Graduate hotel in New Haven , Connecticut , across from the Yale University School of Arts
Steve Freihon
Ben Weprin is a quick study . The founder of Chicago-based owner-operator AJ Capital Partners ( AJCP ) says he talks to Starwood Capital ’ s Barry Sternlicht regularly , counts Loews Hotels Jonathan Tisch and Chicago restaurant empresario Larry Levy as mentors . Barry Helfand , who works with real estate titan Sam Zell , is part of his circle of close connections .
He learned quickly about property values and combines that with an understanding of the importance of stewardship in the communities where AJCP develops — be it the university-driven Graduate hotel brand with 22 properties open , 12 under construction and about another 15 in the pipeline , or irreplaceable assets like a recently acquired hotel property on the 18th hole at the St Andrews Links in Scotland . AJCP assets have a total estimated book value of about US $ 3.5 billion — about US $ 2.5 billion with Graduate .
Has that momentum ground to a halt with the coronavirus crisis ? Two weeks after an initial , upbeat March 10 interview with HOTELS , Weprin struck a different tone after closing his Graduate hotels . While shaken , he was also resolute in his conviction to grow his brand and bring the jobs back for his team .
“ No virus can touch my dreams . You can ’ t lay a hand on it ,” he said at the time . “ This is a speed bump . It ’ s certainly challenging , though , and it ’ s going to hurt momentum for everybody . But everyone [ in the industry ] is in this together . So we ’ re all coming out of it together . It ’ s an equal playing field . And when you ’ re committed to a cause that you think is bigger than yourself , this doesn ’ t stop that .”
Single focuS With a growing expertise in adaptive reuse projects , especially with older buildings in university towns , AJCP has built a reputation as being a doer and has become vertically integrated , delivering on development and operations through a singular lens . It quickly scaled a brand by looking for challenging markets with high barriers to entry .
“ These assets are generational , and we ’ re making 100-year commitments to these markets ,” says the workout warrior with an energy and optimism that in some respects makes you feel like you are talking to a political candidate . “ When you own something , it ’ s a way different mindset than if you ’ re coming and flipping something in two to three years … You don ’ t want to go back into it after two or three years and have to replace everything . We ’ re doing all the right things the first time so it lasts forever . That ’ s what these markets deserve … You can ’ t cheat the players . Fans may not know , but the players — the locals — take notice when you make that commitment . Then they take
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