AJ Capital Partners acquired the Hotel Durant in Berkeley, California, for US$47 million. The historic hotel will become part of the Graduate Hotel collection and Gemstone Hotels and Resorts will continue to manage the property.
Set to open in 2016 after a renovation of the property’s guestrooms and common areas, the new Graduate Hotel is located next to the University of California at Berkeley and is the closest hotel to California Memorial Stadium and the Greek Theater.
”We are incredibly proud to announce the acquisition of Berkeley’s Hotel Durant,” says Ben Weprin, CEO of AJ Capital Partners. “In furtherance of our strategy to acquire culturally relevant, supremely located real estate adjacent to the nation’s leading universities, Hotel Durant was a natural fit for the Graduate portfolio. We look forward to being stewards of this Berkeley icon.
Currently, Graduate Hotels are open in Athens, Georgia; Tempe, Arizona; Madison, Wisconsin; and Charlottesville, Virginia.