Sunstone Hotel Investors Inc. will buy the Boston Park Plaza Hotel & Towers for $250 million from an ownership group that includes Donald Saunders and Rockpoint Group.
The company is purchasing the 1,053-room from the Boston-based owners, along with Texas-based Highgate Holdings, almost two years after Saunders and company bought out an ownership stake previously held by Starwood Hotels and Resorts.
Sunstone, an Aliso Viejo, Calif.-based real estate investment trust, is planning renovations to the hotel that opened near the Boston Common and Public Garden in 1927. Those renovations will upgrade the elevators and facade, according to a statement.
During the company’s anticipated 2013 ownership period, Sunstone expects the hotel to generate between $6.5 million and $8 million of hotel net operating income. Highgate Hotels will continue to manage the property.