AJ Capital Partners Acquires The Franklin Hotel in Chapel Hill, North Carolina
Adventurous Journeys (AJ) Capital Partners announced today that it has acquired The Franklin Hotel in Chapel Hill, North Carolina. The hotel will run independently as The Franklin Hotel prior to and during renovations, which will begin in January 2020. Once completed in April 2020, the five-story, 70-key hotel will debut as Graduate Chapel Hill, part of the Graduate Hotels® collection.
Prominently positioned on Franklin Street, the bustling main thoroughfare of downtown Chapel Hill, the hotel will offer direct access to the city's top restaurants, bars and shops, as well as the picturesque University of North Carolina at Chapel Hill campus. Fans of Tar Heel athletics will enjoy close proximity to UNC-CH institutions such as the Dean E. Smith Center and Kenan Memorial Stadium.
Created for travelers who seek memory-making journeys, Graduate Hotels is a thoughtfully crafted collection of hotels that reside in the most dynamic university-anchored cities across the country. Each property celebrates and commemorates the optimistic energy of its community while offering an extended retreat to places that often play host to the best days of our lives. There are currently 15 Graduate Hotels open and operating across the U.S. and an additional 16 properties under development and slated to open by the end of 2020.
"We are thrilled to bring Graduate Hotels unique hospitality experience to a quintessential university town like Chapel Hill," said David Rochefort, Senior Vice President of Asset Management. "The community takes so much pride in the city's vibrant history and traditions, and we look forward to bringing that energy to life at Graduate Chapel Hill."
The hotel will undergo comprehensive interior renovations that will include all guest rooms, event spaces and common areas, including a transformation of the existing lobby and bar into Poindexter Coffee, Graduate Hotels' signature café and bar.