Urban Commons, a Los Angeles-based real estate investment and development firm, has announced the appointment of Salvatore G. Takoushian, a real estate investment banking veteran specializing in lodging and hospitality, as President and Chief Financial Officer.
Mr. Takoushian was hired ahead of the acquisition of Urban Commons’ largest hospitality asset by value to-date – The Wagner at the Battery, New York City (formerly known as The Ritz-Carlton New York, Battery Park). Mr. Takoushian will be responsible for overseeing strategy, company operations, financial partnerships and acquisitions.
Urban Commons’ assets under management include a large number of hospitality assets located in top U.S. markets with a coastal orientation. In addition, Urban Commons’ portfolio includes commercial, residential and mixed-use projects as well as strategically held land for planned development. The acquisition of The Wagner is consistent with the firm’s strategy of targeting real estate with value-add and enhancement opportunities through brand re-alignment and operational improvements.
“As we continue to target high quality assets in top MSAs, Salvatore will be a tremendous addition to our company,” said Taylor Woods, Principal of Urban Commons. “With his extensive background and successful track record, he is well-positioned to take Urban Commons to the next level and will be instrumental in carrying our mission forward as we pursue our expansion in a thoughtful and strategic manner.”
Mr. Takoushian brings with him more than 16 years of investment banking experience advising lodging and real estate companies. He has managed the execution of public and private capital raises in excess of $25 billion and more than $20 billion in merger and acquisition transactions. Before Urban Commons, Mr. Takoushian was Managing Director in the Real Estate and Lodging Investment Banking Division at Jefferies Group LLC where he led the global lodging investment banking business. At Jefferies, he served as trusted advisor to Urban Commons. Prior to Jefferies, Mr. Takoushian spent 11 years within the investment banking division of Citigroup Global Markets where he had similar responsibilities. He graduated Magna Cum Laude from Boston University with a Bachelor of Science in Business Administration.
“Urban Commons has a strong reputation as a real estate development and investment firm with an appetite for strategic expansion and new development as well as an attractive and recently renovated portfolio of assets under management in highly desirable locations,” said Mr. Takoushian. “I am excited to join such a dynamic and well-integrated platform as it embarks on its next stage of growth and look forward to expanding Urban Commons’ assets under management while enhancing the value of the company for its stakeholders.”