April 20, 2016
The master lease for the iconic Queen Mary has formally been transferred to Urban Commons, a Los Angeles-based real estate investment and development firm. Under terms of the 66-year agreement, the historic ship will be restored and a retail, dining and entertainment district will be created on 45-acres of land surrounding the ship.
Upgrades to the Queen Mary, including modernizing rooms and restaurant spaces, will begin immediately and are expected to be completed by mid-2017. The redevelopment project, which is being designed by Gensler, will be completed in phases over the coming years.
Urban Commons has recently been active in acquiring hospitality assets, including two properties in Denver, CO. The firm owns, manages and invests in land, apartment buildings, condominium projects, hotels, retail and commercial properties.