The Commons Hotel on the University of Minnesota’s Minneapolis campus has a new owner that will trade its geek-chic vibe for a more college-focused theme.
The 304-room hotel will soon be converted into a Graduate Hotel, a relatively new hotel brand that has establishments in Big Ten college towns like Madison and Ann Arbor.
“It is with great pleasure that we announce the acquisition of The Commons Hotel,” said Tim Franzen, president of Graduate Hotels, in a statement Tuesday. “This acquisition exemplifies our strategy of investing in well-located assets in multidimensional university-anchored markets.”
Adventurous Journeys Capital Partners, a group of hospitality and real estate investors based in Chicago, purchased the hotel from Rockbridge Holdings, an Ohio firm that owned it since 2011.
The buyer, also known as AJ Capital Partners, declined to disclose the sales price, and no electronic certificate of real estate value had been publicized as of midday Tuesday. According to Hennepin County property records, the hotel is estimated to be worth $22.7 million.
In 2011, Rockbridge purchased the hotel, which had been a Radisson, for $18.5 million and then spent $14.8 million on renovations.
The eight-story hotel has more than 20,000 square feet of meeting and event space, as well as a restaurant and fitness center. Its nerdy industrial feel is emphasized with tufted leather furniture, a book butler service and alchemist mixology drink lessons.
AJ Capital Partners will make it over once again, likely with the preppy aesthetic of its other locations. The Graduate Hotel plans to offer local food and beverage selections.
The hotel will stay open during the renovation. A specific timetable for the rebranding was not immediately available.
AJ Capital Partners launched the Graduate Hotels collection in the fall of 2014. Several other Graduate Hotels are slated to open next year as well including in Berkeley, Calif., Richmond, Va., Durham, N.C., and Lincoln, Neb.