Hostelling International USA has purchased 25 Stuart St. in Boston for $15 million.
The nonprofit said the six-story building will serve as a 450-bed hostel, roughly double the size of Hostelling International-Boston’s existing facility at 12 Hemenway St.
Hostelling International said it will remain at Hemenway Street until the planned renovations at its new Stuart Street location are complete. Those efforts, to be managed by Boston’s Suffolk Construction, are slated to conclude sometime in early 2012.
The Stuart Street deal’s seller was M&M Realty Trust.
The property at 12 Hemenway St. is registered to an LLC registered to Martin, Barry, Philip and Gertrude Portnoy, although a Hostelling International spokeswoman said the Portnoys sold the property to Hostelling International several years ago. The Suffolk County Registry of Deeds still lists the Portnoys as owners of record.
Read more: Hostelling International acquires new Boston home | Boston Business Journal