ASAP International Holdings (“ASAP”) (OTCQB: ASAE) announced today that it has successfully advised on the acquisition for Urban Commons, LLC of the 243 room Crowne Plaza Danbury Connecticut which closed on July 17, 2014, Hotel Assets Group represented the Seller, Jesta Hospitality CT, LLC ("Jesta Hospitality").
The fully remodeled 243 room hotel features elegant and chic guest rooms combined with nine meeting rooms and three ballrooms with a total 26,000 square feet. The hotel is conveniently located just one hour from New York City and within a few minutes from several airports.
Mr. Frank Yuan stated, “The Crowne Plaza Danbury is in a great suburban location that is attractive to both business and leisure travelers. Investors are attracted to the Northeast because of the irreplaceable affluent location and stable cash flow.” Yuan also commented “We really appreciate every party in the transaction, including Urban Commons, Jesta Hospitality and Hotel Assets Group. Their cooperation made the transaction smooth and 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 Jesta Hospitality
Jesta Hospitality is a single purpose vehicle that acquired the Crowne Plaza Danbury in 2010. It is a part of Vandewater Capital, a diversified holding company with investments in real estate, clean energy and technology.
About Urban Commons
Urban Commons is a real estate investment firm that 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®, Hilton Worldwide®, InterContinental Hotels Group®, and Wyndham Worldwide®. For further information about Urban Commons, please visit www.urban-commons.com.
About Hotel AG
Hotel AG is a national hotel brokerage firm headquartered in Atlanta, Georgia with offices around the country. The firm has been involved in 1 hotel transaction every 5 days for the past 3 years. Today, Hotel AG has 208 hotels on the market with a market cap value of $2.7 billion. The firm specializes in select service and full service hotels within the US and works with CMBS lenders, whole loan banks, REITs, public companies, investment funds and private investors. The firm has 16 national brokers and 21 partners and can be found online at www.hotelassetsgroup.com.
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.
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.
Ana Gandara Morales
(213) 625 1200
SOURCE: ASAP International Holdings