Hospitality and real estate investor team AJ Capital Partners have acquired 600 Willard St., across from University Ford and University Kia near American Tobacco. The currently shuttered property will undergo renovations later this year and open as the Graduate Durham, a 150-room hotel, in late 2016. Graduate Hotels are a new hotel collection targeting university-anchored markets across the country and include locations in Tempe, Ariz.; Athens, Ga.; and Madison, Wis. Additional locations in Charlottesville, Va., and Oxford, Miss., are slated to open this summer.
“Home to Duke University, North Carolina Central University, the dynamic American Tobacco historic district and a rapidly growing downtown dining and entertainment scene, Durham is an ideal location for Graduate,” says Tim Franzen, EVP of Acquisitions at AJ Capital Partners.
The reimagined lobby will feature a grab-and-go coffee shop, comfortable seating and work from local artists. Guest rooms and suites will offer king and queen-queen configurations. With more than 7,000 square feet of flexible event space, Graduate Durham will offer facilities including an outdoor poolside event lawn, rooftop indoor and outdoor event spaces and a boardroom and ballroom for social, corporate and civic functions. Leisure facilities include a seasonal outdoor pool and 24-hour fitness center.
