Visas-for-Dollars Program a Boon to Hotel Developers
A government program, which grants so-called EB-5 visas to foreigners who invest at least $500,000 in an American business, is now a popular source of financing for new Marriott hotels. Since the Seattle deal in 2008, the company has endorsed 14 projects that use EB-5 financing, including the downtown Milwaukee Marriott, a Courtyard Marriott in Midtown Manhattan and a $168 million hotel near the Staples Center in Los Angeles. “It’s created liquidity in a relatively illiquid market,” said Anthony Capuano, the chief development officer at Marriott. Click here for full New York Times story.