EB5 投资移民绿卡:拉斯维加斯万豪酒店项目分析

文摘   时事   2024-11-19 12:00   美国  


因为各种原因,包括绿卡排期进度,留学生就业机会,工作签证抽签,中国家庭对子女教育和就业的安排,等等,最近考虑办 EB-5 投资移民的中国申请人越来越多,尤其是在美国国会通过法案建立了 EB-5 新政以后。请见我们新未名律师事务所的相关文章:《EB5 投资移民绿卡批准案例,2024 年 10 月》 https://gonglue.us/157380,《更多 EB5 投资移民永久绿卡批准案例》https://gonglue.us/218266。


EB-5 投资人最关注的一个问题是:怎样找到靠谱的项目,面对各种宣传材料,怎样做出选择。这个和选择股票一样,归根到底要投资人自己做出决定,但是多了解信息可以有更好的决策过程。


我们新未名律所现在开始介绍分析评点市场上的多个 EB-5 投资移民项目,形式类似于股评,新车评估,餐馆评估,和各种探店,不作为具体的项目推荐和法律建议,但是根据我们的了解提供详细的信息和投资项目分析,做出我们律所的独立评估,包括对项目各方面的打分。值得强调的是,我们的分析是与美国资深经济学家合作,根据经济学家提交的详细报告做出的(我们律所独立联系了经济学家,非来自于区域中心,非来自于项目方)。我们不接受任何 EB-5 区域中心或项目方的赞助,独立做出分析,供 EB-5 投资人考虑。



1. Overview of the Project 项目概览



The project focuses on developing a dual-branded AC by Marriott and Element by Westin Hotel in Las Vegas, Nevada. The hotel will consist of 441 rooms, divided into 322 rooms for the AC brand and 119 rooms for the Element brand, along with a wide range of amenities, including two restaurants, bars, meeting spaces, and a rooftop pool. The development is situated in the vibrant Symphony Park area near downtown Las Vegas, strategically positioned to attract both leisure and business travelers.


这个项目专注于在美国内华达州拉斯维加斯开发一家双品牌酒店,由万豪旗下的 AC 酒店和威斯汀旗下的 Element 酒店共同组成。酒店将包括 441 间客房,其中 322 间属于万豪 AC 品牌,119 间属于威斯汀 Element 品牌。酒店还将配备多种设施,包括两家餐厅、酒吧、会议空间以及屋顶泳池。该开发项目位于拉斯维加斯市中心附近经济活跃的交响乐公园(Symphony Park)区域,地理位置优越,旨在吸引休闲和商务旅客。



2. Highlights of This Project 项目亮点



  • Dual-Brand Concept: By combining two upscale hotel brands under one roof, the project aims to attract both short-term guests (through the AC brand) and extended-stay visitors (through the Element brand). This diversified approach helps maximize occupancy rates and revenues.


 双品牌概念:通过将两个高端酒店品牌整合在同一屋檐下,项目旨在同时吸引短期入住的客人(通过万豪 AC 品牌)和长期住宿的旅客(通过威斯汀 Element 品牌)。这种多元化的策略有助于最大化酒店的入住率和收入。


  • The Element brand is known for its eco-friendly practices, including energy-efficient building designs, water conservation, and waste reduction programs. The project aims to incorporate sustainable practices, which align with increasing consumer demand for green hospitality options.


    Element品牌特色:Element 酒店以其环保实践而闻名,包括节能的建筑设计、节水措施以及减少废弃物的计划。该项目计划融入可持续发展的实践,这与消费者越来越多选择绿色环保酒店的需求相契合。

  • Prime Location: Located in Symphony Park, a thriving district near the Las Vegas Strip, the hotel benefits from its proximity to major attractions, convention centers, and the Las Vegas Medical District. This location is ideal for capturing business from both tourists and corporate clients.

    黄金地段:酒店位于交响乐公园(Symphony Park),这是拉斯维加斯大道附近一个蓬勃发展的区域,紧邻主要景点、会展中心以及拉斯维加斯医疗区。该地理位置非常适合吸引游客和企业客户的业务。(距离威尼斯人酒店和凯撒宫酒店大约 4.5 英里车程)

  • Experienced Developers and Strong Guarantees: The project is backed by Jackson-Shaw, a reputable developer with 52 years of experience, and the Hall Structured Finance, which is a Hall Group affiliate that provides extensive guarantees covering loan repayment, project completion, and investor protections against I-526 petition denials.

