updates on the grand opening of Homewood Suites
Homewood Suites in East Point, Ga., which is near the Atlanta Airport, received $15 million in funding from 30 EB-5 Immigrant Visa Program investors worldwide. East Point Mayor Jannquell Peters cut the ribbon at the grand opening on the 1st of Oct,2014, and by her side were investors from Dubai and Nigeria. This project consists of 122 rooms, extended-stay accomodations with kitchenettes and a business office. It's the first EB-5 project in Atlanta, reports Sachin Patel, managing principal of the Atlanta Center. Of the 30 investors, over 90 percent are approved for the I-526 to date.
Rossmore Management Group of Atlanta owns the land on which the Homewood Suites sits in the airport city of East Point. The two-acre tract qualifies as a “targeted employment area” under federal EB-5 rules. Georgia Department of Labor deemed the site as such when the state’s unemployment rate hovered at 8.1 percent, the highest in the U.S. Through construction and operation, the Homewood Suites is projected to create a total of 503 jobs taking into account indirect jobs, and it’s less than a mile away from the busiest airport in the world.
“The Homewood Suites hotel was at 100% occupancy on opening day. Atlanta Airport is the home of Delta Airlines, which can reach 80 percent of the U.S. within a two-hour flight. Also, Atlanta Airport will soon be the home of Porsche Cars North America, which includes the Porsche Cars Experience Track scheduled to open in early 2015,” explained Sachin Patel.“We are in the planning phases for a second hotel in close proximity to the airport terminal, which like the Hilton will be available as equity for EB-5 investors. The hotels have no mortgages or liens and are debt free, which allows investors to preserve their principal investments, receive monthly profit distributions and benefit from capital appreciation in addition to receiving their green cards. To sum it up, we are an investment company first and foremost, our international investors receive the green card as a bonus. Our U.S. investors are investing on project financial returns,” he said.
The Homewood Suites in East Point is the fourth hotel opened by American Life in 2014. Currently, the company is seeking investors for a Hilton Embassy Suites at the Seattle .
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