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Hilton to acquire Graduate Hotels The hotel company will buy the rights to Graduates’ US and UK hotels


By Jungmin Seo


Hilton is set to acquire the Graduate Hotels brand for £165m following an agreement with Adventurous Journeys Capital Partners (AJ Capital). The deal, which is Hilton’s


first brand acquisition since 1999, will see it take on the rights to the 10-year-old com- pany that operates more than 30 hotels in university towns in the US and UK. Hilton believes the acqui-


sition provides a significant growth opportunity for its life- style hotels segment, as it sees the potential for 400 to 500 Graduate hotels in the future. Once complete, Hilton will


acquire all rights to the Graduate brand worldwide and enter into franchise agreements for all exist- ing and signed pipeline Graduate Hotels, including the Randolph Hotel by Graduate Hotels in Oxford and Graduate Cambridge. AJ Capital will remain the


owner of the current Gradu- ate Hotels portfolio, which includes more than 35 operat- ing and pipeline properties. The Nashville-based Gradu-


ate Hotels was founded in 2014 and operates two UK hotels as well as around 30 sites in US


Graduate Cambridge is one of two Graduate hotels in the UK. Hilton sees potential for 500 hotels globally


college towns such as Berkeley, California and Tucson, Arizona. Chris Nassetta, president


and chief executive of Hilton, said: “Adding Graduate Hotels to our portfolio of award-win- ning brands accelerates our expansion in the lifestyle space by pairing an existing much- loved brand with the power of Hilton’s strong commercial engine to drive growth. We have long had a high bar for


adding brands to our portfolio, whether organically or through acquisition, and Graduate will be another driver of growth for us, presenting a unique oppor- tunity to serve more guests in more sought-after destinations. “With thousands of colleges


and universities around the world, we believe the address- able market for the Graduate brand is 400-500 hotels globally.” The deal is expected to close


in Q2 and will be subject to cus- tomary closing conditions. Graduate Hotels will join Hil-


ton’s lifestyle portfolio, which includes Canopy by Hilton, Curio Collection by Hilton, Tapestry Collection by Hilton, Tempo by Hilton and Motto by Hilton. Deutsche Bank Securities Inc


was AJ Capital’s sole financial advisor on the transaction.


jungmin.seo@thecaterer.com Des Gunewardena to launch Canary Wharf restaurant


Des Gunewardena, the former chief executive of D&D Lon- don, has signed a deal to open a 9,500 sq ft site in London’s Canary Wharf in late 2024. The new venue will feature


indoor restaurants, bars and private dining spaces, as well as outdoor terraces overlooking Canada Square Park. The Canary Wharf ven-


ture will be the second stan- dalone restaurant opening for Gunewardena since his depar- ture from D&D in 2022, 16 years after he co-founded the group with David Loewi. He is also set to launch a res- taurant, bar and event space at the Royal Exchange in the City


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and Blacklock, as well as Roe, which is due to open in April from the team behind Fallow. Gunewardena said: “Canary


Des Gunewardena says he is joining leading restaurateurs in the area


of London later this year. Canary Wharf has seen several high-profile restau-


rant openings in recent years, including Dishoom, Hawks- moor, Mercato Metropolitano


Wharf is growing and it’s changing. No longer just about work, it is increasingly a part of London people are choosing to live and to visit for its shops, restaurants, art and culture. “This is why a number of leading restaurateurs have chosen to open here post-Covid – and why I am very excited about becoming part of the Canary Wharf scene.” Canary Wharf Group was advised by Rupert Bentley- Smith of Bruce Gillingham Pollard.


22 March 2024 | The Caterer | 5


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