BOSTON, April 26, 2017 /PRNewswire/ -- UC Funds announcement of its latest acquisition, the partially built Residence Inn by Marriott, brings its total recent capital commitment to Downtown Stamford in excess of $100 million. The $40 million project will complement UC Funds' existing Courtyard Marriott hotel. Both hotels are ideally located in the "Main and Main" downtown section of Stamford, within walking distance to "restaurant row" and the Metro North train station. The two hotels, totaling 271 keys, will be operated under one management team to reduce per key expenses and create economies of scale. Guest referrals will be made from one hotel to the other, which will increase revenue for the company and provide more amenities at both hotels.
These hotel acquisitions come as UC Funds expands its footprint in downtown Stamford, where they recently purchased the 143-unit, Class A, Park Square West Apartment complex. This fully renovated building offers a prime Stamford location, an upscale sushi restaurant and UFC gym.
The Residence Inn by Marriott is currently under construction with completion expected in spring 2018. Purchased in April 2017, the 156 key hotel has a total project cost of $40 million. Upon completion, it will be comprised of all suite-style rooms that include full kitchenettes. Guests will enjoy a variety of amenities including a state of the art fitness center, business center, meeting spaces, lobby bar and restaurant.
Built in 2003, UC Funds purchased the Courtyard Marriott in August 2016 for $26 million. At nine floors, the 115 key hotel offers amenities including a new Italian restaurant, meeting space and valet parking. Its location and quality make the Courtyard Marriott the premier hospitality asset in the Stamford market, as well as a highly stabilized asset with annual income in excess of $10 million.
"We have committed over $100 million in the last year in one of the best cities in America. We are very excited about the acquisition of three quality assets; Courtyard Marriott, Residence Inn and Park Square West Apartments. We are improving Courtyard and Park Square and completing construction of the Residence Inn," said Daniel Palmier, CEO of UC Funds.
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