ATLANTA , Oct. 26, 2020 /PRNewswire/ -- UC Asset LP (OTCQX: UCASU) announced a new contract to buy a lot located in a residential community adjacent to Hartsfield-Jackson Atlanta International Airport. It will be the first property acquired by the company to implement its Airbnb-based innovative property investment strategy.
The new investment strategy, named SHOC (pronounced "shock" is an acronym for Shared Home- Office Cluster), aims to acquire a cluster of distressed residential properties in communities nearby major airports, renovating them into cost-efficient home offices, and marketing them as shared accommodations on platforms such as Airbnb, to serve business travelers who prefer renting a shared home-office than staying at a conventional hotel.
"The US hotel market was close to $200 billion before COVID-19 pandemic, and about thirty percent of that, or, $60 billion , focuses on business travelers," explains Greg Bankston , managing general partner of UC Asset. "But as more businesspeople shift their daily operation from conventional office spaces to home offices, we believe they will prefer the familiarity of a home-office environment on the road as well. We predict conventional hotels will lose these customers to virtual accommodations that can provide a home office environment."
"The COVID-19 pandemic has accelerated the transition from conventional office space to home offices, and should accelerate the transition from conventional hotel to shared home-office accommodation," Bankston projects. "UC Asset is a real estate investor and redeveloper. We excel in residential property renovation and have mastered the art of turning distressed residential properties into comfortable, safe and cost-efficient accommodations. With proper management, we are confident that our new product, SHOC (Shared Home Office Cluster), will attract a new generation of business travelers on shared accommodation platforms such as Airbnb."
The 1st property under contract is located in the city East Point, GA. Downtown East Point is approximately 4 miles, a 10-minute drive from the airport, and the Metro station at East Point is the second stop from the Airport station.
"Hartfield-Jackson Atlanta International Airport is the busiest airport in the world, serving 110 million passengers in the year of 2019," shares Greg Bankston . "The City of East Point is right on the way from the airport to downtown Atlanta , making it the ideal location to build our SHOC business targeting business travelers."
East Point harbors some of the most underdeveloped communities in metropolitan Atlanta . In the past years, the city of Atlanta has launched multiple mega initiatives to address the issue of poverty and improve local business activities in underdeveloped communities.
"Investment in underdeveloped communities we believe will yield extraordinary return. Our investments in those communities are among the most successful in our company portfolio. One project closed last year produced 48% annualized return over a period of 11 months, simply from the appreciation of property value," says Bankston, "With our new and innovative business model of SHOC, we will be able to add constant cash flow on the top of property value appreciation."
"It is not only great for our business, but our investments will also bring income to underdeveloped communities and help reduce inequality," says Larry Xianghong Wu , the founder of UC Asset. "We will seek to partner with local municipalities and explore potential public-private-partnerships, using SHOC to build a platform for community growth."
About UC Asset LP
UC Asset LP is a limited partnership formed for the purpose of investing in real estate for development and redevelopment, concentrating in metropolitan areas of Atlanta, GA and Dallas , TX. For more information about UC Asset, please visit: www.ucasset.com .
Disclaimer:
This News Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any these statements. You are cautioned not to place undue reliance on any those forward-looking statements. Except as otherwise required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements after the date of this news release. None of such forward-looking statements should be regarded as a representation by us or any other person that the objectives and plans set forth in this News Release will be achieved or be executed.
For More Information Contact:
Christal Jordan | Investor Relations Director, UC Asset LP
cjordan@ucasset.com | +1-678-499-0297
View original content: http://www.prnewswire.com/news-releases/ucasu-to-acquire-first-property-for-airbnb-based-innovative-strategy-targeting-60-billion-market-301159704.html
SOURCE UC Asset LP