The Park Plaza Hotel will go back to the future when it is renamed the Hilton Boston Park Plaza later this fall.

Many older Bostonians remember the property as the Statler Hilton which was an epicenter of Boston society until the 1970s. The Grand Ballroom hosted debutant cotillions and many a Brahmin wedding.

The current owner, a Los Angeles real estate investment trust named Sunstone Hotel Investors is selling the property to Parks Hospitality Holdings, a Mexican hotel company which owns many Hilton hotels.

The price has not been disclosed and the actual sale will take place in late October.

The hotel opened in 1927 as the Statler Hotel and was the city’s second tallest building after the Custom House Tower. It was sold to Hilton Hotels in 1954. Prior to Christmas in 1976, Hilton announced it would close the hotel and layoff the employees. The hotel was saved by the family of local developer and philanthropist Donald Saunders who sold the property to its current owner in 2013.

The future Hilton is the state’s second largest hotel with 1,060 rooms behind the Boston Marriott in Copley Square with 1,147 rooms.