STATE COLLEGE, PA — HREC Investment Advisors has arranged the sale of the full-service 149-guestroom boutique Atherton Hotel in State College. The property was acquired by AJ Capital Partners, a real estate developer, owner, and operator, based out of Chicago, IL. AJ Capital will renovate the hotel to convert it to Graduate State College, part of the Graduate Hotels collection. HREC Investment Advisors represented Atherton Street Partnership during the transaction. The sale was negotiated by Ketan Patel, managing director in the Washington D.C. office. Patel said, “We are excited to have represented the seller and AJ Capital as the buyer for this highly desirable asset. Given its exceptional location in State College we knew this was the perfect fit for AJ Capital and their Graduate Hotels brand. We look forward to seeing the transformation of the Atherton Hotel in the near future.”