CURRENT EB-5 PROJECT
FROM CALIFORNIA GOLDEN FUND: Hilton Garden Inn – El Monte, CA
EL MONTE / CALIFORNIA/ USA
Investor documents are available please request at: email@example.com
Project: The California Regional Center plans to develop and operate a Hilton Garden Inn hotel with ancillary features located at 9920 Valley Blvd., El Monte, CA 91731, which is in Los Angeles County. The Building will contain three restaurants with a total of 8,900 square feet, a gift shop with 1,000 square feet, a travel and tourist office with 1,600 square feet, and a conference center and banquet room with a total of 6,000 square feet. The hotel, restaurants, and other activities will all be owner-operated, so tenant occupancy issues will not arise for those activities.
Address: 9920 Valley Blvd
El Monte, CA 91371
Designated Targeted Employment Area (TEA)
- The total development budget is $32.4 million, of which hard construction costs are $14.77 million, architectural and engineering costs (A&E) are $1.7 million, and purchases of FF&E (indirect and induced jobs only) are $4.0 million; the remaining expenses of $11.93 million, most of which are land costs, are not EB-5 eligible.
- The project is expected to take more than two years to complete, so direct as well as indirect and induced jobs can be counted.
- The hotel will have 152 rooms, with an ADR of $129 and an occupancy rate of 70% in the first year of occupancy. Based on the cost of construction and ADR, the hotel is expected to be an economy hotel
- The restaurants, which will also be owned by the developer, are expected to total 8,900 square feet. They will consist of a Chinese restaurant with 4,000 square feet, a Western restaurant with 3,600 square feet, and a café with 1,300 square feet.
- Since the City of El Monte has been classified by the State of California as a Targeted Employment Area, 52 EB-5 immigrants could each invest $500,000, hence raising a total of $26 million in EB-5 funds for this project.
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