The Loews Annapolis Hotel is under contract to be sold to Adventurous Journeys Capital and rebranded under the firm’s Graduate Hotel series popping up in college markets across the country.
AJ Capital, a Chicago-based real estate investment firm, made an unsolicited offer to Loews. The company accepted, as the West Street hotel is in need of upgrades. The sale will become final at the end of July.
The Loews, an anchor on West Street, houses 215 rooms, including 17 suites, and the BAROAK Cookroom & Taphouse.
Graduate Hotels targets college communities and caters to university alumni, attendees and their families. Hotels in college towns such as Ann Arbor, Michigan or Charlottesville, Virginia pay homage to the culture of their respective universities. There are 12 Graduate Hotels, with eight planned in the next two years. The Annapolis acquisition would be Graduate’s first Maryland hotel.
The Loews Annapolis on West Street is close to St. John’s College and the Naval Academy, which have a combined student population of about 5,000.
Loews and Graduate Hotels did not immediately respond to request for comment.
The sale would mark the fourth Annapolis hotel sale in the last nine months. In April, Crescent Real Estate LLC bought the Westin hotel and Hersha Hospitality Trust purchased the Annapolis Waterfront hotel. In October, OTO Development bought the O’Callaghan Hotel.
