Cincinnati, meet Graduate Hotels: A modern-retro hotel chain known for its curated aesthetic with spots in college towns across the U.S.
Next year, The Queen City will join their ranks.
Last week, the University of Cincinnati and AJ Capital Partners (the owners of Graduate Hotels) closed on a deal regarding the Kingsgate Hotel and Conference Center located at 151 Goodman Drive near UC’s campus. Through a 99-year lease, plans to sell Kingsgate to AJ Capital were announced last October, according to UC News. That included an upfront payment of $23.5 million; they report that the “funds and annual proceeds from investments will go to support the university’s teaching, research and service mission,” as outlined in UC’s strategic direction, aka Next Lives Here.
Originally built in 1999, Kingsgate was the only hotel near UC’s campus. But, as senior vice president for administration and finance Robert Ambach notes, the environment has changed; the institution no longer has a need to own a hotel.
“This move now allows us to generate investment and to refocus resources on our essential purpose as a leading academic and research institution.” he told UC News.
Ambach also noted that Graduate Hotels will offer a unique experience that honors UC via decor, design and experiences that draw inspiration from the university’s history.
Upon the transaction’s closing, AJ Capital Partners will take on full ownership and operations. As first reported by Soapbox Media, AJ Capital will begin converting the 21,500-square-feet space to its brand in November, with renovations to be completed in February 2020. As of now, Marriott will no longer be affiliated with the hotel.
Graduate Hotels has 13 other such properties in operation across the U.S., including in cities like Ann Arbor, Michigan; Athens, Georgia, Berkeley, California; and Seattle.
The hotel chain marks itself as a “memory-making stop” where “the school of life meets your favorite place to stay.” Every site is fashioned to celebrate “youthful optimism,” and centers around the spirit of their respective communities.
This article appears in Mar 20-27, 2019.
