US: Real estate investment manager Adventurous Journeys (AJ) Capital Partners has acquired a plot of land in Austin which will encompass a new-build property part of Graduate Hotels.
Graduate Austin, located at Guadalupe Street and West 18th Street, is expected to open in 2025. The 18-storey hotel will feature a ground floor cafe and lobby bar, fitness centre, meeting and event space, and a rooftop restaurant, bar, and swimming pool.
The Burt Group will co-develop the project alongside the AJ Capital team.
Tim Ryan, chief investment officer at Graduate Hotels, said: “Austin has long been a dream location for Graduate. The city’s distinct personality, creative energy and adventurous spirit align perfectly. We’re huge fans of this community, and we look forward to delivering a space that reflects and celebrates those sentiments through design that’s rooted in storytelling, gracious hospitality, best-in-class food and beverage offerings and more.”
When complete, Graduate Austin will join 31 Graduate hotels across the US and the UK. Four additional properties are in development.
Graduate Hotels is owned by AJ Capital Partners. The firm, founded by Ben Weprin in 2008, has over $5 billion in current real estate investments including hotels, multi-family apartments, office, single family rental, retail, and entertainment venues. An additional $2.5 billion in equity is under management.
Appeared first on: boutiquehotelnews.com
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