UConn sells on-campus hotel to private owner
STORRS, Conn. (AP) — The University of Connecticut has agreed to sell its on-campus hotel to a private operator.
The school’s trustees Wednesday agreed to sell the Nathan Hale Inn to AJ Capital Partners for $8.3 million, the same price UConn paid when the university bought the hotel from another private owner three years ago.
The new owners run the Graduate Hotels brand, a collection of boutique-style hotels at college campuses across the nation.
The agreement calls for AJ Capital Partners to spend between $10 million and $13 million for renovations and improvements to what will become the Graduate Storrs hotel.
UConn says it will continue to house about 150 students in the building through the 2018-19 academic year.