MIAMI–(BUSINESS WIRE)–Civil servants with United States Veterans Services, a Miami-based organization, today announced the $225 million purchase of ten properties across the United States totaling more than 1.6 million square feet. The company intends to redesign and convert the existing buildings into mixed-use destinations offering hotel guests a new range of Radisson Hotel housing with separate studios and one-bedroom residential apartments for veterans 55 and older living on a fixed income. SarahCarea nationally recognized brand founded in 1985 that provides day care and activities for seniors, will lease space for new SarahCare facilities in multiple locations.
“The repurposing of vacant properties is an economic driver for sustainability across the country. Our adaptive reuse model will energize hotels, hospitals and enclosed shopping malls by developing new uses such as living spaces, educational facilities and community anchors. The structure of a hotel, with plentiful plumbing and easy to move walls, makes it more cost effective to convert to housing than to develop a new property,” said Charles Everhardt, Director of Lockwood Asset Management, developer and project partner. “In turn, our aging veterans benefit from affordable residential options, including hotel-style amenities, while adapting vacant buildings that have failed to meet demand for the specific needs of growing communities.
The Veterans Mission Act of 2018 paved the way for a dramatic expansion of veterans services in this country. “We will change the lives of aging communities in every state while serving as a resource for veterans on fixed incomes to obtain permanent housing, physical and mental assistance, including job training for transitioning military members,” said Eddie Dovner. , director of Veterans Services USA. “We are creating an urban, mixed-use model that reduces isolation for aging veterans and addresses a growing need for day care services for seniors.
“The strategic alignment between Radisson Hotel Group Americas, Veteran Services USA, Lockwood Asset Management and Commonwealth Hotels continues to define Radisson’s rapid vitalization around the world. This unique concept of redefining large full-service hotels into more efficient mixed-use facilities, with profitability at the top of the list, has been discussed for years; the vision of Lockwood Asset Management, Veteran Services USA combined with the operational skills of Commonwealth Hotels brought the concept to life,” added Phil Hugh, Director of Development, Radisson Hotel Group Americas. “Radisson Hotel Group Americas is honored to have been chosen as the brand of choice for the concept and proud to be able to offer new options to veterans of this great country.
In addition to the residential space and SarahCare facilities, the building’s existing full-scale kitchen facilities will be available for rental to any restaurateur or chef looking to grow their food business by operating a shadow kitchen. This global trend will support growing demand for Uber Eats, GrubHub, Door Dash, and food delivery options that can strain existing brick-and-mortar revenues where specialty delivery options outpace indoor dining demand.
Ten properties acquired by Veteran Services USA and Lockwood Asset Management can be found at the following locations. Austin, Texas, Dayton, Ohio, Houston, Texas, Jackson, Miss., Marietta, Georgia, Memphis, Tenn., Orlando, Florida, Reading, Pennsylvania, Trenton, NJ and Tulsa, Okla. Eddy Nevarez, associate director of Marcus & Millichap was the exclusive agent representing the buyer for nine of the properties.
Veteran Services USA (VSUSA) is an organization whose mission is to support veterans and seniors by providing programs designed to ensure successful life transitions with affordable and independent housing, healthcare and social service programs. across the United States. For recently transitioning veterans, VSUSA seeks to provide transitional career support and sponsorship programs, with a focus on mental health and suicide reduction.
Lockwood Asset Management is a property development and investment company with over 30 years of experience. Lockwood Asset Management is committed to being the leading developer and provider of first-rate housing facilities with related services for veterans and their families, ensuring that veterans are treated and cared for in compassionate, dignified and professional who allow them to achieve optimal goals. levels of independence while helping them reacquire life skills and the ability to live in wider communities.
With eight individual brands and more than 1,500 hotels worldwide, Radisson Hotel Group Americas is one of the largest and fastest growing hotel groups in the world. The Radisson Hotel Group Americas portfolio includes Radisson Collection, Radisson Individuals, Radisson Blu, Radisson, Radisson RED, Park Plaza, Park Inn by Radisson and Country Inn & Suites by Radisson.
SarahCare Adult Day Services operates two unique locations and 24 franchisees in the United States. SarahCare provides day care and activities for seniors ranging from exercise and daily medical needs to nursing care and salon services. Those who visit benefit from these services which include specialized dietary menus and engaging social activities allowing them to continue to lead active and enriched lives.
Commonwealth Hotels, LLC was founded in 1986 and is a proven partner in providing hotel management services with superior financial results. The company has extensive experience in managing full-service hotels and select premium branded services. Commonwealth Hotels currently manages 61 properties with over 7,000 rooms.