BOSTON, April 26, 2017 /PRNewswire/ -- UC Funds announced its acquisition of the Residence Inn by Marriott with a total project cost of $40 million. Ideally located in the "Main and Main" section of downtown Stamford, CT in the heart of restaurant row, the Residence Inn by Marriott will be the only branded "extended-stay" hotel product in Stamford. The acquisition is the latest move in UC Funds' total capital commitment in excess of $100 million in Downtown Stamford. Its premier location and high quality will make it a strong addition to UC Funds' Stamford portfolio.
Construction on the eight story Residence Inn by Marriott is currently 60 percent complete, with completion expected in winter 2017-2018. The 156 key hotel will be comprised of all suite-style rooms with full kitchenettes, with amenities including a fitness center, business center, breakfast area and meeting space.
"We have a tremendously skilled and dedicated hotel management and development teams working with our UC Funds asset management company, that will bring this asset to completion," said Daniel Palmier, CEO of UC Funds. "With this acquisition, we will own and operate one of the premier hospitality assets in The United States."
ABOUT UC FUNDS:
UC Funds is a national balance sheet provider of both debt and equity capital solutions, that has closed in excess of $1 billion in real estate investments over the last 36 months. UC Funds provides quick financial solutions throughout the entire capital stack, including joint venture equity. UC Funds is one of the nation's most entrepreneurial lending institutions, focused on Multifamily, Retail, Office, Hotel, Industrial/Warehouse, Adaptive Reuse and Construction assets nationwide. For more about the UC Funds' commercial real estate platform, visit (http://www.UCFunds.com).
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SOURCE UC Funds