    经验丰富的开发商与强有力的保障:该项目由拥有 52 年经验的知名开发商 Jackson-Shaw 支持,同时由 Hall Group 的附属机构 Hall Structured Finance 提供全面保障。这些保障包括贷款偿还、项目竣工以及针对 I-526 申请被拒的投资者保护措施。

  • The HALL Group has a notable track record in successfully executing EB-5 projects, demonstrating their expertise and reliability in this domain. A prime example is the HALL Arts Residences and Hotel in Dallas, Texas. This project was completed in early 2020 and resulted in 140 investors receiving approvals & 10 investors receiving CPR as of 4/30/2024.

    HALL 集团在成功执行 EB-5 项目方面拥有显著的业绩,体现了其在该领域的专业性和可靠性。此前的一个典型成功案例是位于德克萨斯州达拉斯的 HALL Arts Residences and Hotel 投资移民项目。该项目于 2020 年初完成,截至 2024 年 4 月 30 日,已有 140 名投资者获得 I-526 批准,10 名投资者排期排到(这是 2022 年 EB-5 新法通过以前的项目,当时排期时间比较长)获得绿卡。




3. Sources of Funding 资金来源



  • Total Project Cost: $164.6 million with following funding breakdown:

    • Developer Equity: $58.9 million (36% of the total capital stack).
    • EB-5 Loan: Up to $56 million (34%), secured by a first-priority lien.
    • Bridge Loans: $67 million, including $40 million from C-PACE financing.
    • Marriott Contribution: An additional $3.3 million in “key money” upon project completion

    .

项目总成本:1.646 亿美元,资金结构如下:


  • 开发商股本:5,890 万美元,占总资本的 36%。
  • EB-5贷款:最高 5,600 万美元,占总资本的 34%,EB-5 投资人拥有优先留置权。
  • 过桥贷款:6,700 万美元,其中 4,000 万美元来自 C-PACE 融资。
  • 万豪出资:项目完成后,万豪将额外提供 330 万美元的 「交钥匙资金」(Key Money)。




4. Market Analysis 市场分析



Las Vegas, known as the “Entertainment Capital of the World,” consistently attracts a high volume of visitors, with over 40 million annual visitors in recent years. The city’s hotel and tourism industry has proven resilient, rebounding quickly after downturns like the COVID-19 pandemic. The hotel occupancy rate in Las Vegas reached 83.5% in 2023, reflecting an increase from the previous year’s 79.2%. The Average Daily Rate (ADR) for hotels in the city has seen significant growth. Average room price on the Strip was $204.22 in 2023, marking a 43% increase since 2019. Key factors driving demand include:

拉斯维加斯被誉为 「世界娱乐之都」,近年来持续吸引大量游客,每年游客量超过 4000 万。城市的酒店和旅游业展现出强大的韧性,在疫情后快速复苏。以下是相关数据与驱动因素:


酒店入住率:2023 年拉斯维加斯的酒店入住率达到 83.5%,较 2022 年的 79.2% 显著提升。
平均每日房价(ADR):2023 年拉斯维加斯大道的酒店平均房价为 204.22 美元,与 2019 年相比增长了 43%。


需求驱动因素包括


  • Tourism and Entertainment: Las Vegas remains a premier destination for international tourists, conventions, and events. The project is strategically positioned near major attractions like the Las Vegas Strip and Fremont Street, ensuring a steady flow of leisure travelers.

旅游与娱乐:拉斯维加斯依然是国际游客、会议及活动的首选目的地。该项目地理位置优越,靠近拉斯维加斯大道(The Strip)和弗里蒙特街(Fremont Street)等主要景点,能够确保稳定的休闲游客流量。


  • Convention and Events Hub: The Las Vegas Convention Center, just minutes away from the project site, draws over 6.5 million convention attendees each year. This influx supports consistent demand for hotel accommodations, especially during large events like CES and industry trade shows.

