Hilton Hotel Coming To Roosevelt Island With $210 Million Purchase Of Graduate Hotel Brand
Hilton is acquiring lifestyle hotel brand Graduate Hotels from AJ Capital Partners for $210 million. AJ Capital will retain ownership of the real estate, and Hilton will enter into franchise agreements for all existing and signed pipeline hotels.https://t.co/TgZHTEaS5f pic.twitter.com/8LIQBhRe7a
— Hotel News Now (@Hotel_News_Now) March 14, 2024
According to a March 14, 2024 Hilton press release:
Hilton (NYSE: HLT) today announced an agreement with Adventurous Journeys Capital Partners (“AJ Capital”) to acquire the fan-favorite Graduate Hotels® brand, adding a significant growth opportunity for the global hospitality leader in the fast-growing lifestyle hotel market.
Hilton will pay $210 million to acquire all rights to the Graduate brand worldwide, enter into franchise agreements for all existing and signed pipeline Graduate Hotels, and become responsible for the brand’s future development and growth. AJ Capital will remain the owner of the more than 35 operating and pipeline Graduate properties, each of which will be operated under long-term Hilton franchise agreements.
The transaction, which is expected to close in the second quarter, subject to customary closing conditions including review and approval pursuant to Hart-Scott-Rodino, will be immediately accretive to Hilton. The company expects the fee contribution for the first full year of ownership to be approximately $16 million....
Click here for the full press release.
I asked a representative from the Roosevelt Island Graduate Hotel:
How will this affect the Roosevelt Island Graduate Hotel? Any changes?
Any statement to the Roosevelt Island community?
Will update when more info becomes available.
What, if any, changes will Hilton Hotel bring to the Roosevelt Island Graduate Hotel
Panorama Room rooftop cocktail bar
or Anything At All lobby restaurant?
We shall see.
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