PROVIDENCE, R.I. (WPRI) – A Chicago-based hospitality and real estate firm announced Monday it has purchased the Providence Biltmore Hotel and will convert it to join its collection of Graduate Hotels in college towns across the country.

Adventurous Journeys (AJ Capital Partners) did not disclose how much it paid for the 294-room downtown hotel, built in 1922, but city tax records show the building’s assessed value is $26.2 million. The firm stated its renovation will be complete by spring 2019.

“We are thrilled to announced the acquisition of Providence Biltmore Hotel, marking our second entry into an Ivy League market,” Tim Franzen, president of Graduate Hotels, said in a statement. “This property is perfectly positioned at the city’s epicenter, offering visitors convenient access to everything Providence has to offer, including its five universities. In turn, once transformed into Graduate Providence, we aim to offer locals a dynamic community-centric gathering space they can call their own.”

According to the firm’s press release, it also owns hotels in Ann Arbor, Michigan; Athens, Georgia; Berkeley, California; Charlottesville, Virginia; Lincoln, Nebraska; Madison, Wisconsin; Oxford, Mississippi; Richmond, Virginia; and Tempe, Arizona. In September, it announced it purchased a hotel in New Haven, Connecticut.

Continue the discussion on FacebookDan McGowan ( dmcgowan@wpri.com ) covers politics, education and the city of Providence for WPRI.com. Follow him on Facebook and Twitter: @danmcgowan