Atlanta/PRNewswire/ -- Davidson Hotels & Resorts announces the transition in ownership of the Iowa City Sheraton, a property formerly owned by RockBridge and managed by Davidson for nearly 10 years. AJ Capital Partners, a Chicago-based private equity firm, has acquired the property while retaining Davidson Hotels & Resorts as the management company.
The Iowa City Sheraton is located on Iowa City's Pedestrian Mall District. The nine-story, 234-room hotel will undergo an expansive renovation in 2018, culminating with a relaunch to the Graduate Iowa City by summer 2018. Renovations will touch all aspects of the property including more than 13,000 square feet of meeting and event spaces, as a well as guestrooms, restaurants, pool, and the hotel lobby. Additionally, Graduate Hotels will bring a locally driven food and beverage program for a more local experience. Upon conversion to a Graduate Hotel, the property will operate under Pivot Hotels & Resorts, Davidson's lifestyle and luxury operating division.
"AJ Capital has created one of the most exciting new concepts in lodging with Graduate Hotels. We have operated in over ten university markets ourselves, so the combination of our experiences will be highly strategic as we grow together," said John Belden, president and CEO of Davidson.
"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 multidimensional university-anchored markets. We look forward to expanding our footprint within the Big Ten Conference with Graduate Iowa City's opening next year. We look forward to growing with Pivot Hotels & Resorts as they've quickly established themselves as one of the most creative and innovative lifestyle managers in the industry."