会议与活动中心:这个 EB-5 项目酒店距离拉斯维加斯会展中心只有很短的车程。会展中心每年吸引超过 650 万名会议参与者。这样规模的访客人群为酒店住宿提供了持续的需求,特别是在 CES(国际电子消费产品展览会)和各类行业展会等大型活动期间。


  • Medical and Business Hub: The project’s proximity to the Las Vegas Medical District and various corporate offices means it is well-positioned to attract business travelers, especially those requiring longer stays (targeted by the Element brand). Note that the demand for extended-stay hotels has surged, driven by trends such as remote work, medical tourism, and longer business trips.

医疗与商务中心:项目靠近拉斯维加斯医疗区以及多个企业办公室,地理位置优越,适合吸引商务旅客,尤其是那些需要长期住宿的客人(Element 酒店品牌的目标群体)。值得注意的是,因为远程工作、医疗医美旅行和更长时间的商务旅行等新趋势,对长期住宿酒店的需求在增加。


  • Symphony Park Development: Symphony Park is an up-and-coming area with ongoing investments in infrastructure and development, increasing its attractiveness for businesses and visitors alike. As one of the few new hotel developments in this area, the project benefits from limited competition and high demand.

交响乐公园地段开发:Symphony Park 是拉斯维加斯的一个新兴区域,正在进行基础设施和开发方面的持续投资,提升了其对企业和游客的吸引力。作为拉斯维加斯地区目前为数不多的新酒店开发项目之一,这个 EB-5 酒店项目受益于较少的竞争和高需求。



5. Operational Forecast Analysis 运营预测分析



  • Completion Date: The construction started in October 2023 and is expected to be completed by December 2025.    完工日期:项目于 2023 年 10 月开工,预计将在 2025 年 12 月竣工。

  • Revenue Projections:  收入预测

    • The hotel is projected to generate a Net Operating Income (NOI) of $9.9 million in its first full operational year (2026), growing to $11.9 million by 2028.

净运营收入(NOI):酒店在完工后的第一个完整运营年份(2026 年)预计将产生 990 万美元的净运营收入,到 2028 年增长至 1,190 万美元。


  • Occupancy Rates: Initial occupancy is forecasted at 72.5%, with an Average Daily Rate (ADR) of $204, increasing to an ADR of $222 and an occupancy rate of 81% by 2028.

入住率与平均每日房价(ADR):酒店的初始入住率预计为 72.5%,每日平均客房价格为 204 美元;到 2028 年,预计酒店入住率将提升至 81%,每日平均客房价格增加至 222 美元。


  • Dual-Brand Efficiency: The combination of short-term and extended-stay accommodations is expected to optimize occupancy levels, providing flexibility to adapt to changing market demands. 

双品牌效益:通过结合短期住宿和长期住宿服务,这个 EB-5 项目可以提高入住率,同时提供灵活性以适应变化中的市场需求。



6. Economic Impact Analysis 经济影响分析



  • Job Creation:  就业创造

    • The project is expected to generate 1,253 jobs, significantly exceeding the EB-5 requirement of 10 jobs per investor. This results in a 79% job creation buffer for the 70 targeted EB-5 investors, reducing the risk of failing to meet visa requirements. 这个项目预计招募 70 位 EB-5 投资人。根据移民法规定,每人名下需要分配 10 个新创造的工作,一共 700 个。目前预计项目将创造 1,253 个就业岗位,也就是超额完成 79% 的就业,因此,因为未能满足 EB-5 就业要求而导致 EB-5 投资人的 I-526 申请(和 I-485 申请)被拒的风险较低。

  • Local Economic Boost: 对当地经济的促进

    • The construction phase alone is expected to inject significant capital into the local economy, supporting local suppliers, contractors, and service providers. Upon completion, the hotel will generate ongoing economic activity through guest spending on dining, shopping, and entertainment.   施工阶段:这一阶段预计将为当地经济注入大量资金,为当地供应商、承包商和服务提供商带来业务发展。  运营阶段:酒店完工后,将通过客人在餐饮、购物和娱乐方面的消费,持续推动经济活动的增长。

    • The dual-branded hotel will help diversify Las Vegas’s hospitality offerings, attracting new demographics of travelers, including those interested in longer stays, wellness tourism, and business trips. By enhancing the city’s capacity to host visitors, the project aligns with regional efforts to expand beyond traditional gaming revenue.   这家双品牌酒店可以增加游客在拉斯维加斯的酒店选择,吸引新的旅客群体,包括长期住宿者、有医疗医美目的的旅游者以及商务旅客。通过提升城市接待能力,该项目与地区拓展计划相契合,支持拉斯维加斯摆脱对传统博彩收入的依赖,实现经济多元化。

  • TEA Designation: The project is located within a Targeted Employment Area (TEA), which qualifies it for the reduced EB-5 investment threshold of $800,000 per investor. This designation makes it more attractive to potential investors who seek a green card while contributing to job creation in high-unemployment areas

    .

