40 Berkeley, a 206-room hostel in the South End, sold for $17.2 million. According to the Boston Business Journal, the deal on the 80,000 square foot building closed last Friday.
Bruce Percelay, chairman and founder of the Mount Vernon Co., had this to say about his firm’s acquisition and plans for the space, “Given that we already have hotel experience with two properties in Nantucket and one in Portsmouth, NH, this is a business that intrigues us, and we feel there is a real opportunity in Boston to provide an affordable alternative to the more costly hospitality options in the city. The concept of small rooms and very attractive lobbies has taken hold in New York City and is certainly a consideration for us to apply in Boston.” Full story here.
BosGuy 