In December 2012, Sage acquired and took over management of the luxury, independent Hotel Commonwealth, located in Boston’s Kenmore Square Neighborhood. While the hotel was functioning successfully, located across the street from Fenway Park and nearby to college campuses like Boston University, Sage saw much more potential in the project.
square feet of flexible meeting space
joined the Sage portfolio
Upon the acquisition of the project, goals were set to fully renovate the hotel, including all guest rooms, public space and meeting rooms, to sell the retail areas at a premium, renew the leases of the hotel’s very successful restaurant tenants and to sell the property to a new owner who was aligned with the goals and continuation of the growth of Hotel Commonwealth. Sage also took advantage of the adjacent parking lot to the hotel, deciding to build an expansion, increasing its potential for rooms, parking and meeting space.
In December 2015 the $54 million expansion into the adjacent space next to Hotel Commonwealth opened featuring 94 additional hotel rooms and additional meeting space looking into Fenway Park. All leases for restaurant tenants were renewed, the retail sold, and Sage and Fundamental Advisors sold the hotel to Xenia Hotels and Resorts, who chose to continue with Sage as the management partner. The hotel is the official hotel of the Red Sox and continues to operate as a successful independent with a Boston-strong brand story and new space that is already selling.