LOS ANGELES (PRWEB) May 15, 2020
Urban Commons, a Los Angeles-based real estate investment and development firm, and sponsor to the leaseholder of the Queen Mary, has released a report that outlines the economic impact produced by the Queen Mary in 2019.
While the Queen Mary attracts more than 1.5 million visitors per year, it may feel difficult to put a dollar amount on what the ship brings to Long Beach and the surrounding region. Urban Commons, with the help of Beacon Economics, has produced a report that demonstrates exactly that. Along with the fiscal and social impacts the Queen Mary provides, the new study nails down the economic benefits the ship brings to the City of Long Beach, as well as Los Angeles County.
This is the largest study of its type ever performed on the ship, taking into account associated spending, job creation, labor income and spending in Los Angeles County, as well as Long Beach transient occupancy and sales taxes - all attributed to the Queen Mary. In Los Angeles County for example, the Queen Mary generated $205.3 million in economic output, with $93.7 million spent in the City of Long Beach. The entire report can be read on the City of Long Beach website by clicking the below link.
“We’re incredibly proud of what the Queen Mary means to the City of Long Beach and what she contributes to the City and beyond,” said Taylor Woods, Founder and Principal at Urban Commons. “While COVID-19 has impacted every hotel globally, we look forward to travel restrictions being lifted so the Queen Mary may continue to boost economic output, jobs and taxes for the City of Long Beach and the surrounding region in the process.”
The ship supported 2,224 jobs in Los Angeles County, with 1,374 of those in the City of Long Beach. The Queen Mary is directly responsible for employing 577 individuals across Southern California, roughly 57% of those are in the City of Long Beach and 36% from other areas of Los Angeles County. The remainder of employees come from neighboring counties including Orange County and Riverside County.
“The Queen Mary is a glorious piece of history, but unlike many historical treasures, the contributions it makes today continue to impress,” added Mazen Bou Zeineddine, a Senior Analyst at Beacon Economics and one of the report authors. “As an iconic Southern California attraction, it generates and supports a tremendous amount of economic activity both directly and indirectly.”
Key findings from the Economic Impact Report:
In Los Angeles County, spending associated with the Queen Mary generated $205.3 million in economic output, supported 2,224 jobs and contributed $84.8 million in labor income
In Long Beach alone, spending generated $93.7 million in economic output, supported 1,374 jobs and contributed $42.7 million in labor income
Overall, expenditures totaled about $115.2 million in 2019. Event attendee and hotel guest spending accounted for 97%, and vendor spending accounted for the rest
Additionally, in Los Angeles County, spending generated $6.1M in tax revenue
In Long Beach alone, $3.3 million in tax revenue was raised, including $1.4 million in Transient Occupancy Tax (TOT) from the Queen Mary
The Queen Mary directly employs 577 individuals across Southern California. Roughly 57% of their employees are located in the City of Long Beach, while roughly 36% are from other areas of Los Angeles County. The remainder of employees come from neighboring counties including Orange County and Riverside County
The Queen Mary provides notable social impacts to the community through historic preservation, charitable contributions and cultural celebration
The full report can be read here: http://www.longbeach.gov/globalassets/city-manager/media-library/documents/memos-to-the-mayor-tabbed-file-list-folders/2020/may-12--2020---queen-mary-economic-impact-report
About Urban Commons
Urban Commons is a Los Angeles-based real estate investment and development firm with a successful track record of developing, repositioning and rebranding assets throughout the United States. The company focuses on improving under-managed and under-utilized assets by developing innovative solutions that promote optimal economic, social and environmental returns.
Since founding in 2008, Urban Commons has owned, operated and developed a variety of real estate properties including several dozen hotels, apartments, retail, office, and senior care, throughout the United States including the development of nearly one million square feet of commercial retail space.
About the Queen Mary
Located in the Port of Long Beach, the Queen Mary, an Urban Commons property, features a rich maritime history, authentic Art Deco décor, and stunning views of the Pacific Ocean and Long Beach city skyline. At the time of her maiden voyage in May of 1936, she was considered the grandest ocean liner ever built. The Queen Mary’s signature restaurants include Sir Winston’s, Chelsea Chowder House, Observation Bar, as well as, a weekly award-winning Royal Sunday Brunch served in the ship’s Grand Salon. History buffs enjoy the ship’s museum with various daily tours, and currently the ship is featuring their newest exhibitions, Their Finest Hours: Winston Churchill and the Queen Mary. The Queen Mary features 35,000 square feet of event space in 13 remarkable Art Deco salons as well as a tri-level, 45,000-square- foot Exhibit Hall. The Queen Mary boasts 347 staterooms including nine suites. The Queen Mary is located at 1126 Queens Highway in Long Beach.
About Beacon Economics
Founded in 2007, Beacon Economics, an LLC and certified Small Business Enterprise (SBE) with the state of California, is an independent research and consulting firm dedicated to delivering accurate, insightful and objectively based economic analysis. Leveraging unique proprietary models, vast databases and sophisticated data processing, the company specializes in sustainable growth and development, real estate market analysis, economic forecasting, industry analysis, economic policy analysis and economic impact studies. Beacon Economics equips its clients with the data and analysis required to understand the significance of on-the-ground realities and to make informed business and policy decisions.