Driftwood Hospitality Management Attracts Int’l Investors With Eb-5 Program Launch
Driftwood Hospitality Management,announced the launch of its new EB-5 program, which will allow foreign investors to participate in new-build hotel developments across the United States. The company recently broke ground on its first $22.2 million project, the 123-room Residence Inn by Marriott Flagler Station, which will be located in the heart of Flagler Station, South Florida’s largest business park.
“Driftwood’s new EB-5 division will allow us to leverage our expertise in hotel development and operations while establishing a long-term partnership and growth trajectory for foreign investors,” said Carlos Rodriguez Jr., Vice President of New Development. “Our EB-5 investment program will allow Driftwood to build and operate new hotels in some of the hottest up-and-coming markets across the country, while creating a network of international investment partners who are interested in developing or acquiring hotels in the United States.”
As part of the EB-5 program, foreign investors are required to invest $500,000, if funds are invested in certain rural or high-unemployment areas. EB-5 investors will then be granted a conditional visa that is valid for two years once their application has been approved by United States Citizenship and Immigration Services (USCIS). Investors are eligible to apply for permanent U.S. resident status given they demonstrate that the legally required economic benefits of their investments have been achieved. Through these ventures, investors will have the opportunity to positively impact the regional and national economy by creating new jobs or saving positions that would otherwise be eliminated from the workforce.
Driftwood Hospitality Management has assembled a team of experienced industry professionals to assist in the expansion and operations of its new EB-5 development program, and will be attending the Invest in America 2015 Summit and Exhibition in Shangai this year to discuss business opportunities in the U.S. Established as an affiliate of Driftwood, this new program will strategically focus on the development of new-build hotels through EB-5 investments. The Residence Inn by Marriott Flagler Station, slated to open January 2016, is the company’s first venture under this new program, which will be followed later this year by a Canopy by Hilton in West Palm Beach, Florida.
For more information about the EB-5 program or Driftwood Hospitality Management, visit www.DriftwoodHospitality.com.
About Driftwood Hospitality Management
Based in North Palm Beach, Fla., Driftwood Hospitality Management, LLC is a leader in providing solutions-based services for the domestic and international hotel industry. Guided by The Driftwood Difference – Flexibility, Diversity, Integrity, Accessibility, Originality, the company covers the full spectrum of lodging business needs. From full-service, upscale and upper-upscale hotels to mid-size extended-stay, select and limited-service properties, Driftwood’s portfolio represents virtually every segment of the hospitality industry. Focused on strategic acquisition, development, third-party management, asset management and receivership, Driftwood has extensive management experience and relationships with most major brands, including Starwood Hotels & Resorts Worldwide, Hilton Worldwide, InterContinental Hotels Group, Inc., Carlson, Choice Hotels International, Inc. and Wyndham Worldwide. With offices in Costa Rica, Scottsdale, Ariz. and Miami, Fla., the company and its hotels have received more than 20 industry awards in the past three years.
Source : hotelinteractive
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