AJ Capital Partners acquires Atherton Hotel

AJ Capital Partners has acquired the Atherton Hotel in State College, Penn. Photo credit: Atherton Hotel

AJ Capital Partners has acquired the Atherton Hotel in State College, Penn.

The property will undergo renovations to transform it to Graduate State College, part of the Graduate Hotels collection, and will operate independently until fall 2019 when the renovations are slated to be finished.

The 150-room hotel is located in downtown State College, near to Pennsylvania State University’s Park campus, and just steps from College Avenue’s restaurants and shops. The hotel also is close to Beaver Stadium, the Bryce Jordan Center and University Park Airport.

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Julie Saunders, CMO of Graduate Hotels, said, “We have been actively pursuing the ideal location in State College since the inception of the brand...the town of State College and its vibrant university community have such a rich history and a fantastic, engaged alumni base. It’s the perfect fit for Graduate Hotels and marks our eighth Big Ten Conference location. We look forward to welcoming guests and the State College community next fall.”

The hotel will undergo a major renovation to convert it to Graduate State College, which will cover all guestrooms, common areas, the restaurant and lobby lounge and the hotel’s 5,000 square feet of flexible meeting and events space.

Graduate Hotels has 11 properties open and operating across the U.S. and an additional 12 hotels under development slated to open by 2020.

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“We are strengthening our existing brands and building new ones to appeal to the customer of tomorrow,” President/CEO Pat Pacious said.

The planned acquisition comes on the heels of two other significant investments the hospitality group recently made in Hawaii.

Ridge, Kite and Cloud, developed with partner brand TreCe, each have unique characteristics to accommodate a wide range of environments.