CGI Merchant Group LLC (CGI), a global investment management firm, has announced that they will invest US$30 million to convert existing facilities at Morris Brown College in Atlanta into an upscale, 150-room hotel and hospitality management training complex. Construction of the 90,000 square foot facility is expected to begin later this year. The investment was made through CGI’s new US$650 million Hospitality Opportunity Fund, whose goal is to acquire 20 hotels in North America and the Caribbean over the next three years. The hotel will join the Tapestry Collection by Hilton, adding to the hospitality industry leader’s portfolio, consisting of more than 6,400 properties in 119 countries and territories worldwide.
The 150-key property will offer two food and beverage outlets, an outdoor terrace, and instructional space for the school’s hospitality students. The venture marks another milestone for CGI’s recently launched US$650 million Hospitality Opportunity Fund (H-fund), which targets to acquire 20 hotels across North America and the Caribbean over the next three years. “Morris Brown’s storied history and prime location make this a perfect opportunity for CGI to fulfill our mission of uniting sound financial investing with a meaningful and measurable community impact,” said CGI Founder and CEO Raoul Thomas. “It is both a privilege and source of pride to be embarking on this endeavor with like-minded business partners who have come together to make history. CGI hopes that this partnership serves as a catalyst for continued change, as more and more organizations and individuals are turning their attention to these important historic institutions which have been overlooked for far too long.”
Morris Brown is centrally located in downtown Atlanta within a one-mile radius of other renowned HBCUs, such as Morehouse College, Spelman College, and Clark Atlanta University, within the Atlanta University Center Consortium.