By John Magsam NWA Democrat Gazette Chicago's AJ Capital Partners finalized its purchase of The Chancellor Hotel in downtown Fayetteville with plans to turn it into one of its boutique Graduate Hotels, according to a Thursday news release. The hotel will operate under The Chancellor name while it undergoes renovation and will be rebranded Graduate Fayetteville in the fall of 2019. The Graduate brand features hotels in "dynamic university-anchored cities across the country," according to the release. "We couldn't be more pleased and excited about our acquistion of The Chancellor Hotel and becoming a longtime member of the vibrant and dynamic Fayetteville community," Tim Franzen, president of Graduate Hotels, said in a statement. AJ Capital has 13 Graduate Hotels, and has 13 others under development and expected to open by 2020. In 2011, the 206-room hotel near the city square on East Avenue was sold to Southwind Hospitality Holdings. The property underwent a significant renovation at that time.