A South Florida hotel project is seeking funds from foreign investors who want to live in the United States. A group renovating the 42-room Hotel Astor in Miami Beach aims to raise $5 million from 10 foreign investors — or $500,000 each — through the U.S. employment based visa program called EB-5.
Those investors will get equity in the Art Deco gem and can sign up Aug. 17 through Sept. 30.
A different group of developers had looked to EB-5 investors to raise $75 million for construction of the 17-story, 349- room Margaritaville Hollywood Beach Resort. But their efforts failed, leaving the future of that project uncertain.
It is believed that a $5 million goal for the Astor’s renovation is achievable, because the amount needed is smaller, the Art Deco hotel well established and South Beach better known for investment than Hollywood beach.
EB-5 investors in the Astor project will most likely come largely from Colombia, Venezuela and other South American nations, whose affluent residents are familiar with Miami Beach.
Renovation of the Astor, located at 956 Washington Ave., is expected to create 110 direct jobs. To qualify for U.S. residency visas, EB-5 investors must create 10 jobs each in the United States.
Contact David J. Hart for more information: 305 577 9977 or firstname.lastname@example.org.
21 SE First Avenue
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