This past year saw the highest occupancy rate for all Washington, D.C. hotels in a decade. The D.C. Office of Revenue Analysis analyzed data from May 2005 to May 2015 and discovered that this growth was attributed to the new Convention Center hotel’s first full year as well as the year-over-year exponential growth in demand for hotel rooms in Washington, D.C. Industry data company STR, Inc. determined that the 12-month year ending in May 2015 saw 6.2 percent higher hotel demand than the previous year, with a total 77.3 percent occupancy.
Washington Business Journal: People on the Move – Joe Tilley
Phillips Realty Capital (PRC) Chief Operating and Financial Officer, Joe Tilley, has taken on a new companion role as the CFO of EB5 Capital, PRC’s joint venture partner and leader in the EB-5 immigrant investor industry. Tilley will oversee EB5 Capital’s finances and investments.
Washington Business Journal: People on the Move – Caroline Anderson
Caroline Andersen joined EB5 Capital as its Director of Finance & Accounting. She began her accounting career at Baker Tilley Virchow Krause, LLP, and most recently served as Assistant Controller for the Washington NFL team.
148-room Proper to join ranks of boutique hotels in downtown L.A.
Travelers to cities with thriving downtowns, such as New York and San Francisco, have long been familiar with one-of-a-kind boutique hotels, but downtown Los Angeles has long been ruled by big chains selling soothing predictability.
That pattern is finally changing as L.A.’s city center becomes a place more people want to visit — and where investors want to make money.
Buying visas with investments is big business. And Congress is taking notice.
What began as a rarely used path to U.S. citizenship for wealthy foreigners has become big business in American real estate, one that Congress is considering for reform.
The EB-5 immigrant investor program allows citizens of foreign countries to acquire U.S. visas by investing a minimum of $500,000 into American businesses so long as the money creates at least 10 jobs.
A few years ago the program was barely used. By one count, only 346 such visas were issued nationwide in 2005.