AJ Capital Partners Acquires President Hotel Apartments to Be Converted to Graduate Palo Alto
AJ Capital Partners announced that it has acquired the
President Hotel Apartments, formerly Hotel President, in Palo Alto,
California. The six-story building is located on University Avenue, in
the heart of downtown Palo Alto. Completed in 1929, the iconic Hotel
President was named to honor then-President Herbert Hoover, who was one
of the first students to enroll at Stanford University. Currently a mix
of retail and apartments, the building will undergo an historic
renovation to convert to Graduate Palo Alto, part of the Graduate
Hotels® collection, and open in 2020. Following the renovation, the
hotel will offer 100 guestrooms, a lobby coffee shop, street level
retail and the restoration of its original rooftop garden. AJ Capital
selected LoanCore Capital to provide financing for the project.
Prominently situated in the center of Palo Alto's downtown, the hotel
is conveniently proximate to Stanford University's educational, medical
and research campuses and Stanford Stadium, and within walking distance
to Palo Alto's most popular restaurants, retailers, galleries and
theaters. With many of the nation's leading entrepreneurial, service and
venture capital firms located in Palo Alto and Silicon Valley, as well
as a diverse mix of lifestyle and recreational amenities in the area,
Graduate Palo Alto will be an ideal location for business and leisure
travelers alike.
Created for travelers who seek memory-making journeys, Graduate Hotels® are a well-curated, thoughtfully-crafted collection of hotels that reside in the most dynamic university-anchored cities across the country. Every property celebrates and commemorates the optimistic energy of its community, while offering an extended retreat to places that played host to the best days of our lives. There are currently 11 Graduate Hotels open and operating across the U.S. and an additional nine hotels under development and slated to open by 2020.
“We are incredibly proud to announce the acquisition of Palo Alto's Hotel President, one of the first hotels built in Palo Alto,” says Ben Weprin, Founder and CEO of AJ Capital Partners. “The opportunity to restore an iconic and historical Palo Alto landmark back to its original intent is the exact type of project that defines our company's mission.”
The building will undergo a comprehensive renovation, which will touch all guestrooms, corridors and the lobby, while still preserving its façade and interior historic elements in order to restore the hotel's original luster.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
