The investment has been a success for all involved: the developers for a completed hotel; the community, which is benefiting from increased visitor spending; and the investors, whose families now have opportunities to live in the United States.
Washington, D.C. (PRWEB) November 20, 2015
EB5 Capital today announced that the United States Citizenship and Immigration Services (“USCIS”) has begun to issue I-829 Petition approvals for immigrants who invested in the Marriott Marquis Convention Center Hotel. The I-829 Petition is the last step in the process for immigrant investors seeking to become permanent residents of the United States by investing in new, job-creating enterprises. The I-829 Petition approval confirms that the Marriott Marquis project fulfilled the federal government’s economic development and job-creation requirements.
EB5 Capital raised $5 million from 10 immigrant investors to help finance the Marquis, the first phase of a multi-year three-hotel Marriott development adjacent to the Walter E. Washington Convention Center. The Marquis, which opened on May 1, 2014, is a four-star, luxury hotel and is connected to the Convention Center via an underground tunnel. In addition to 1,175 rooms and suites, the Marquis also includes 105,000 square feet of meeting space, three ballrooms, indoor and outdoor terraces, and multiple restaurants and bars. The Washington Post reported October 23, 2015 on the Marriott Marquis’ economic development success: “According to an Oct. 20 report from the D.C. auditor, there is reason to believe the hotel has begun achieving one of its central purposes: growing the number of large conventions that draw thousands of hotel guests to the city.”
“The Marriott Marquis was one of EB5 Capital’s earliest investments,” said EB5 Capital Founder and President Angelique (Angel) Brunner. “The investment has been a success for all involved: the developers for a completed hotel; the community, which is benefiting from increased visitor spending; and the investors, whose families now have opportunities to live in the United States.”
Pre-development for the project’s second phase, known as Columbia Place, is currently underway. The developers for the Marquis, affiliates of Quadrangle Development Corporation and Capstone Development, are also developing this second phase. Columbia Place consists of two new Marriott hotels – a 357-room Courtyard and a 147-room Residence Inn - and will be built adjacent to both the Marquis and the Convention Center, providing a true hotel complex of over 1,600 rooms across the three hotels for Convention Center event guests.
EB5 Capital has provided financing for other transformational projects in neighborhoods near the Convention Center, including City Market at O Street in the Shaw neighborhood, which recently received a Global Award for Excellence from the Urban Land Institute. ULI noted that property values in the area have increased more than 500 percent and praised the project for “extraordinary creativity on the part of the design, construction, and financing teams.”
About EB5 Capital
EB5 Capital is a leader in the EB-5 immigrant investor industry, raising foreign capital for investment in job-creating real estate projects across the United States. EB5 Capital owns and operates a number of USCIS-authorized Regional Centers across the country, most notably in Washington, D.C., California, New York, and Texas, with ten current and completed projects and four more in the pre-development phase. EB5 Capital has raised funds from investors in nearly 50 countries, maintaining a 100% approval rate for immigrant investor petitions. It is one of only a handful of Regional Center operators that has returned capital to investors across multiple transactions.
About the USCIS EB-5 Visa Program
In 1990, Congress created the EB-5 Immigrant Investor Program to stimulate the U.S. economy through job creation and capital investment in U.S. businesses by foreign investors. In exchange for investing in a business that creates jobs for American workers, foreign nationals and their families can become permanent residents of the United States. The Program’s name, “EB-5”, comes from the visa category for which immigrant investors apply – the Employment-Based 5th Visa. The Program is administered by the United States Citizenship and Immigration Services (USCIS), an agency of the Department of Homeland Security.
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