On January 23, 2016, Ethan Capital and Arc Atlantic Regional Center announced the groundbreaking and beginning of construction for their Courtyard by Marriott Hotel, located in the City of Monterey Park. The hotel will be opening next summer. With its$80 million investment, Ethan Capital will create the newest flagship Courtyard by Marriott Hotel in California. The announcement strengthens EB-5 investors’ confidence in this project.
Located in the heart of the Asian American community in San Gabriel Valley, Southern California, the new hotel will have 288 uniquely master designed rooms along with over 400 parking spots, 7000 sq. ft. of conference space, business center, conference rooms, outdoor pool and bar. The project was approved by the USCIS as an EB-5 project in a Targeted Employment Area (TEA) supported by actual data. With each unit of investment at $500,000, the project’s current EB-5 fund sourcing is progressing smoothly.
Congresswoman Judy Chu Expresses Support for EB-5 Investor Program
Congresswoman Ms. Judy Chu, State Treasurer Mr. John Chiang, California State Senator Mr. Ed Hernandez, California State Assemblymember Mr. Ed Chau, Mayor Mr. Peter Chen, Former Mayor Mr. Anthony Wong, East LA Community College District Trustee Mr.Mike Eng, Mayor Pro Tem Mr. Mitchell Ing, City Councilman Mr. Hans Liang, City Councilman Mr. Stephen Lam, City Manager Mr. Paul Talbot and others in attendance expressed their praise and recognition for Ethan Capital, Arc Atlantic Regional Center, and investors.
Congresswoman Ms. Judy Chu states that the EB-5 program, now popular among investors, has successfully brought in substantial foreign investments, boosting the United States economy. She also stated that, in 2013 she moved to save then terminating EB-5 program and she is currently working hard to push through legislation that will make the EB-5 permanent and increase cap limits on Chinese investors. With the success of this Courtyard by Marriot in Monterey Park, it will bring significant employment opportunities to the city.
City of Monterey Park Mayor Mr. Peter Chen states that after years of effort, the project successfully broke ground today. With a 20-25% annual increase in Chinese tourists, this will bring tremendous economic activity to the city. Founded a hundred years ago, Monterey Park has long been the center of Asian American culture, politics, and business. The Courtyard by Marriott Hotel, along with nearby Atlantic Times Square, will become the new landmark for the Asian American community on the west coast.
State Treasurer Mr. John Chiang Congratulates the New Landmark
Arc Atlantic Regional Center President Alan Wu states, the purpose of EB-5 funds for this project is primarily in lowering interest costs in the later stages of development. Courtyard by Marriott is the most profitable brand under Marriott International, and after three years of planning, today is the official groundbreaking and the hotel will open in the summer of 2017. Currently, EB-5 fund sourcing is progressing smoothly.
As an experienced commercial real-estate developer, President Alan Wu believes only select projects can apply to become an EB-5 project. Furthermore, EB-5 funds are unsuitable as starting capital. The way to maximize the benefits of EB-5 investments depends on the actual details of each project. In general, investors should not only focus on the development and construction of each project, but also business management and operations once construction is complete. This is the value of the Marriott brand; it is a reliable business model that investors have complete confidence in.