目标就业区(TEA)资格:该项目位于目标就业区(TEA)内,符合每位 EB-5 投资者 80 万美元的投资移民门槛要求。



7. Investor Security EB-5 投资安全



The project offers multiple layers of security to protect EB-5 investors:   项目为投资人提供多重安全保障措施:


  • First-Priority Lien: The EB-5 loan is secured by a first-priority lien on the property, which provides investors with collateral should the project face financial difficulties.  

优先留置权:这是一个债权项目。来自 EB-5 投资人,经区域中心发放给项目方的贷款,由项目资产的第一优先留置权担保。这种安排为 EB-5 投资人提供了抵押品保障,在项目面临财务困难时可保护其投资利益。


  • Guarantees from Hall Group:      来自 Hall 集团的保障措施:

    • Loan Repayment Guarantee: The Hall Group provides a repayment guarantee to ensure that EB-5 investors receive their principal back, even if the hotel fails to meet its financial targets.

贷款偿还保障:Hall 集团提供贷款偿还担保,以便使 EB-5 投资人在酒店未能达到其财务目标的情况下收回本金。


  • Project Completion Guarantee: This ensures that the construction will be completed on time and within budget, reducing the risk of delays that could affect job creation and investor returns.

项目完工保障:确保项目按时并在预算范围内完工,降低因延误可能影响就业创造和投资者回报的风险。


  • I-526 Denial Guarantee: If an investor’s I-526 petition is denied for reasons unrelated to fraud or bad acts, the Hall Group guarantees the return of the investor’s capital.

拒签资本返还:如果 EB-5 投资者的 I-526 申请被拒(除非是因为投资人欺诈或不当行为原因),Hall 集团承诺退还投资者的本金。


  • Experienced Developer and Operator: With Jackson-Shaw leading the development and Hall Structured Finance providing financial oversight, investors benefit from the expertise of established firms with proven track records.

经验丰富的开发商与运营方


由 Jackson-Shaw 负责开发,Hall Structured Finance 提供财务监督。这些知名公司拥有丰富经验和良好业绩纪录。



8. Risk Analysis 风险分析



  • Market Risks: Although Las Vegas is a strong market, it is highly dependent on tourism. Economic downturns, changes in travel behavior, or shifts in tourism demand could impact hotel performance. However, the project’s dual-brand strategy provides flexibility to adjust to market changes.   

市场风险:拉斯维加斯市场整体强劲,但是高度依赖旅游业。如果经济下滑、旅行行为改变、或者旅游需求发生变化,可能会对酒店的运营表现产生影响。当然,这个 EB-5 酒店项目的双品牌酒店策略提供了灵活性,可以根据市场变化进行调整,降低风险。


  • Construction and Financial Risks: The project is backed by substantial developer equity, secured loans, and guarantees, which reduces the risk of construction delays or cost overruns. 

施工和财务风险:该项目由开发商股本、担保贷款以及保障措施支持,降低了施工延误或成本超支的风险。


  • Regulatory Risks: As an EB-5 project, it is subject to changes in immigration laws. However, the strong job creation metrics and TEA designation provide some protection against regulatory uncertainties.

