Graduate Lincoln (Nebraska) / Courtesy photo
The Chancellor Hotel in downtown Fayetteville has been sold to Chicago’s AJ Capital Partners with plans to convert the building into one of the company’s boutique Graduate Hotels.
The 206-room hotel will continue to operate under the Chancellor Hotel name while renovations take place. Once complete in fall 2019, the hotel will be rebranded as Graduate Fayetteville.
Renovation work will affect all guestrooms, common areas, the lobby-level restaurant and bar and the hotel’s 12,200 square feet of meeting and events space.
Graduate Oxford (Mississippi) / Courtesy photo
News of the sale emerged last week when Fayetteville City Council members unanimously passed a walk-on resolution transferring a longterm parking agreement for the Meadow Street Parking Deck to the new owners. The hotel leases spaces on the first and third levels of the deck, which is located directly east of the building.
“We couldn’t be more pleased and excited about our acquisition of The Chancellor Hotel and becoming a longtime member of the vibrant and dynamic Fayetteville community,” said Tim Franzen, president of Graduate Hotels. “When we launch as Graduate Fayetteville next year, it will be in continuance of our ever-expanding presence across the country and, more specifically, throughout numerous SEC markets in the South.”
Graduate Richmond (Virginia) / Courtesy photo
AJ Capital owns 13 Graduate Hotels, and plans to open another 13 by 2020. Current locations include Ann Arbor, Michigan; Athens, Georgia; Berkeley, California; Bloomington, Indiana; Charlottesville, Virginia; Iowa City, Iowa; Lincoln, Nebraska; Madison, Wisconsin; Minneapolis, Minnesota; Oxford, Mississippi; Richmond, Virginia; Seattle, Washington; and Tempe, Arizona.
The Chancellor, located at 70 N. East Ave., was previously owned by Southwind Hospitality Holdings. It was known as the Cosmopolitan Hotel before a 2012 rebranding and reopening that followed a complete, top-to-bottom redesign and renovation including replacement and updating of mechanical, electrical and plumbing systems as well as all furniture, fixtures and equipment.