US-based Graduate Hotels, which specialises in upscale hotels in university towns, has got the financial green light for a new site in Auburn, Alabama.
JLL’s Hotels & Hospitality Group arranged $40 million in construction financing for the development of the 177-key Graduate Auburn. JLL worked on behalf of project sponsor, Adventurous Journeys Capital Partners (AJ Capital), in securing the five-year, floating-rate loan with Southern States Bank.
Upon completion, the hotel will offer a mix of traditional guestrooms and suites, approximately 10,000 sq ft of flexible meeting and event space and two food and beverage outlets, including a rooftop lounge with an outdoor terrace featuring panoramic views of the Auburn campus.
Graduate Auburn, designed by Hartshorne Plunkard Architects and AJ Capitals’ in-house interior design team, will reference the storied history of Auburn University and provide an aesthetic designed to appeal to university visitors and locals.
Bucaro said: “Graduate Auburn will enjoy a substantial competitive advantage as the premier hotel at Auburn University. The combination of amenities, as well as its premier location, will position the hotel as a top choice for Auburn University-related travel.”
Graduate Auburn will join a collection of 35 other Graduate Hotels and will be the brand’s seventh location in the US Southeastern Conference region.
Also in the pipeline for the chain are several conversion projects: Graduate Palo Alto bringing 100 keys to California by the end of this year; Graduate Dallas, adding 95 guestrooms in Texas in Q3 2023; and Graduate Princeton, a 178-room site completing in Q4 2023.