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
Ed Beshara
Immigration Attorneys DirectoryWith 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.
Salvatore Picataggio
Immigration Attorneys DirectoryYou 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."
Julia Roussinova
Immigration Attorneys DirectoryYou will need to be a job-creating entity. Please consult an experienced EB-5 immigration attorney.
John J Downey
Immigration Attorneys DirectoryIt 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.
DISCLAIMER: the information found on this website is intended to be general information; it is not legal or financial advice. Specific legal or financial advice can only be given by a licensed professional with full knowledge of all the facts and circumstances of your particular situation. You should seek consultation with legal, immigration, and financial experts prior to participating in the EB-5 program. Posting a question on this website does not create an attorney-client relationship. All questions you post will be available to the public: do not include confidential information in your question.