancy and room rates over the past year, as convention business and the tourism industry rebounded.