In May 2008, the UVA Foundation bought the 60-room Econo Lodge at 400 Emmet St. and the adjacent restaurant, for $6 million as part of what Foundation CEO Tim Rose called a “long-term, land-banking acquisition, not one for immediate need.” This is a well-used strategy for the Foundation as evidenced by the purchase of properties well above market values around the University in the ongoing South Lawn development.