Chicago-based investment company AJ Capital Partners is moving to convert a Red Roof Inn in Charlottesville, Va., into one of the first in its new hotel collection, Graduate Hotels. Local media outlet The Cavalier Daily reports that the company obtained the property for about $20.4 million dollars in July.
The hotel is expected to open during the spring semester of 2015.
According to a press release by Graduate Hotels, the company will target college markets and highlight the “local culture and history” of the towns surrounding their hotels.
Ben Werpin, the founder of AJ Capital Partners, said in the press release that the hotel will target visitors of the University.
“We wanted to create an inspiring environment where alumni, current and prospective students, parents, professors, visitors and business travelers alike can see themselves spending time and feel a sense of place that’s true to the town,” he said. “Each property will have its own flair that reflects the personality of each community while also fitting into the national scheme and concept of our brand as a whole.”
The brand’s first two locations—Arizona State and the University of Georgia—will open later this year, with additional construction planned for the Universities of Mississippi, Wisconsin and Indiana, and North Carolina State.