Urban Commons Announces Portfolio Expansion on Heels of Queen Mary Island Master Plan Reveal
Urban Commons increases assets and allocates more than $70 million to reposition prime hotels in key markets across the country
LONG BEACH, CA – November 14, 2017 – Los Angeles-based real estate investment and development firm Urban Commons has exponentially expanded its portfolio in the last year, with plans to strategically grow its assets under management in key primary markets across the country. In just under two years, the team has acquired three hotels and mixed-use properties in three cities adding to the company’s portfolio.
Urban Commons’ hospitality portfolio includes a 777-room Holiday Inn Resort in Orlando, and a 400-room Marriott Renaissance in Denver. In addition, the company is underway on several other recently announced ground-up developments including a 150,000-square-foot senior housing development in Los Angeles’ Koreatown neighborhood and four new hotels in California comprising more than 700 guestrooms. Urban Commons is also in escrow on two upscale hotel properties in Los Angeles and New York with plans to reposition the assets through comprehensive renovation programs.
“We are incredibly proud of how far our team has come since launching Urban Commons in 2008. We grew the portfolio aggressively out of the gate in one of the most significant downturns our country has seen,” said Taylor Woods, Principal of Urban Commons. “Our goal of identifying and engaging in investment opportunities that promise upside potential has been critical to the success of our company and our investors. We look forward to carrying that mission forward as we pursue our expansion in a thoughtful and strategic manner.”
Urban Commons is on track to complete approximately $70 million in top-to-bottom renovations this year at five hospitality assets spanning Colorado, Southern California and Florida to increase guest satisfaction, improve property value and maximize operating revenue.
“Urban Commons’ investment strategy targets ideally located value-add assets in flourishing markets around the United States and repositions them to maximize their potential,” said John Jenkins, Vice President Asset Management for Urban Commons. “Our values going forward will remain constant; however, we are expanding our portfolio to focus on upscale hotels, apartments and senior housing opportunities in core markets that will remain stable in the event of a market downturn.”
In April 2016, Urban Commons acquired the 66-year master lease of the retired cruise ship and popular tourist attraction the Queen Mary in Long Beach. Since then, the team has announced renovation plans that will span the entire vessel from guestrooms to public restaurant spaces onboard to restore the ship to its original glory days and solidify its future. Most recently, Urban Commons revealed their vision behind the master plan which will bring to life an all-inclusive entertainment destination on the 65 acres of waterfront land surrounding the ship.
About Urban Commons
Urban Commons is a Los Angeles-based real estate investment and development firm with a successful track record for developing, repositioning and rebranding assets throughout the United States. The company focuses on impacting under-managed and under-utilized assets by developing innovative and emerging properties to promote optimal economic, social and environmental returns. Since its founding in 2008, Urban Commons has owned and managed over 40 hotels and developed nearly one million square feet of commercial retail space. Website: www.urban-commons.com
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