- Funding Needed
- $26.5 (Mio)
- EB5 Funding
- $9.5 (Mio)
- EB-5 Investors
- 19
- Investment Amount
- $500,000
- Subscription Fee
- 50,000
- Discount Fee
- 40,000
- Job Creation per Investor
- 19.0
- Job Creation (Total)
- 361
- Category
- Accommodation and Food Services
- Sub-Category
- Hotels (except Casino Hotels) and Motels
- Structure
- Loan
- Amount of EB-5 investors anticipated for this phase?
- 19
- Expected Maturity
- Initial maturity is 5 years. The loan may be extended by 2 years.
- Expected Return
- 1% for the first 5 years, then 1.5%
- Principal equity in project?
- Yes
- 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
- State
- Washington
- Location
- 19518 International Boulevard, SeaTac, Washington 98188
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- Last Update: June 11, 2015 02:48 AM
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Hyatt Place At Seatac Airport
- Developer Name
- Angel Lake Hotel, LLC
Project Description
The Partnership was organized for purposes of making a loan (the “Loan”) to Angle Lake Hotel, LLC, a Washington limited liability company (the “Project Company”), which shall use the proceeds of the Loan for the development, management, and operation of a Hyatt Place hotel (the “Hotel”), to be located in SeaTac, Washington. The Hotel will occupy a total of approximately 128,589, square feet and consist of approximately 150 room units in a 6-story structure, 2 floors of parking with approximately 118 parking stalls, meeting space, room service, and other guest amenities, including in-room kitchens and living areas, free internet, and adjacent park amenities.
The Hotel will be a 152-room upscale selective-service, three-star hotel to be located in the city of SeaTac, Washington, approximately 0.8 miles (1.3 km) from Seattle Tacoma International Airport. The Hotel will feature amenities such as separate living areas, free internet, meeting spaces, and parking stalls. Furthermore, the Hotel will offer guests expedient access to Angle Lake Park, a nearby public park, as the Project Company has secured an easement allowing access from the Hotel to Angle Lake Park at the signalized intersection of International Boulevard and South 195th Street.
Project Timeline
Based on the current Project schedule, it is anticipated that the Project will begin construction in the spring of 2014. At or prior to the closing of the Offering, the Property will be acquired by the Project Company from an entity affiliated with the Project Company for the sum of $3.5 Million. Demolition of the current building on the Property will require approximately 6 months completing. Thereafter, construction of the Hotel and installation of the fixtures and furniture will require approximately 20 additional months to complete. Provided that the development of the Project progresses to completion as scheduled, the opening of the Hotel is expected to occur in the summer of 2016. The Project Company projects that the Hotel will realize stabilized operations by the fall of 2018.
Hyatt Place At Seatac Airport: Map
19518 International Boulevard, SeaTac, Washington 98188
Project Location Description
Seattle-Tacoma International Airport at the address 19518. International Boulevard, SeaTac,Washington 98188.
The city of SeaTac is an outlying suburb of Seattle, King County, Washington. Incorporated in February of 1990, SeaTac is ten square miles in area, and has a population of 26,909 according to the 2010 census. The city includes the communities of Angle Lake, Bow Lake, Chicken, and Riverton, which were established before the city’s incorporation. The city of SeaTac operates seven city parks and two community center facilities, including Angle Lake Park, a 10.5-acre park that includes a barbecue area, a boat launch, a fishing pier, playground equipment, an open recreation area, swimming facilities, a stage, and toilet facilities. The Hotel will be located adjacent to Angle Lake Park, and guests of the Hotel will have easy access to the recreational opportunities that Angle Lake Park has to offer. The city is home to the Seattle-Tacoma International Airport and over 900 businesses, 80 of which are Fortune 1,000 companies. Alaska Airlines and Horizon Air are headquartered in SeaTac, and Asiana Airlines, EVA Air, Hainan Airlines, and China Airlines also have offices in the city. Over 40,000 employees work in the city of SeaTac and generate total local sales of approximately $3.7 billion. The most prominent institution in SeaTac is the Seattle-Tacoma International Airport (the “Airport”), which is owned and operated by the Port of Seattle. According to FlightStats, October 2011 announcement, the Seattle-Tacoma Airport is world’s No. 2 airport for the departure performance. TravelandLeisure.com also ranked the SeaTac No. 1 in 2008 as America’s best airport. Seattle-Tacoma Airport is the international gateway for the greater Seattle-Tacoma-Bellevue metropolitan statistical area, the 16th busiest in the United States and the largest in the Pacific Northwest region. The Airport and its supporting infrastructure play a major role in bringing the economic, cultural, and educational sectors of the region together. The Hotel will be located within one mile of the Airport, and a large portion of the guests of the Hotel is expected to be made up of individuals traveling through the Airport, both into the Seattle-Tacoma area, and on to further destinations.
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