IOWA CITY, Iowa
AJ Capital Partners announced its acquisition of the Sheraton Iowa City in Iowa City, Iowa, from Rockbridge. The hotel will undergo a renovation to convert to a Graduate hotel by summer 2018.
The nine-story, 234-room hotel is located on 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, the hotel is already an established destination for university visitors and travelers.
“It is with great pleasure that we announce the acquisition of the Sheraton Iowa City,” said 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 [the hotel’s] opening next year.”
The hotel will undergo a renovation, which will touch all guest rooms, 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.
