Driftwood Hospitality Management is doing more than simply taking checks from foreign investors seeking to buy residency in the United States through the EB-5 visa program.
The North Palm Beach-based company, which develops, manages and acquires hotel properties across the country and beyond, says it's using its EB-5 division in South Florida to build relationships and form future partnerships with wealthy visa-seekers. The goal is to churn out two hotels or more a year.
"The issue is that there’s a lot of people asking for EB-5 [funds] without having the proper amount of capital. They are expecting to capitalize their deals through these investors," said Carlos J. Rodriguez, executive vice president at Driftwood. "In those kinds of deals, the investor is running the risk. For us, EB-5 just lowers costs. We have the capital no matter what."
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