LOS ANGELES, CA / ACCESSWIRE / October 26, 2015 / ASAP International Holdings(“ASAP”) (OTCQB: ASAE) announced today that it has successfully advised on the acquisition for Urban Commons LLC of the 400 room Renaissance Denver Hotel located in Denver, Colorado which closed on October 15, 2015. Cushman & Wakefield, Inc represented the Seller and arranged the financing for the Buyer.
The 400 guestroom full service upscale hotel hosts approximately 30,000 square feet of premium meeting space and is located in the Stapleton area of Denver, one of the fastest growing lodging markets in the nation.
The Hotel is centrally located to some of Denver’s major demand generators, including the National Western Stock Show, Dick’s Sporting Goods Park, Coors Field, Sports Authority Field at Mile High, United Airlines Flight Training Center, Colorado Convention Center, and the Denver International Airport.
The acquisition of the Renaissance Denver Hotel represents Urban Commons’ first hotel acquisition in Denver Colorado. The acquisition presented the opportunity to invest in one of the most diverse and fastest growing markets in the country at an attractive basis.
Mr. Frank Yuan stated, “The Renaissance Denver Hotel represents the typical project sophisticated investors recognize as value-add. The basis is attractive along with easily identifiable cash flow growth after finishing the renovation.” Yuan also commented “We really appreciate every party in the transaction, including Urban Commons, Cushman and Wakefield, Sellers together with the lender working diligently together to ensure the proper close. Everyone’s cooperation made the transaction successful.”
CEO Frank Yuan and CIO Jerome Yuan led the ASAP team on the transaction. ASAP is one of the most active hotel buyers in the U.S. for the past three years, constantly searching for more hotels and will remain active in the hospitality buy side for the foreseeable future.
About Urban Commons
Urban Commons, a Los Angeles-based real estate investment firm, specializes in hospitality and residential income generating assets. Urban Commons targets value-add property acquisitions in highly populated, predictable markets. With decades of cumulative real estate investment, development, and management experience, the company has proven the 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(R), Hilton Worldwide(R), InterContinental Hotels Group(R) and Wyndham Worldwide(R). For further information about Urban Commons, please visit www.urban-commons.com.
About Cushman and Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenues of $5 billion across core services of agency leasing, asset services, capital markets, facility services (branded C&W Services), global occupier services, investment & asset management (branded DTZ Investors), project & development services, tenant representation and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter
About Marathon Asset Management, L.P.
Marathon is a credit focused asset management company that was founded in 1998. The firm employs over 140 professionals and has its corporate headquarters at One Bryant Park, New York, New York. Marathon is a Registered Investment Adviser with the Securities and Exchange Commission. For more information, visit the company’s web site at www.marathonfund.com.
About ASAP International
ASAP is a holding company that operates real estate, investment banking and consulting for Chinese companies. Our mission is to be the bridge between China and the Western world. Our Real Estate division assists with institutional and high net worth individuals with acquisition advisory and asset management. Corporate website www.asapholdings.com
Ana Gandara Morales
(213) 625 1200
With the exception of historical information, the matters discussed in this news release include “forward-looking statements” within the meaning of the federal securities laws that are qualified by cautionary statements herein and in all company’s filings with the Securities and Exchange Commission. We undertake no obligation to update any forward-looking statement to conform the statement to actual results or changes in our expectations.
SOURCE: ASAP International Holdings