HREC Investment Advisors arranged the sale of the full-service 149-room boutique Atherton Hotel in State College, Pa.
The property was acquired by AJ Capital Partners, a real estate developer, owner and operator based in Chicago. AJ Capital will renovate the hotel to convert it to Graduate State College, part of the Graduate Hotels collection.
HREC Investment Advisors represented Atherton Street Partnership during the transaction. The sale was negotiated by Ketan Patel, managing director in HREC’s Washington D.C. office.
“We are excited to have represented the seller and AJ Capital as the buyer for this highly desirable asset,” Patel said in a statement. “Given its exceptional location in State College we knew this was the perfect fit for AJ Capital and their Graduate Hotels brand. We look forward to seeing the transformation of the Atherton Hotel in the near future.”
The Atherton Hotel is located in downtown State College, one block from The Pennsylvania State University.