法规方面的风险:


作为一个 EB-5 项目,该计划可能受到移民法律变更的影响。超额的就业创造和目标就业区(TEA)资格为项目提供了一定程度的保护,缓解了监管不确定性带来的风险。


绿卡排期
目前 EB-5 类别没有排期,投资者/申请人在美国可以同时递交 I-485 身份调整申请和 I-526E 申请,无论出生在哪个国家(包括中国大陆)。还可以取得基于 I-485 的工卡和回美证。但是,投资人实际获得绿卡的时间可能会因 EB-5 类别的整体需求数量较大而延迟,前后有可能要数年时间。



9. Our Ratings on AC Marriott/Element Hotel Project Compared to Other Similar EB-5 Projects, Using a Scale of 1 to 5 (5 being the most favorable for investors).     项目评分(1-5 分,5 分为最优)



  • Reliable Funding Sources (5/5)

The project is funded through a balanced mix of developer equity ($58.9 million), EB-5 capital ($56 million), and secured bridge loans ($67 million). The use of a first-priority lien on the property and guarantees from Hall Group for loan repayment further enhance investor security.


可靠的资金来源(5/5)


该项目的资金来源比较平衡稳健,包括开发商自有资本(5,890 万美元)、来自 EB-5 投资人的贷款(5,600 万美元)和担保过桥贷款(6,700 万美元)。此外,项目资产设有优先留置权,并由 Hall 集团提供贷款偿还担保,有利于 EB-5 投资人的资金安全。


  • Promising Market Prospect (5/5)

Las Vegas remains one of the most resilient hospitality markets in the world, with over 40 million visitors annually. The city is known for its robust tourism sector, driven by entertainment, conventions, and business travel. The Symphony Park location positions the hotel near major attractions, including the Las Vegas Strip and the Medical District, ensuring steady demand from both tourists and business travelers. The dual-brand strategy (AC Marriott for short stays and Element for extended stays) allows the hotel to target a diverse clientele, enhancing its adaptability to changing market conditions.


较好的市场前景(5/5)


拉斯维加斯依然是全球最具活力的酒店市场之一,每年吸引超过 4,000 万名游客。城市以其强大的旅游业闻名,核心驱动力包括娱乐、会展和商务旅行。


项目位于交响乐公园(Symphony Park),靠近拉斯维加斯大道和医疗区等主要景点,确保能够吸引游客和商务旅客的稳定需求。双品牌策略(万豪 AC 面对短期住宿的旅客,威斯汀 Element 面向长期住宿的访客)使酒店能够服务多样化的客户群体,同时增强对市场变化的适应能力。


  • Reliable Operational Forecast (4/5)

The project is led by experienced developers like Jackson-Shaw and Hall Structured Finance, who have a proven history of successful projects. This background supports the reliability of the projected construction timeline and operational forecasts. The project has a clear completion timeline (December 2025) and solid revenue projections, with an estimated Net Operating Income (NOI) of $9.9 million in 2026. The rating is slightly reduced due to potential construction risks, such as supply chain disruptions or cost overruns. However, these risks are mitigated by the project completion guarantees provided by Hall Group.


运营可靠性预测(4/5)


项目由有经验的开发商 Jackson-Shaw 和 Hall Structured Finance 领导。这两家公司在成功完成项目方面具有良好的业绩记录,支持了项目建筑工期和运营计划的可靠性。


  • 清晰的时间线:预计 2025 年 12 月完工。

  • 稳定的收入预测:2026 年的净运营收入(NOI)预计为 990 万美元。

评分略低是由于存在有潜在的施工方面风险,例如供应链中断或成本超支。Hall 集团提供的项目完工保障可以缓解风险,降低对整体运营方面的影响。


  • Economic Impact (5/5)

The project significantly exceeds the EB-5 job creation requirement, with an estimated 1,253 jobs created against the required 700 for the targeted 70 investors. This 179% job cushion ensures that all EB-5 investors meet the job creation criteria, providing a strong safeguard for their green card eligibility. The project is located in a Targeted Employment Area (TEA), allowing investors to benefit from the lower EB-5 investment threshold of $800,000, making it more attractive to potential investors.


经济影响分析(5/5)


该项目在就业创造方面超过了 EB-5 的要求:项目预计创造 1,253 个就业岗位,而预期招募的 70 位 EB-5 投资人仅需创造 700 个岗位。这一 179% 的就业缓冲可以让所有的 EB-5 投资者满足就业创造标准,支持他们的 EB-5 绿卡申请。


此外,项目位于目标就业区(TEA),使投资者能够享受较低的 EB-5 投资门槛(80 万美元)。


  • Investor Security (5/5)

The Hall Group offers extensive guarantees for investors, including:


    • Loan Repayment Guarantee: Ensuring that EB-5 investors receive their capital back even if the hotel underperforms.

