Vista Hospitality, a Binghamton, N.Y.-based hotel operator, announced the acquisition of the Graduate New Haven hotel on Chapel Street for a total price of $10.65 million. The transaction, recorded in the city’s land records on Friday, includes the six‑story, 72‑room property, its furniture, fixtures and all operating assets.
Deal details and financing
The warranty deed shows Vista New Haven Hotel Inc. purchased the real estate for $8.65 million, the amount reflected in the city’s real‑estate conveyance tax. Vista’s co‑founder and CEO Amin Visram explained that the additional $2 million covers the building’s interior contents, bringing the overall cost to $10.65 million. The city’s most recent tax appraisal values the property at $16,560,100.
To fund the purchase, Vista secured a $7,242,000 mortgage loan from Visions Federal Credit Union on September 18. Visram noted that the loan, combined with the company’s own capital, positions Vista to invest further in the hotel’s upkeep and guest experience.
Commitment to workers and union contract
Visram emphasized that the sale will not affect the hotel’s existing union agreement. “We’re inheriting the union,” he told the New Haven Independent. The Graduate’s staff, currently represented by UNITE HERE Local 217, will retain their contract under a successor clause that automatically transfers to the new owner. Union secretary‑treasurer Josh Stanley praised the continuity, saying the contract protects workers when properties change hands.
The hotel employs roughly 20‑30 people, and Vista plans to keep nearly all staff members on board. Visram described the acquisition as “strategic,” noting the hotel’s prime location adjacent to Yale’s campus and its status as a Hilton‑branded property, which aligns with Vista’s existing portfolio of Hilton hotels, including a DoubleTree at JFK Airport.
Planned improvements and community impact
Vista intends to allocate between $1 million and $1.5 million over the next two years for capital improvements. Visram said the property already “shines very well,” but the planned upgrades will enhance guest amenities and maintain the hotel’s reputation as a bustling destination for visitors to New Haven and Yale.
The Graduate’s transformation from the single‑room‑occupancy Hotel Duncan to a boutique, college‑themed hotel began in 2017 when AJ Capital Partners purchased the historic 1894 building for $8 million. Since its 2019 reopening, the hotel has sparked local discussion about affordable housing and the role of union‑organized staff in the downtown hospitality sector.
Broader context for boutique college hotels
Visram explained that AJ Capital built more than 30 college‑themed boutique hotels across the country, many of which have now been franchised to Hilton. The company has been divesting several of these properties, including locations in Tempe, Arizona; Cincinnati, Ohio; and Providence, Rhode Island. The Graduate New Haven acquisition adds a strategically located asset to Vista’s growing portfolio, which spans New York, Florida, Pennsylvania and Canada.
Local officials and developers celebrated the hotel’s original rebirth in October 2019, and the continued investment by Vista signals confidence in New Haven’s tourism economy and its ability to provide stable, union‑protected jobs for the community.
Original reporting: New Haven Independent — read the source article.
