Boston University has sold the Hotel Commonwealth for $79 million, to a partnership between investment firm Fundamental Advisors LP and Sage Hospitality, one of the nation’s largest privately held hotel management and ownership companies. The five-story, 149-rooms hotel was developed by Boston University and is located in Kenmore Square.

"The sale of the Hotel Commonwealth represents an important step forward in fulfilling our long-term vision of transforming Kenmore Square into a vibrant destination," said Gary Nicksa, senior vice president of operations at Boston University, in a statement. "

In addition to the hotel, the partnership between Fundamental Advisors and Sage Hospitality is also acquiring adjoining retail space totaling nearly 30,000 square feet, the tenants of which include Eastern Standard Kitchen & Drinks and Island Creek Oyster Bar, and a craft cocktail bar, The Hawthorne.  These entities will continue to operate under the expert guidance of restaurateur Garrett Harker, executive chef Jeremy Sewall, and mixologist Jackson Cannon. 

The deal also includes developable land. According to a statement from Boston University, "all parties to the transaction have agreed to work cooperatively with regard to the undeveloped land to continue the urban revitalization efforts in the area."

"As a graduate of Boston University, I am fully aware of the unique vitality of the Hotel Commonwealth and Kenmore Square, and we look forward to joining such a dynamic community," said Laurence Gottlieb, CEO of Fundamental Advisors, in a statement.

Jones Lang LaSalle Hotels represented Boston University in the sale of the Hotel Commonwealth and secured debt financing for the new owner.