|
|
9/18/15
|
AJ Capital has obtained $31.5 mil in financing for the acquisition and repositioning of Hotel Durant, a hotel property in Berkeley. With the implementation of capital improvements, AJ Capital will reposition the existing hotel as a 144-key Graduate Hotel, bringing the university-oriented hotel collection to the heart of UC Berkeley’s main campus.
Graduate is the first hotel brand to cater exclusively to college and university-anchored markets. Targeted toward alumni and other college visitors, each hotel includes unique vignettes reflective of the university and host community, including local art as well as food and beverage options associated with the region. Launched in 2014, the Graduate portfolio currently consists of 1,355 keys in nine university-anchored markets across the country.
The property is located in downtown Berkeley and is the closest hotel to the Greek Theater and 62,000-seat California Memorial Stadium, the arena of UC Berkeley’s high-profile men’s football team. The hotel had already undergone several million dollars of renovations over the past few years, but with AJ Capital’s additional property improvements, a greatly enhanced food and beverage program and integration into the Graduate umbrella, the Graduate Berkeley is expected to be a best-in-class facility that will attract campus visitors, students and local residents alike.
Jordan Ray, Ari Hirt, Steven Buchwald and David Behmoar of Mission Capital Advisors arranged the non-recourse loan on behalf of AJ Capital, a Chicago-based real estate investment and development firm.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
