(Kalman Zabarsky / BU Today)
Boston University this week sold the 149-room Hotel Commonwealth in Kenmore Square for $79 million, school officials said.
The deal includes the leases for the building’s restaurants and other commercial tenants and its parking lot, BU officials said. But, BU retains control of the land, which it has owned since it bought the property in 1982 and will now lease to the new hotel ownership.
University officials said proceeds from the sale will be invested in BU’s endowment to support academic goals.
“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, senior vice president for operations at BU told BU Today. “Sage Hospitality shares our vision of continuing to support the ongoing transformation of the square into a vibrant destination.”
Sage Hospitality runs dozens of hotels in the US.
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(Cydney Scott / BU Today)