ST. LOUIS — Midas Hospitality, a hotel development, management, and investment firm, recently announced its second opportunity zone fund that is seeking to raise $12 million for a new Residence Inn located in Lancaster, Calif.
Midas Hospitality will co-develop the $25 million Residence Inn along with Los Angeles-based InSite Development, and has a targeted groundbreaking date in late 2019 with a grand opening set for early 2021. Midas, which will manage the Residence Inn once it is built, currently owns and manages 38 hotels, with eight more hotels to be added to its portfolio in the near future.
“We’re excited to bring our approach of people, properties, and informed investments to the west coast,” said Midas Hospitality’s co-founder and managing partner J.T. Norville. “We’re eager to bring together a wide variety of investors to generate meaningful returns and significant tax benefits afforded by the Opportunity Zone legislation for the second time.”
The Lancaster community is on the northern edge of Los Angeles County in the heart of the Antelope Valley, and home to The Boeing Company, Lockheed Martin, and Northrop Grumman Corporation.
The Tax Cuts and Jobs Act of 2017 created tax incentives for opportunity fund investments like Midas Hospitality’s Lancaster project.
