ATLANTA–(BUSINESS WIRE)–$OCTQX #airbnb–UC Asset LP (OTCQX: UCASU) kicked off an innovative property investment strategy during the firm’s annual shareholder meeting on Wednesday, September 30, 2020. This new investment strategy targets the $60 billion business trip accommodation market.
The new investment strategy, named SHOC (pronounced as “shock” and standing for Shared Home Office Cluster), aims to acquire a cluster of distressed residential properties in communities nearby airports, renovate them into cost-efficient home offices, and market them as shared accommodation 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. Conventional hotels will lose these customers to share 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.”
“Our business is based in Atlanta, Georgia, and Atlanta is arguable the best place to start our new strategy,” says Larry Wu, founder of UC Asset. “The city of Atlanta has launched multiple mega initiatives to address its issue of inequality, which is the worst among major US cities. And a critical mission of Atlanta city is to increase business activities in distressed communities.”
“Most of Atlanta’s distressed communities surround Hartfield-Jackson Atlanta International Airport. The bright point is, it is the busiest airport in the world, served 110 million passengers in the year of 2019. If we acquire properties and build our SHOC (Shared Home Office Clusters) in those distressed communities surrounding the Atlanta Airport, it is not only great for our business, but will also bring income to local communities to help reduce inequality,” Wu shares.
UC Asset has done projects in those communities before, and they are among the most successful investments of the company. According to the company, one project closed last year yielded a 48% annualized return over a period of 11 months. “With the new SHOC strategy, we probably can close more projects like this,” says Bankston.
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
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