Urban Commons Purchases Land for Hotel Development in Grover Beach, CA
IRVINE, Calif., March 7, 2013 /PRNewswire-iReach/ -- Urban Commons, LLC announces today the purchase of a parcel of land located in Grover Beach, CA. Grover Beach neighbors Pismo Beach and covers 2.25 square miles along the beautiful Central Coast of California, 92 miles north of Santa Barbara and 150 miles south of Monterey. The city is famous for its world famous Oceana Sand Dunes, the only drivable beach in the state of California. The sand dune recreation area attracts more than 1 million visitors a year. Other local area activities include dune hiking, fishing, clamming, golfing, horseback riding, and wine tasting.
The land in Grover Beach property was available for sale after the lender completed the recent foreclosure of the property. The land, which is already entitled and permitted for a ground up hotel development, encompasses 4.9 acres and has been conditionally approved by both the City of Grover Beach and the Coastal Commission for construction of a 75,000 sq. ft., 134-room National Brand hotel.
Urban Commons has been aggressively growing its portfolio particularly in the hospitality sector. With top management set in place, the Company has been able to seamlessly takeover hotels and quickly regenerate value by adding directly to their bottom line. Urban Commons targets distressed and/or bank-owned properties where they see the greatest growth potential and upside opportunity.
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 founders have strategically aligned and have proven their 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.
Nancy Choi Urban Commons, 213-784-5941, firstname.lastname@example.org
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SOURCE Urban Commons