Bridge Capital LLC and China’s second biggest developer, Greenland Group, are finalizing hotel development negotiations for Plumeria Resort this week in China but no contract has been signed as yet.
According to chief executive officer Philip James of Invest CNMI LLC, which is the EB-5 investor program of Bridge Capital LLC, about 60 EB-5 investors are being sought to invest $30 million to redevelop the abandoned Plumeria Resort, with the Geenland Group as the hotel’s operator.
James said he helped set up the EB-5 regional center license for Bridge Capital about 12 months ago and it was approved in October.
“Although [Plumeria Resort] needs a lot of work, the fact that it is a physical building [and] the ability to see the building helps to attract foreign investment. As principals of Bridge Capital, we are quite happy to take something that’s a bit of an eyesore and turn it into something commercially successful and good for the island,” he said.
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