Hilton to Acquire Graduate Hotels Brand
It’s official, Graduate Hotels will be part of Hilton. Rumors were first reported in early February and the company today announced an agreement with AJ Capital Partners to acquire the fan-favorite Graduate Hotels® brand. This acquisition adds a significant growth opportunity 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 is expected to close in the second quarter, subject to customary closing conditions.
The addition of Graduate Hotels to Hilton’s global portfolio will offer millions of travelers stays in their favorite university towns. Each Graduate hotel – steeped in local history, charm and nostalgia – is thoughtfully designed to reflect the unique character of its local university, offering the perfect setting for gamedays, reunions, graduations, campus visits and more.
Since its inception in 2014, the brand has grown to span the United States and the United Kingdom, including locations in Ann Arbor, Michigan; Knoxville, Tennessee; Palo Alto, California; State College, Pennsylvania; and Oxford and Cambridge, United Kingdom, with new hotels opening soon in Austin and Dallas, Texas; Auburn, Alabama; and Princeton, New Jersey.
The Graduate brand will be incorporated into Hilton’s fast-growing lifestyle portfolio alongside Canopy by Hilton, Curio Collection by Hilton, Tapestry Collection by Hilton, Tempo by Hilton and Motto by Hilton – each of which has been launched in the last 10 years.
Graduate Hotels are expected to be available for booking via Hilton channels later this year and will participate in Hilton Honors. Members who book directly with Hilton can access instant benefits, including a flexible payment slider that allows members to choose nearly any combination of Points and money to book a stay, exclusive member discounts, free standard Wi-Fi and the Hilton Honors mobile app.
Credit: Source link
