Hilton buys Graduate Hotels, including two UK sites in Oxford and Cambridge

Hilton has made a rare acquisition – this is the first major one since it bought Embassy Suites, DoubleTree and Hampton in 1999 – with the $210 million purchase of Graduate Hotels.

The name may ring a bell. The company has two hotels in the UK – The Randolph in Oxford which we reviewed here and pictured below, and Graduate Cambridge. The Cambridge property, second image below, was previously a DoubleTree by Hilton hotel before being sold to Graduate.

Graduate Hotels has 33 sites in total, with the other 31 in the United States. They are situated in university towns and “cater to college alumni, students, and communities with hip, nostalgic-themed design and campus-centric amenities.”

Hilton believes that the brand could grow to 400-500 hotels globally.

In some ways, the hotels – and the cities they serve – are similar to IHG’s Hotel Indigo brand. Most Hotel Indigo sites are in upmarket mid-tier cities which by definition will usually have a well regarded university nearby.

There is something a little odd about the structure of the deal.

Graduate Hotels currently owns, outright or via long lease, the majority of its sites. There is nothing that Hilton likes less than owning physical assets, so the business is being split. The current owners will retain all of the property assets and the hotel management will not change. Hilton is simply acquiring the brand, simultaneously franchising it back to the existing hotels.

Hilton stated yesterday that it will receive $16 million in franchise fees in the first year. This is a remarkably good 7.6% return on its $210 million investment, especially as the fee will rise in line with room rates and there are four new openings coming too.

Was Graduate Hotels in need of the cash? Or has Hilton convinced the owners that it can raise occupancy rates and therefore make the underlying property assets more valuable?

The deal is forecast to close by the end of June, following regulatory clearances.

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How to earn Hilton Honors points and status from UK credit cards (June 2025)

There are various ways of earning Hilton Honors points from UK credit and debit cards.  Many cards also have generous sign-up bonuses.

There are two dedicated Hilton Honors debit cards. These are especially attractive when spending abroad due to the 0% or 0.5% FX fee, depending on card.

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