LOS ANGELES, May 20, 2013 /PRNewswire-iReach/ -- Urban Commons, LLC, together with Brighton Management, announces today the purchase of the Radisson Plaza in San Jose, beginning the commencement of the new Four Points by Sheraton® San Jose. The property is a full service, 5-story, 196 room hotel situated on 2.75 acres of land, located just one mile east of the Norman Y. Mineta San Jose International Airport and two miles north of downtown San Jose. Known as the "Capital of Silicon Valley", San Jose encompasses over 106 million square feet of office space and is home to some of the world's leading corporations. In the last few years, the city has undergone major redevelopment and revitalizations to the local and downtown areas, and is positioned to further benefit from the expansion of the San Jose McEnery Convention Center, and the development of the new San Francisco 49ers Football Stadium.
The San Jose Airport area does not currently contain any Starwood brand hotels. The closest Starwood product is a small historic building located in downtown San Jose with the Sheraton® Four Points flag. After thorough analysis and feasibility studies, Urban Commons, Brighton and Starwood concurred the Four Points by Sheraton® to be the most successful future brand for this hotel. Renovation plans are now in place worth $5M to update and elevate the hotel up to the Sheraton® brand standards.
This acquisition comes due to the recent foreclosure of the property completed by its lender and adds yet another deeply discounted bank-owned property to Urban Commons' and Brighton's growing portfolio of hotels. The two companies together jointly pursued the opportunity to purchase this property as it comes at a significant discount to its replacement cost and at an extremely attractive discount to the current market expectations.
Urban Commons continues to aggressively grow its portfolio particularly in the hospitality sector. 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 distressed and/or bank-owned hotels, where they see the greatest growth potential and upside opportunity for their investors.
Brighton Management currently 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 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.
Since 2012, Urban Commons and Brighton Management have completed 12 hotel takeovers totaling over $210 Million in asset value. With their successes in the hospitality sector, the Companies continue an aggressive pace for 2013.
Urban Commons, a Los Angeles-based real estate investment firm, specializes in hospitality and residential income generating assets. Urban Commons targets income property acquisitions in highly populated, predictable markets. With over two 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 now 28 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.
Nancy Choi Urban Commons, (213) 784-5941, email@example.com
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SOURCE Urban Commons