EUGENE, Ore. -- The Eugene Hilton, an iconic downtown hotel, has sold for close to $80 million, according to the Eugene Area Chamber of Commerce.

Brittany Quick-Warner of the chamber said the sale finalized last week, and Chicago based A.J. Capital Partners plans to renovate the hotel to give it a unique look and feel.

They plan to rename the 275-room hotel The Graduate Eugene as part of their Graduate hotel series. Quick-warner says A.J. Capital Partners has been buying up hotels in college towns all over the country and redesigning them based on local culture and icons. Quick-Warner said the high price tag shows the city is moving in the right direction.

“It's encouraging because it shows that folks really want to invest in Eugene,” Quick-Warner said. “They see the future that we have that we are trying to build right now.”

The hotel will continue to operate as a Hilton until the end of the year. Renovations are set to begin soon after and are expected to be done by summer of 2019.