Hostel building on Hemenway has new owner
Hostelling International Boston has sold the building a 12 Hemenway St. in Boston to Hemenway Realty Ventures LLC for $4.75 million, said a broker involved in the transaction.
The broker is Colliers International, a commercial real estate services company with offices in Boston. Until recently, Colliers International's Boston operations were known as Colliers Meredith & Grew. Colliers International said it represented both the seller and the buyer.
The building at 12 Hemenway is currently used as a hostel by Hostelling International Boston, which is building a much larger hostel at 25 Stuart St. in Boston. Under the terms of the sale, Hostelling International will lease back the entire 22,000-square-foot building for about 18 months and continue to operate the site as a hostel for that period. When the new hostel on 25 Stuart opens, something expected to happen in the spring of 2012, the hostel at 12 Hemenway will close.
The new owner of 12 Hemenway St. is "currently in the process of determining the future use of the building for the period subsequent" to Hostelling International Boston's occupancy, Colliers International said.