JMBM's Global Hospitality Group® Announces EB-5 Financing and Closing of Two Recent Deals for Great Wolf Resorts and Wurzak Hotel Group
The Global Hospitality Group® of Jeffer Mangels Butler & Mitchell LLP is pleased to announce the recent closing of two hotel deals for their clients, Great Wolf Resorts and Wurzak Hotel Group. Jim Butler, Chair of the Global Hospitality Group®, and David Sudeck, a senior member, led the transactions and associated EB-5 financing.
Great Wolf Resorts recently closed the purchase of property in LaGrange, Atlanta, for a resort that will include a 93,000 square foot water park, several restaurants, and 456 suites. Butler and Sudeck helped their client secure financing through the EB-5 Immigrant Investor Visa Program.
Another JMBM client, the Philadelphia-based Wurzak Hotel Group, recently purchased a property in downtown Fort Lauderdale, Florida, and is under construction on a 24-story, dual-branded hotel. The 323-room hotel project will include The Dalmar, a Starwood Tribute Portfolio, and an Element hotel, which will feature retail, meeting facilities, and a rooftop lounge. Butler and Sudeck assisted Wurzak in sourcing EB-5 financing for the project, as well as negotiating and closing the deal.
"We’re excited that these opportunities for Great Wolf and Wurzak are moving forward," said Butler. "Many of our hotel developer clients have found the EB-5 program to be an effective source of financing for new development. In fact, our lawyers have closed more than $1 billion of EB-5 financing for our clients and sourced more than $700 million for their projects." More information about JMBM’s “preferred” EB-5 construction financing program is available on the Hotel Law Blog.
"Both of these projects add to our clients' already-successful portfolios," said Sudeck. "We look forward to supporting their future developments both as negotiators and conduits to financing."
Construction on the Tribute-Element hotel in Florida has begun, and the hotel is projected to be complete in mid-2018. The Great Wolf Resort is also scheduled to be opened in 2018.
About the Global Hospitality Group
The Global Hospitality Group® of Jeffer Mangels Butler & Mitchell has more than $71 billion in hotel transactions experience involving more than 3,800 properties located around the globe, providing one of the most extensive virtual data bases of market terms for deals and financings. The Group has become internationally recognized for its success in assisting clients with its preferred EB-5 construction financing program as described in various EB-5 articles on www.HotelLawyer.com, a comprehensive resource for the hospitality industry (including the Hotel Law Blog and many other presentations and tools).
About Great Wolf Resorts
Great Wolf Resorts, Inc.®, Madison, Wis., is North America’s largest family of indoor waterpark resorts and, through its subsidiaries and affiliates, owns and operates its family resorts under the Great Wolf Lodge® brand. Great Wolf Resorts is a fully integrated resort company with Great Wolf Lodge locations in: Wisconsin Dells, Wis.; Sandusky, Ohio; Traverse City, Mich.; Kansas City, Kan.; Williamsburg, Va.; Pocono Mountains, Pa.; Niagara Falls, Ontario, Canada; Mason, Ohio; Grapevine, Texas; Grand Mound, Wash.; Fitchburg, Mass., Charlotte, N.C.; Garden Grove, Calif.; and, Colorado Springs, Colo. (opening in December 2016).
About Wurzak Hotel Group
The Wurzak Hotel Group (“WHG”) is a Philadelphia and Fort Lauderdale based, vertically integrated owner, developer and manager of premium branded full service, extended stay and focus-service hotels. WHG’s core expertise is its unique ability to develop and operate hotels and food and beverage outlets in an entrepreneurial manner maximizing returns on the investment and developing long term relationships with guests. Led by Howard Wurzak and Jake Wurzak, Wurzak Hotel Group has a proven track record of developing and managing hospitality assets for over 35 years.
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