Urban Commons, a Los Angeles-based real estate investment and development firm, has taken control of the historic Queen Mary ship in Long Beach following a vote by the Long Beach City Council.
The landmark, a tourist destination with its own hotel and restaurants, was previously controlled by Garrison Investment Group, which took over the lease in 2009 after the previous lessee defaulted, according to the Long Beach Post.
Garrison plowed close to $13 million into renovating the ship and had been searching for a successor for several years
“Since 2009 the status of The Queen Mary can only be described as a success,” Michael Conway, the city’s director of economic and property development, told the Post. “City staff believe that Garrison has done an extraordinary job of maintaining and improving its unique and world renowned icon.”
Urban Commons will be responsible for a minimum rent of $300,000 monthly and 10 percent of operating revenue from the ship once certain financial goals are met, according to the terms of the lease. [Long Beach Post]