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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?

Answers

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    Ed Beshara

    Immigration Attorney
    Answered on

    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.

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    Salvatore Picataggio

    Immigration Attorney
    Answered on

    You may use EB-5 capital for nearly any kind of development, but the job creation requirements may change if the project is not considered "new."

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    Julia Roussinova

    Immigration Attorney
    Answered on

    You will need to be a job-creating entity. Please consult an experienced EB-5 immigration attorney.

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    John J Downey

    Immigration Attorney
    Answered on

    It can, but your problem will be the job creation. Can you produce the number of new employment over the two year period? You need an evaluation done on job creation.

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