LOS ANGELES, Feb. 14, 2014 /PRNewswire-iReach/ -- Urban Commons, LLC, together with Brighton Management, announces today the purchase of the 333-room Sheraton Pasadena Hotel. The full-service Hotel is located in the premier vacation and group/corporate meeting destination of Pasadena and is the only hotel directly adjacent to the recently expanded Pasadena Convention Center, which draws thousands of visitors and exhibits year-round. The Hotel is also located within 3 miles of the city's historic landmarks and attractions such as the Rose Bowl, the Norton Simon Museum, and The Huntington Library and Botanical Gardens.
The Companies have already received full 20-year commitment from the Sheraton® Brand to keep the Sheraton flag. In addition, the Sheraton Pasadena is located in the heart of the city's burgeoning redevelopment district, which recently completed its own $150 Million renovation and expansion. Urban Commons is very interested in advancing the city's esteemed redevelopment efforts and plans to refresh and modernize the hotel to accompany those efforts. Located at 303 East Cordova in Pasadena, CA, the Sheraton Pasadena offers a restaurant & bar, 12,000 square feet of interior meeting space, an exercise facility, outdoor heated swimming pool, tennis courts, abundant parking, and complimentary shuttle service within a three-mile radius.
Since 2011, Urban Commons has completed 10 hotel acquisitions totaling $300 Million in asset value. With top management in place, the Company has been able to seamlessly take over hotels and quickly generate value by adding directly to their bottom line. Urban Commons targets value-add opportunities where they see the greatest growth potential and upside opportunity for returns. With their success, Urban Commons continues to aggressively grow its portfolio in the hospitality sector.
Brighton Management currently owns and operates hotels located primarily in the Southern California Counties of Los Angeles, Orange, and Ventura. Recently, Brighton has re-focused on building its portfolio by buying troubled hotels at great values and expanding its reach beyond the Southern California region. As part of its strategic growth plan, Brighton continues to strengthen its market share by channeling traffic to its surrounding hotels and by having properties available at every price point in the market, resulting in increased revenue growth and net operating income in every segment of the market.
Urban Commons, a Los Angeles-based real estate investment firm, specializes in hospitality and residential income generating assets. Urban Commons targets value-add property acquisitions in highly populated, predictable markets. With decades of cumulative real estate investment, development, and management experience, the company has a proven ability to thrive in the US real estate market throughout all market cycles. Urban Commons owns, manages and invests in a variety of assets including land, apartment buildings, condominium projects, hotels, retail and commercial properties. Hospitality partners include names such as, Starwood Hotels and Resorts Worldwide®, Hilton Worldwide® and InterContinental Hotels Group®. For further information about Urban Commons, please visit www.urban-commons.com.
Brighton Management is a privately owned and operated real estate company focusing primarily on hotel development and management since its inception in 1994. With over 36 hotels under management, Brighton is one of the most influential hotel management companies in the industry. In addition to hotels, Brighton also manages 9 other residential/commercial properties throughout California. Hospitality partners include names such as, Starwood Hotels and Resorts Worldwide®, Marriott International®, Hilton Worldwide®, InterContinental Hotels Group®, Wyndham Worldwide®, Choice Hotels International®. Additional information about Brighton Management may be found on www.brightonmgt.com.
Media Contact: Nancy Choi, Urban Commons, 213-290-9111, firstname.lastname@example.org
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SOURCE Urban Commons