Luhrs Downtown Marriott Accomplishes Significant Milestone

The Luhrs Downtown Marriott Project has been processing smoothly, with more investor applications being filed with USCIS and the project is filling up quickly. On June 3, 2015, the USCIS issued a Request for Evidence (RFE) on project-related issues and the USCIS confirmed receipt of the comprehensive response from Green Card Fund on June 24, 2015. Green Card Fund is confident that the response was thorough and will result in an approval for the project in the near future. Approval of the RFE will ensure that all EB-5 investors will secure project-based approval on the project, leaving only personal source of funds issues to be resolved by USCIS. Completion of the hotel is expected in 4th Quarter 2016 and we will be providing regular updates as the project moves forward.

The greater Phoenix hotel market and hotel values are expected to maintain their strong upward trajectory as the market seeks to return to pre-recession levels. The impact of one-time events such as the Super Bowl will provide an immediate boost to the lodging market, while long term improvements in meeting and group demand should support future growth. As such, the Phoenix lodging market is anticipated to enjoy healthy revenue growth in 2015 as higher demand levels allow operators to push average rate. According to HVS, the world's leading hospitality consulting and valuation firm, Phoenix is ranked Top 3 for hotel valuation increase in the U.S. To learn more, review the 2015 HVS/STR Hotel Valuation Index (HVI).阅读中文