Chicago-based AJ Capital Partners has acquired the Hilton Eugene in Eugene, Oregon.
The hotel will continue to operate as the Hilton Eugene until the end of the year. The company will begin renovations to convert the Hilton hotel into the Graduate Eugene–a member of the Graduate Hotels collection. The hotel will remain open during renovations and will be completed in summer 2019. They will include the guestrooms, common areas, the restaurant and the hotel's meeting and events space. AJ Capital has chosen Starwood Property Trust to finance the project.
The 12-story, 275-room hotel is in downtown Eugene near the University of Oregon's campus. The property is also close to Eugene City Hall, the Hult Center for the Performing Arts, shopping, dining, Autzen Stadium, Matthew Knight Arena and Hayward Field.
There are currently 11 operating hotels across the U.S. An additional seven hotels are under development and slated to open by 2020.
This recent addition to the Graduate Hotels portfolio follows the AJ Capital Partners' acquisition of the former President Hotel building in Palo Alto, Calif in June 2018. The company also plans to convert the property, which currently operates as a 75-room apartment complex, into a hotel, according to a report from Palo Alto Online.
AJ Capital Partners also began construction on the Graduate Roosevelt Island Hotel in New York City this year. The group partnered with Cornell University to develop the Graduate hotel at the new Cornell Tech campus. Emigrant Bank is providing a $60-million, five-year loan to fund the construction of the project. The 224-room hotel designed by architectural firm Snohetta is slated to open in spring 2020.