Woods: It has been challenging to grow given the higher market pricing, competition and limited opportunities; however, we believe there are great opportunities for us to creatively enhance strategic investments in underutilized markets. We are incredibly proud of how far our team has come since launching Urban Commons in 2008. We grew the portfolio aggressively in one of the most significant downturns our country has seen. We put forth tremendous effort and focus on sound capital investments, realigning properties to cater to the market, and creating value. Our goal of identifying and engaging in investment opportunities that promise upside potential has been critical to the success of our company.

GlobeSt.com: Why did you focus on Florida, Southern California and Colorado markets?

Woods: Urban Commons' investment strategy targets ideally located value-add assets in flourishing tourist markets around the United States. Our recent acquisitions in Colorado, Florida and Southern California represent our desire to invest in strong destinations or thriving markets. These are examples of some of the markets we understand and believe have a high occupancy demand and strong market fundamentals, allowing us to reposition properties to maximize their potential.

GlobeSt.com: Through these and all of our acquisitions, we will provide visitors with unique and fulfilling experiences. How did your activity this year compare to last year?

Woods: In 2017, we exponentially expanded our portfolio. Many of our projects received entitlements and broke ground. We completed almost $70 million in top-to-bottom renovations this year at five hospitality assets spanning Colorado, Southern California and Florida. All the renovations were made with the objective of increasing guest satisfaction, improving property value and maximizing operating revenue. Our values going forward will remain constant; however, we are expanding our portfolio to focus on upscale hotels, apartments and senior housing opportunities in core markets with continued growth.

GlobeSt.com: How will you shape your acquisition strategy for 2018, and what are your expectations for next year?

Woods: Urban Commons believes the economy has room for growth and expansion, and barring any macro-economic challenges outside of our control, we will continue to be active and seek opportunities for creating value. Our goal is to distinguish us from the competition by creating destinations that allow people to experience something unique and special. In 2018, Urban Commons expects to acquire two to three premium destination properties, as well as break ground on three to four new developments in strategic markets.