How can a project developer use EB-5 capital for a hotel renovation?
I am a developer looking to get into the EB-5 space. I own an operating hotel that is worth $15 million and I am thinking of putting in an additional $15 million for capital improvements, and I will swap the flag of the hotel. It is currently a 2 star hotel and I will be converting it to a 4 star, and I plan on closing down the hotel for a year for the renovation. Can I use EB-5 capital for this hotel renovation? I was told that the job requirement issue may be at jeopardy since I am not changing the character of the hotel, but also heard that it fits perfectly within the rules of EB-5. Will a hotel renovation satisfy EB-5 requirements?
With the assistance if the EB-5 attorney, economist and business plan writer you will be able to prepare EB-5 compliant documentation. Under the facts you present the EB-5 funding will create the required jobs and this will be supported by the team of experienced professionals.