Hemenway Realty Ventures LLC has purchased the 22,000-square-foot hostel located at 12 Hemenway St. in Boston for $4.75 million.

Colliers International Senior Vice President Leigh Freudenheim represented both the seller, Hostelling International Boston (HI-Boston), and the buyer, according to a statement. HI-Boston will lease the entire building back from Hemenway Realty Ventures for 18 months and continue to operate the hostel while the new owners determine what to do with the property.

HI-Boston recently purchased 25 Stuart St. in downtown Boston, and construction began on the 450-bed facility earlier this month. The new facility will nearly double the capacity of the Hemenway Street location. Renovation of the new facility is scheduled to be completed in the spring of 2012, according to a statement.

"Hostelling International’s future location adjacent to Chinatown and the Theatre District will be extremely beneficial to the city as it will bring additional activity to an already transitioning neighborhood," said Freudenheim.

The new Stuart Street facility is being designed by Boston architectural firms Bergmeyer Assoc. and Stegman + Assoc., with hopes of it being the first LEED certified hostel in the country. The building will incorporate green technologies, including a green roof, green elevators and solar hot water heating, according to a statement.

The Hemenway Street property was last assessed for $962,500, according to records obtained by The Warren Group, publisher of Banker & Tradesman.