CHICAGO—JLL’s Hotels & Hospitality Group has arranged $40 million in construction financing for the development of Graduate Auburn, a 177-key hotel in Auburn, Alabama. JLL worked on behalf of the sponsor, Adventurous Journeys Capital Partners (AJ Capital), in securing the five-year, floating-rate loan with Southern States Bank.
Upon completion, the hotel will offer a mix of traditional guestrooms and suites, approximately 10,000 square feet of meeting and event space, and two food and beverage outlets, including a rooftop lounge with an outdoor terrace. Graduate Auburn, designed by Hartshorne Plunkard Architects and AJ Capitals’ interior design team, will reference the history of Auburn University and provide an aesthetic for university visitors and locals alike. Graduate Auburn will join a collection of 35 other Graduate Hotels and will be the brand’s seventh location in the SEC conference.
Graduate Auburn will be located on Magnolia Avenue across from the 1,800-acre Auburn University Campus nearby College Street and Toomer’s Drugs. Auburn University is one of the largest universities in the south. Auburn is a college town comprised of shops, green spaces, parks, and golf courses. The town is less than 60 miles northeast of Montgomery and 100 miles southwest of Atlanta. The University is an economic driver in the metro area, employing roughly a quarter of the city’s total workforce. In addition, the area has an industrial and manufacturing presence, including mid-sized, high-tech manufacturing and research firms.
The JLL Hotels & Hospitality team representing the sponsor was led by Executive Vice President Jeff Bucaro and Senior Managing Director Danny Kaufman.
“Graduate Auburn will enjoy a substantial competitive advantage as the premier hotel at Auburn University,” said Bucaro. “The combination of amenities, as well as its premier location, will position the hotel as a top choice for Auburn University-related travel.”