- Funding Needed
- $40 (Mio)
- EB5 Funding
- $17 (Mio)
- EB-5 Investors
- Investment Amount
- Job Creation per Investor
- Job Creation (Total)
- Accommodation and Food Services
- Hotels (except Casino Hotels) and Motels
- Tampa, Hillsborough County, Florida
- Last Update: February 04, 2015 01:00 PM
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- Developer Name
- Mainsail Epicurean Hotel, LLLP
The 'Mainsail Collection Group One, L.P.' is a Florida Limited Partnership with its principal place of business in Tampa, Florida, at the location of the Mainsail corporate offices.
The Partnership was formed in February 2013 to serve as a "capital investment vehicle" under the EB-5 Visa Program. It is seeking to raise $17,000,000 (see note 1) from up to 34 alien entrepreneurs. The proceeds of the offering will be used to advance a loan to Mainsail Epicurean Hotel, LLLP (the Hotel Developer) - who will undertake the job creating activities.
Mainsail Epicurean Hotel, LLLP (the “Hotel Developer”) was formed in October 2011 to develop and construct a proposed 137 room, approximately 116,000 square-foot full service hotel (the "Epicurean") that will be franchised with Marriott under its Autograph Collection luxury boutique brand. The Epicurean will be built on land owned by Mainsail Epicurean Hotel, LLLP and is to be financed through the combination of funds from the Hotel Developer, a senior secured line of credit from Synovus Bank and the development loan from the Partnership.
The anticipated overall expenditure of the Mainsail Project is $40,000,000, of which up to $17,000,000 will be funded with the proceeds from this offering, not less than $14,000,000 will be funded through a senior secured line of credit from Synovus Bank and the balance of which will be provided by the Hotel Developer equity partners in cash, land and other in-kind contributions having an aggregate agreed value of not less than US $9,000,000:
The Epicurean hotel is now open for business.
The hotel opened as scheduled on December 18, 2013 and is now accepting reservations through Marriott's industry-leading global reservations system.
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