AJ Capital Partners Acquires Sheraton Iowa City from Rockbridge
June 29, 2017 1:37pm
Iowa City, Ia. – June 29, 2017 – AJ Capital Partners announced today that it has acquired the Sheraton Iowa City in Iowa City, Iowa from leading investment firm, Rockbridge. The hotel will undergo a comprehensive renovation to convert to a Graduate hotel by summer 2018. The nine-story, 234-room hotel is located on South Dubuque Street on downtown Iowa City’s Ped Mall near the University of Iowa.
Located just a block from the University of Iowa campus, the hotel benefits from an indoor public walkway connecting the hotel with direct access to the city’s Pedestrian Mall home to many restaurants, bars and retail shops. With over 13,000 square feet of meeting and event space, a fitness center, indoor pool and restaurant, hotel is an established destination for University visitors, business and leisure travelers, and locals alike.
Created for travelers who seek memory-making journeys, Graduate Hotels are part of 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 often played host to the best days of our lives. Locations include Ann Arbor, Mi.; Athens, Ga.; Berkeley, Ca.; Charlottesville, Va.; Lincoln, Ne.; Madison, Wi.; Oxford, Ms.; Richmond, Va.; and Tempe, Az. Bloomington, In.; Minneapolis, Mn.; Seattle, Wa.; and New York City’s Roosevelt Island as part of the Cornell Tech campus are slated to open in 2018 and 2019.
"It is with great pleasure that we announce the acquisition of the Sheraton Iowa City,” says Tim Franzen, President of Graduate Hotels. “This acquisition exemplifies our strategy of investing in ideally located assets in multi-dimensional university-anchored markets. Our location on the Ped Mall, the focal point of downtown Iowa City, will offer locals, students and visitors direct access to the hotel. We look forward to expanding our footprint within the Big Ten Conference with Graduate Iowa City’s opening next year.”
The hotel will undergo a renovation, which will touch all guestrooms, restaurant, pool, meeting and event spaces and the hotel lobby. In addition, Graduate Hotels will introduce an innovative, locally-centric food and beverage program designed to foster interaction between hotel guests and locals.
For more information on Graduate Hotels, please visit www.graduatehotels.com.
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sheraton iowa city
Adventurous Journeys Capital Partners, based in Chicago, is an accomplished team of hospitality and real estate investors whose innate passion is to create a one-of-a kind portfolio of timeless assets. The counter-culture investors acquire, design and develop transformative real estate throughout the United States, Mexico, and the Caribbean. In fall 2014, AJ Capital Partners launched the Graduate Hotels collection. AJ Capital Partners continues to grow its portfolio of lodging investments, firmly establishing the group as visionary leaders in the lifestyle-driven investment industry. For more information on AJ Capital Partners, please visit www.ajcpt.com.
Contact: Meg Connolly
Rockbridge is an investment firm with nearly two decades of experience investing in real estate and operating companies. It has made more than 200 hotel investments in 38 states in transactions worth more than $5 billion. Through its deep in-house experience and strong foundation of industry relationships, Rockbridge has delivered a track record of high absolute returns across multiple cycles and is a leading investor in hospitality. Rockbridge is ranked as the ninth largest owner/operator of hotels in the nation by Hotel Business Magazine. For additional information about Rockbridge, visit www.rockbridgecapital.com.
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