ATLANTA , Nov. 10, 2020 /PRNewswire/ -- UC Asset LP (OTCQX: UCASU) announces today it has completed the registration of a new subsidiary, SHOC Holdings LLC, to devote to 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 near 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."
"Transition from conventional office space to home offices is an inevitable trend. According to a report in 2019 by Kate Lister , who is a workplace expert, 56% of the U.S. workforce holds a job that is compatible (at least partially) with remote work. COVID-19 pandemic has accelerated this transition. NATIONAL BUREAU OF ECONOMIC RESEARCH report stated in June 2020 that about 40% of both large and small firms expect that 40% or more of their workers who switched to remote work during the crisis will stay doing remote work after the crisis. In other words, at least 16% of American workers will switch to working at home at least 2 days/week permanently," Bankston explains.
"The shift from conventional office space to home offices will definitely change people's preference for lodging while traveling. More and more business traveler customers, who contribute $60 billion annual to hotel revenues, will choose home-office style shared accommodations over conventional hotels," projects Bankston.
The new subsidiary, SHOC Holdings LLC, is wholly owned by UC Asset. It will serve as a separate entity to acquire properties in underdeveloped communities in metro Atlanta , and renovate or rebuild them into home-offices. According to UC Asset, its investments in underdeveloped communities in metro Atlanta have yield extraordinary returns in the past, as high as 48% annualized. And the application of the new SHOC business model will probably increase its average return on investment.
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
678-499-0297
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SOURCE UC Asset LP