Hotel Commonwealth Gets New Ownership in $79 Million Deal
Boston University has sold the 149 room hotel in Kenmore Square to Sage Hospitality earlier this month for $79 million.
Boston University sold its Kenmore Square Hotel Commonwealth to new ownership earlier this month, according to BU Today.
Sage Hospitality and the investment firm Fundamental Advisors reportedly bought the 10-year-old hotel, its restaurants and its parking lot for $79 million.
If the name sounds familiar, that's because Sage Hospitality already owns several hugely successful hotel brands Westin, Sheraton, and Hilton, among others.
“The sale is aligned with Boston University’s long-term interest in improving Kenmore Square as a commercial gateway to the Charles River Campus,” Gary Nicksa, BU’s senior vice president for operations, told BU Today. “Sage Hospitality shares our vision of continuing to support the ongoing transformation of the square into a vibrant destination.”
BU first bought property in 1982, and began improve the square that at the time was home to nightclubs by adding a Barnes & Nole store in 1986 and the Rathskeller rock venue that was shut down in 1997.
BU's Nicksa said proceeds from the sale "will be invested in the University’s endowment and will support its academic mission."