DENVER, Colorado—Mission Hill Hospitality announced it has acquired the Oread Hotel, a 102-key property adjacent to the University of Kansas in Lawrence. It will be branded as Oread Hotel, Tapestry Collection by Hilton. Terms of the deal are undisclosed. The Oread Hotel is Mission Hill Hospitality’s 24th acquisition since the company was launched in March 2021.
“This acquisition presented a unique opportunity to expand our portfolio geographically in a major education market with high demand, offering unparalleled proximity to the University of Kansas,” said Tom Barber, managing director, Mission Hill Hospitality. “Mission Hill Hospitality continues to focus on targeted acquisitions of hand-picked, high-quality assets in strategic locations, with the Oread Hotel representing our first investment in the Midwest.”
Located adjacent to the university entrance, Oread Hotel has views of the campus and football stadium, which is a short walk from the property. It has 15,000 square feet of meeting space, a three-meal restaurant, bar, retail space, two large outdoor terraces, and a fitness center.
The 10-story property was originally developed in 2010 as a 99-key hotel with nine residential condominium units. Planned capital improvements will feature the conversion of three condo units to hotel suites. Additional improvements include upgrades to guest bathrooms, new furnishings, and renovated event and public space.
The University of Kansas is a public and research university with a student population of nearly 30,000 and 10,000 employees. It is the oldest university in Kansas, founded in 1865. It is located less than 50 miles from the Kansas City airport.
The 1,000-acre University of Kansas campus in Lawrence has the Spencer Museum of Art’s large collection of contemporary and indigenous art and the KU Natural History Museum with a collection of dinosaur fossils. Other nearby off-campus attractions include Massachusetts Street (Mass Street), a thoroughfare for retail, dining, and nightlife; the Lawrence Arts Center, Watkins Museum of History; the Prairie Park Nature Center; Baker Wetlands; and Clinton State Park.