American Opportunity Regional Center and Driftwood Hospitality Management began construction on a the new Doral DoubleTree by Hilton in Miami. The $26M project, which will be managed by Driftwood Hospitality, and funded in part using EB-5 financing, will give investors the opportunity to impact the local economy through job creation or saving positions that would otherwise be eliminated from the workforce.
American Opportunity Regional Center offers solutions to EB-5 investment needs and provides investment opportunities for EB-5 investors. “American Opportunity Regional Center is thrilled to be working with Driftwood Hospitality on this development project. This is a terrific start to what I am hoping will be a long-term partnership on future projects,” said Rafael Mendible, managing director of AORC. “This EB-5 project gives us the opportunity to positively impact the economy by creating new jobs and opportunities for so many in the U.S.”
The site of the future 150-room DoubleTree by Hilton is located in Doral, between NW 102 Avenue and NW 19 Street and near the International Mall. Once it opens, this addition to the South Florida scene will have a restaurant, two full-service bar concepts, a lounge, three meeting rooms, a pool, a business center and a 24-hour fitness center. The project is slated for completion next summer and will be managed by Driftwood Hospitality.
“Driftwood is excited to manage its second EB-5 project through American Opportunity Regional Center,” said Carlos Rodriguez, EVP of Driftwood Hospitality Management. “The EB-5 program is a win-win for all parties involved, allowing us to leverage our expertise in hotel development and operations while establishing long-term partnerships with valuable overseas investors. We look forward to building what will surely be a valuable asset to both our investment partner and the local community.”
The EB-5 investment program allows American Opportunity and Driftwood to build and operate new hotels in up-and-coming markets across the country while creating a network of international investment partners who are interested in developing or acquiring hotels in the United States. As part of the EB-5 program, foreign investors are currently required to invest $500,000 in a company that creates and maintains at least 10 jobs per investor to help stimulate the U.S. economy in certain rural or high-unemployment areas. EB-5 investors will be granted a conditional visa that is valid for two years once their application has been approved by United States Citizenship and Immigration Services (USCIS). Investors are eligible to apply for permanent U.S. resident status given they demonstrate that the legally required economic benefits of their investments have been achieved.