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A Maryland hospitality REIT sold the Bay State’s biggest hotel property, the Sheraton Boston in Back Bay, for $233 million.

Bethesda-based Host Hotels & Resorts said it provided a $163 million bridge loan to the purchaser, which was not disclosed, and will plow the sale proceeds into other assets.

“[T]he sale of the Sheraton Boston allowed us to redeploy capital into other assets that we believe will bolster the EBITDA growth profile of our portfolio. We continue to be very active on the capital allocation front as we target new growing markets in the United States,” CEO James Risoleo said in a statement.

Host Hotels & Resorts reported last summer that financial performance was lowest at its trio of Greater Boston properties, which total 2,715 rooms including the Boston Marriott Copley Place and the Westin Waltham, with average revenues per available room of $39. The Sheraton had remained closed through the first half of 2021 because of the COVID-19-induced travel downturn.

The hotel is currently offering promotions including free parking and discounts at the neighboring Prudential Center mall through March 31.

The 1,220-room hotel at 39 Dalton St. was originally developed in 1970 and spans nearly 962,000 square feet.