AJ Capital Partners Acquires Former Doubletree by Hilton Hotel Richmond Downtown

Now Closed to Convert and Open as Graduate Richmond Hotel in Richmond, Virginia in Early 2016

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. March 06, 2015

Richmond, VA - March 6, 2015 - AJ Capital Partners is pleased to announce that it has acquired the former Doubletree by Hilton Hotel Richmond Downtown in Richmond, Virginia. As of today, the property will be closed to facilitate a comprehensive renovation and will open as the Graduate Richmond in early 2016. The 200 room full-service hotel is located on Franklin Street, ideally located one block from Virginia Commonwealth University, walking distance to the Virginia State Capitol, downtown Richmond and the Broad Street dining and entertainment district.

Created for travelers who seek memory-making stops, Graduate Hotels are part of a well- curated, thoughtfully crafted collection of hotels that reside in the most unique college towns 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. Additional locations including Charlottesville, Va.; Madison, Wis.; and Oxford, Miss. are slated to open this year joining Graduate Tempe in Arizona and Graduate Athens in Georgia.

The full-scale renovation will touch all interior spaces including common areas, guest rooms and meeting and event spaces transforming the hotel with the signature Graduate design aesthetic. Room offerings will include king and queen-queen options, as well as a mix of gracious suites. Guests can expect an innovative food and beverage offering, including a grab-n-go coffee shop and transformed roof and pool deck. Other guest amenities will include an enlarged fitness center, valet parking and state-of-the art meeting and event space making Graduate Richmond the ideal destination for leisure and business travelers alike.

"We are delighted to announce that Graduate Hotels is coming to Richmond," says Ben Gottlieb, Vice President of Acquisitions at AJ Capital Partners. "Home to two world-class universities, the Virginia State Capitol and defined by over 400 years of history, Richmond is an ideal location for a Graduate Hotel. We look forward to welcoming the Richmond and visiting community to our transformed property in early 2016."

About AJ Capital Partners

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 company's mission is to achieve optimal risk adjusted returns for its investors who are seeking long-term capital investments. The group develops, owns, and operates commercial and hospitality assets and businesses throughout the United States, Mexico, and the Caribbean. In fall 2014, AJ Capital Partners launched Graduate Hotels, a new hotel collection targeting university-anchored markets across the country that celebrates each town's unique local culture and history. 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