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Partially Verified Project

Funding

Funding Needed
$39.4 (Mio)
EB5 Funding
$10 (Mio)
EB-5 Investors
20
Investment Amount
$500,000

Jobs

Job Creation per Investor
16.2
Job Creation (Total)
323
Category
Accommodation and Food Services
Sub-Category
Hotels (except Casino Hotels) and Motels

Investment

Structure
Loan

Immigration

Does this project have approved I-526's?
No
Does this Regional Center have approved I-526's?
No
Does this Regional Center have approved I-829's?
No

Location

State
New York
Location
Amherst, NY

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Amherst Hospitality Campus / Hyatt Place

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Opened: September 17, 2014

Closed: January 01, 2015

Verified by:


USAdvisors


Developer Name
Iskalo Hospitality Campus, LLC

Project Description

Amherst Hospitality, LLC is raising up to $10 million of capital from up to 20 EB-5 immigrant investors, which the Company intends to lend to Iskalo Hospitality Campus, LLC as described in this comprehensive Business Plan. The Company’s $10 million will be a portion of the $39.4 million total investment required for the construction and operation of the “Iskalo Hospitality Campus”. When completed, the Campus will consist of:

1. the renovated Lord Amherst Hotel and the adjacent restaurant (the “Restaurant”) (which are currently undergoing extensive renovation), and

2. a new Hyatt Place Hotel (which is currently under construction).

When the Campus development is completed the Developer will operate both of the hotels, and a 3rd party restaurateur will operate the Restaurant. 

Project Timeline

On October 5, 2011 the Developer purchased the site which then included the Lord Amherst Hotel and the attached Restaurant. The Developer operated the Lord Amherst Hotel and a 3rd party restaurateur operated the Restaurant until the Developer closed both in 2014 for the extensive renovation described in this Business Plan. Also on the site, the Developer started construction on the new Hyatt Place Hotel in July of 2013. The extensive renovation of the existing hotel and Restaurant, and the construction of the new hotel are all underway and are expected to be completed in 2015.

Reports

Amherst Hospitality Campus / Hyatt Place: Contact Information

Amherst Hospitality Campus / Hyatt Place: Investments

Reg. D?
No
Reg. S?
Yes
Investment type
Loan
Number of planned phases (projects) in development?
1
Expected time to complete this project or phase of overall development?
6 - 12 months
Is this a new commercial enterprise or purchase of an existing troubled business?
New commercial enterprise
What ratio of equity to debt would best classify the source of overall funding for the project / development?
25% equity : 75% debt
Does the investor need to be accredited to invest?
No
Are returns paid on the investment prior to maturity?
No
Have all of the permits and permissions for project development been obtained?
Yes
Is there any patented intellectual property essential to this project?
No

Amherst Hospitality Campus / Hyatt Place: Fees

Do potential investors need to pay a fee to obtain the operating documents, PPM or other subscription documents?
No
If Yes, Is that refundable in the event the investor decides not to invest?
No
Does that include the processing of the I-526, I-829 or any other legal fees associated with the immigration application?
No
If there is no finder or agent, would you reimburse that fee to the investor?
No
Do you pay finder’s fees to attorneys?
No
Do you pay fees to unlicensed broker’s or agents?
No

Amherst Hospitality Campus / Hyatt Place: Risks

Amherst Hospitality Campus / Hyatt Place: Structure

Has the Principal invested their own equity in the project?
No
Is collateral on the investment or loan provided?
No

Amherst Hospitality Campus / Hyatt Place: EB-5

Is this a loan?
No
Does this project have approved I-526's?
No
Does this project have approved I-829's?
No
Does this Regional Center have approved I-526's?
No
Does this Regional Center have approved I-829's?
No
Is any of the subscription fee refundable in the event of a denial of the I-526 by USCIS?
No
Are non EB-5 investor’s allowed to participate?
No

Project Exemplar Approval

Does this Project have Exemplar Approval?
No
Date of Exemplar Approval:

Requests for Evidence

Does this Project have Exemplar Approval?
No

I-526

I-829

This data was last updated on:January 08, 2015 05:45 PM

Amherst Hospitality Campus / Hyatt Place: EB-5

Has this project been the subject of a USCIS/SEC/FBI/DOJ/AAO Review, Notice, Investigation or Action
No

This data was last updated on:January 08, 2015 05:45 PM

Amherst Hospitality Campus / Hyatt Place: Job Creation

Is Regional Center located within a Targeted Employment Area (TEA)?
Yes
Is this a Public / Private partnership?
No
Job creation methodology
Implan
Does the job creation rely on direct jobs, capital expenditure, or a combination?
Combination

Amherst Hospitality Campus / Hyatt Place: Reporting

Do you offer periodic reports to investors on the status of the investment?
No
Are these reports produced by you, or by an independent third party such as a auditing or accounting firm?
No
Do you have a third party firm that performs employee payroll & HR record keeping services for the project?
No
Do you have a third party firm that performs I-9 verification?
No
If No, do you perform I-9 verification of the employees?
No
Would you have any objection to an accounting or law firm performing an audit on the payroll, employment or financial records of the project?
No
If you lease space in your facility to third party firms, are they willing to allow an audit of their employment records for the purposes of verifying employment?
No

Files & Documents

Amherst Hospitality Campus / Hyatt Place : Escrow

Details not available

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