    • I-526 Denial Guarantee: Protecting investors by guaranteeing a return of capital if their I-526 petition is denied (excluding cases of fraud or misconduct).

    • Project Completion Guarantee: Assuring investors that construction will be completed on time and on budget, reducing the risk of delays affecting job creation and visa eligibility.

The use of a first-priority lien on the property adds another layer of security, making it one of the more secure EB-5 investments in the current market.


投资人的资金安全 (5/5)


Hall 集团为投资者提供了保障措施,包括:


  • 贷款偿还保障:在酒店运营表现不佳时让 EB-5 投资者收回成本。

  • I-526被拒保障:如果 EB-5 投资者的 I-526 申请被拒,集团承诺返还 EB-5 本金,除非被拒原因是申请人的欺诈或不当行为。

  • 项目完工保障:保证项目按时、按预算完成,降低工期延误对于就业创造和 EB-5 批准资格造成的风险。

项目资产设有第一优先留置权,为投资者提供了额外的安全保障。这些措施使其成为当前市场上安全性较高的 EB-5 投资选择之一。


  • Risk Level (3/5)

The project carries moderate risk due to its reliance on the tourism and hospitality industry, which can be sensitive to economic downturns, travel restrictions, or shifts in consumer behavior. However, the Las Vegas market has shown resilience, rebounding strongly post-pandemic, and continues to attract a steady flow of visitors, driven by its status as a global entertainment and convention hub. The extensive guarantees, secured funding, and prime location mitigate many of the risks typically associated with EB-5 investments. Nevertheless, the inherent risks of the hospitality sector keep the risk level at a moderate 3.


风险等级(3/5)


该项目具有中等风险,主要由于其依赖旅游和酒店行业,这一行业对经济下滑、旅行限制或消费者行为变化较为敏感。然而,拉斯维加斯市场展现出较强的韧性,在疫情后快速复苏,并凭借其全球娱乐和会展中心的地位,持续吸引稳定的游客流量。


风险缓解因素:


  • 项目方保障:Hall 集团提供贷款偿还、项目按期按预算完工和 I-526 被拒情况下返还本金等多项担保。

  • 稳健的资金结构:开发商自有资金、优先留置权和担保贷款确保财务稳定性。

  • 黄金地段:这个酒店项目靠近繁华的拉斯维加斯大道和交响乐公园等主要旅游点,有利于持续的入住需求。

尽管有这些缓解因素,酒店行业固有的不确定性使风险水平保持在中等的 3 分。


Summary Ratings for AC Marriott / Element Hotel Project



Rating (1-5)Explanation
Reliable Funding Sources5Well-secured funding with substantial developer equity, secured EB-5 loans, and strong guarantees.
Promising Market Prospect5Prime location with diversified demand from tourists, business travelers, and extended stays.
Reliable Operational Forecast4Experienced developers and strong projections, though some construction risks remain.
Economic Impact5Significant job creation (1,253 jobs) far exceeds EB-5 requirements, with strong economic benefits for the local area.
Investor Security5Extensive guarantees on loan repayment, project completion, and I-526 approvals ensure strong investor protection.
Risk Level3Moderate risk due to dependence on tourism, mitigated by strong financial safeguards and dual-brand flexibility.



10. Conclusion 结论



The AC Marriott / Element Hotel Project stands out in the EB-5 space due to its strong market positioning, robust financial structure, and extensive investor protections. It offers a balanced mix of short-term and extended-stay accommodations, backed by reputable developers and secured financing. While it carries moderate market risks due to its reliance on tourism, the project’s unique location and operational strategy position it well for long-term success.


拉斯维加斯万豪酒店 AC/贾斯汀 Element 项目,依托强劲的市场,有稳健的财务结构,有多项的投资者保护措施。


  • 项目亮点:酒店结合短期游客和长期住宿服务,满足多样化的客户需求,有信誉良好的项目开发商,有融资支持保障。

  • 风险管理:尽管依赖旅游业带来一定的中等市场风险,但项目的优质地理位置和双品牌运营策略,为其长期成功提供了良好基础。

Prepared By New Weiming Law Group
新未名律师事务所编写
2024 年 11 月






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