Developments > Hostelling International Boston
In June 2012, American Youth Hostel, Inc. completed the conversion of a historic six-story building at the intersection of Boston’s Theater District and Chinatown into a 480-bed hostel. The Grand Opening attracted a huge and enthusiastic crowd as this project has enjoyed a tremendous amount of public support. The facility more than doubles the size of HI-Boston’s previous site and is expected to attract approximately 46,000 visitors a year. HI-Boston estimates that annually the new facility will generate more than $16 million in direct spending by hostel guests at Boston restaurants, entertainment venues, and sightseeing spots across the city. It is also projected to generate $2.8 million in state and local tax revenues and greatly benefit the Midtown Cultural District by converting a partially-occupied building into a safe, vibrant and welcoming 24-hour-day facility. HI-Boston will expand its staff in the new facility. MHIC provided $11.64 million in New Markets Tax Credit financing with US Bank CDC as the investor.
Hostelling International Boston
Project at a Glance:
Location:
Boston
Development Type:
Rental
MHIC Financing:
$4,850,000 in debt financing, $11,640,000 in NMTC financing
Sponsor:
American Youth Hostel-Boston
In June 2012, American Youth Hostel, Inc. completed the conversion of a historic six-story building at the intersection of Boston’s Theater District and Chinatown into a 480-bed hostel. The Grand Opening attracted a huge and enthusiastic crowd as this project has enjoyed a tremendous amount of public support. The facility more than doubles the size of HI-Boston’s previous site and is expected to attract approximately 46,000 visitors a year. HI-Boston estimates that annually the new facility will generate more than $16 million in direct spending by hostel guests at Boston restaurants, entertainment venues, and sightseeing spots across the city. It is also projected to generate $2.8 million in state and local tax revenues and greatly benefit the Midtown Cultural District by converting a partially-occupied building into a safe, vibrant and welcoming 24-hour-day facility. HI-Boston will expand its staff in the new facility. MHIC provided $11.64 million in New Markets Tax Credit financing with US Bank CDC as the investor.