Urban Commons, LLC, announced the purchase of the 110-room Comfort Inn and the 110-room Holiday Inn in San Mateo. The Hotels are located in the city of San Mateo, located in the high-tech enclave Silicon Valley which surrounds the San Francisco Bay Area.
The San Francisco Bay Area is a region with 7.4 million people and an annual economic output of $300 Billion. The Bay Area is the sixth-highest populated region in the U.S. and includes the cities of San Francisco, San Mateo, San Jose, and Oakland, along with smaller urban and rural areas.
Urban Commons will be converting and merging the Comfort Inn into the Holiday Inn brand to create a superior product for the market by enlarging the current Holiday Inn from 110-rooms to 220-rooms. Urban Commons will also renovate and transform the Comfort Inn's lobby and breakfast areas into additional meeting space, approximately doubling the space currently available. The Holiday Inn San Mateo-San Francisco SFO and the Comfort Inn Airport South hotels are located at 330 & 350 North Bayshore Blvd in San Mateo, CA on one parcel of land and currently offers a restaurant & lounge, 2,600 square feet of interior meeting space, two business centers, two exercise facilities, free Wi-Fi access, and complimentary shuttle service to the San Francisco International Airport.
Since 2011, Urban Commons has completed 8 hotel acquisitions totaling over $220 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 distressed, bank-owned, and value-add opportunities where they see the greatest growth potential and upside opportunity for their investors. With their success, Urban Commons continues to aggressively grow its portfolio particularly in the hospitality sector.
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