BOSTON, April 27, 2017 — UC Funds recently announced its acquisition of the Residence Inn by Marriott to complement its Courtyard Marriott hotel. Combined, the two hotels offer 271 keys. Both hotels are ideally located in the "Main and Main" section of downtown Stamford, walking distance to restaurant row and Metro North train station. One management team will operate both hotels 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 for guests at both hotels. The acquisition is the latest move in UC Funds' total capital commitment of over $100 million in Downtown Stamford.
Purchased in April 2017, the total project cost is $40 million. Construction on the eight-story Residence Inn by Marriott is currently 60 percent complete, with expected completion by spring 2018. The 156 key hotel 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 space, lobby bar and restaurant. UC Funds projects annual gross revenue in excess of $14 million.
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 newly opened restaurant, breakfast offerings, meeting space and valet parking. Its prime location and quality make the Courtyard Marriott the premier hospitality asset in the Stamford market, as well as a highly stabilized asset with annual gross revenue in excess of $10 million.
"We could not be more excited about the opportunity to complete the Residence Inn project and operate it with the Courtyard, under one fabulous hotel brand – Marriott," said Daniel Palmier, CEO of UC Funds. "This asset is contiguous and synergistic with our recently purchased Courtyard by Marriott. Upon completion of the Residence Inn, we will own and operate the best hospitality asset in New England with projected gross revenue in excess of $20 million per annum."
