Hilton Boston Park Plaza Refinanced for $265 Million
Parks Hospitality Holdings secured a $265 million refinancing for the 1,060-room hotel in Boston's Back Bay area.
Updated on Nov. 12, 2026 in Hospitality
Parks Hospitality Holdings refinanced the Hilton Boston Park Plaza for $265 million. Athene Annuity and Life Company and an Apollo Capital Management-affiliated fund provided the latest mortgage on the property.
Why it matters
The refinancing comes two years after Parks Hospitality acquired the hotel for $319 million, and it reflects continued lender interest in large Boston hospitality assets. For the city, the hotel's planned renovation and new restaurant signal ongoing investment in a historic downtown property.
The $265 million refinancing is below the $319 million Parks Hospitality paid in October 2023, while the 1,060-room hotel carries more than 70,000 square feet of meeting space. The loan terms, including interest rate and maturity, were not disclosed.
The players
Parks Hospitality Holdings
Parks Hospitality Holdings is a Mexico City-headquartered hospitality company that owns and operates hotels, and it acquired the Hilton Boston Park Plaza in 2023.
Athene Annuity and Life Company
Athene Annuity and Life Company is an American retirement services and annuity insurer that has become a significant lender to commercial real estate projects.
Apollo Capital Management
Apollo Capital Management is a global alternative investment manager with substantial holdings in private credit and real estate financing.
The details
Athene Annuity and Life Company and an Apollo Capital Management-affiliated fund provided the latest mortgage on November 3. The hotel, last renovated in 2017, originally opened in 1927 as the Statler Hotel, and Strip by Strega closed last fall after seven years at the property.
Timeline
October 2023: Parks Hospitality Holdings acquires the hotel for $319 million.
November 3, 2026: Athene and an Apollo-affiliated fund provide the latest mortgage.
October 2026: Oblix presents its restaurant plans to the Back Bay neighborhood association.
Summer 2027: The 328-seat Oblix restaurant is scheduled to open.
Market Landscape
The Park Plaza deal follows a pattern in which insurance-backed and private-credit lenders such as Athene and Apollo-affiliated funds have increasingly financed large hotel acquisitions and refinancings. The arrangement places this Boston asset within a broader shift away from traditional bank lending in commercial hospitality real estate.
Guests booking the Hilton Boston Park Plaza may see changes as a remodeling project is planned and the Oblix restaurant replaces the closed Strip by Strega. The hotel's more than 70,000 square feet of meeting space will remain available for events during the renovation period.
The takeaway
Ownership changes and refinancings can signal where a hotel is headed, so travelers and local businesses may watch for renovations and new dining options at the Park Plaza. The property's 1927 origins and continued investment show how older Boston hotels are being repositioned rather than abandoned.
What happens next
Oblix is scheduled to open its 328-seat restaurant next summer, and a remodeling project is planned at the property.
Further reading
For more on the city's lodging market, see Hospitality coverage of Boston.
Source note: This article includes information reported by Banker & Tradesman.
