Luxury lodging will replace the Red Roof Inn in the form of the Graduate Hotel.
CHARLOTTESVILLE, Va. (WVIR) -
A developer with hotels in Napa, St. Barths, and Miami's South Beach is taking over a hotel on the University of Virginia Corner.
Chicago-based investment company AJ Capital Partners is turning the Red Roof Inn on West Main Street into one of its first "Graduate Hotels.” The property sold in July for nearly $20.4 million.
Graduate Hotels are planned for five university towns. The company says each hotel will commemorate, "the youthful optimism of school days.”
“You've got the ideal location. It's right across the street. It's on the Corner. It's a location that so many graduates learn to enjoy over the years they're here - whether they're undergraduates or graduate students. So I think the proximity is excellent. I'm very intrigued by the concept,” said Kurt Burkhart, executive director of the Charlottesville Albemarle Convention and Visitors Bureau.
A spokeswoman for Red Roof says the new owner is contractually bound to honor all future reservations booked for the Red Roof.
The Graduate is expected to open in late spring of next year.
Graduate Hotels Press Release
Chicago, Ill. – AJ Capital Partners today announced the launch of Graduate Hotels – a new hotel collection targeting college markets across America that celebrates each respective town's local culture and history. Graduate Hotels will be where intellectual curiosity meets guests with their favorite place to stay.
Created for travelers who seek memory-making stops, each Graduate Hotel will be part of a well-curated, thoughtfully crafted collection of hotels that reside in the most unique college towns across the country. Every property will celebrate and commemorate the optimistic energy of its community, while offering an extended retreat to places that often played host to the best days of our lives. The brand's first two locations: Tempe, Arizona and Athens, Georgia are slated to open
October, 2014 with additional locations including Oxford, Miss.; Madison, Wis.; Charlottesville, Va.; Bloomington, In.; and Raleigh, N.C. over the next year.
“We wanted to create an inspiring environment where alumni, current and prospective students, parents, professors, visitors and business travelers alike can see themselves spending time and feel a sense of place that's true to the town,” said Ben Weprin, Founder of AJ Capital Partners. “Each property will have its own flair that reflects the personality of each community while also fitting into the national scheme and concept of our brand as a whole.”
“The consistency of our brand lies in celebrating the uniqueness of each town,” added Christian Strobel, President of Graduate Hotels. “Through our travels and research, we've spoken to locals and alums and experienced what makes each of these classic American cities so loved, from the quirky traditions passed down over generations, to local haunts and the people that bring them to life. Graduate Hotels will be a true lifestyle hotel experience unlike anything currently offered in these markets.”
From imaginatively appointed guestrooms and animated lobbies accented by coffee shops and bars, to locally-inspired art collections, Graduate Hotels will offer a hand-crafted experience. It's a place where smart never goes out of style. Graduate Hotel's public spaces will establish each property as a community living room, making each location a place where campus and community thrive together.