LOS ANGELES—Urban Commons, a Los Angeles-based real estate investment and development firm, appointed Salvatore G. Takoushian, a real estate investment banking veteran specializing in lodging and hospitality, as president/CFO. 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). 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 realignment 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.”
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, 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, Takoushian spent 11 years within the investment banking division of Citigroup Global Markets where he had similar responsibilities.