AJ Capital Partners has acquired The Commons Hotel in Minneapolis with plans to transform the property into a Graduate Hotel, the Star Tribune reports. The newspaper says the 304-key hotel, which is on the University of Minnesota’s main campus, will lose its industrial-geek aesthetic for a preppy, collegiate-inspired look under AJ Capital’s fledgling Graduate flag.
The Chicago-based hospitality/real estate investor purchased the property from Rockbridge Holdings for an undisclosed sum, Star Tribune reports. That Ohio firm bought the former Radisson hotel for $18.5 million in 2011 and invested $14.8 million on renovations during its ownership.
The eight-story hotel features 20,000-plus-sq.-ft. of event space, as well as a restaurant and fitness center. A timetable for the rebranding has not yet been disclosed, according to the newspaper.
AJ Capital launched Graduate Hotels in 2014, and the brand’s portfolio currently includes six properties in U.S. college towns, including one in Oxford, Mississippi, that was profiled in the January + February 2016 edition of Boutique Design. Star Tribune reports that the flag plans to open hotels next year in Berkeley, California; Richmond, Virginia; Durham, North Carolina; and Lincoln, Nebraska.