CanAm Enterprises (“CanAm”) is thrilled to announce that it has closed its 56th EB-5 loan, valued at $23 million. The proceeds will help finance the renovation of an existing 19-story historic and iconic building located directly adjacent to the Texas Medical Center in Houston, Texas into an approximately 210,000 SF, full-service hotel under the Westin brand.
The Texas Medical Center is the largest medical complex in the world and consists of 60 healthcare institutions, including the Baylor College of Medicine, the Texas Children’s Hospital and the MD Anderson Cancer Center, which are the largest children’s and cancer hospitals in the world, respectively. The Texas Medical Center employs over 106,000 medical professionals who collectively serve more than 10 million patients every year.
The Westin brand is part of Marriott International, the largest family hotel group in the world with more than 7,000 properties in 130 countries and territories operated, franchised, or licensed.
“The Westin Hotel at Texas Medical Center is uniquely positioned for success in the Houston Texas Medical Center submarket. The project’s location and quality will be second to none in the marketplace. Pearl Hospitality is a best-in-class operator, having achieved great success in their other hotel development including the J.W. Marriott in downtown Houston,” commented John Reid, Director of Project Development at CanAm Enterprises.
The Westin hotel will feature 272 guest suites and approximately 10,000 SF of meeting space. The renovation of the building has been underway since the second quarter of 2017 and the construction work is expected to be completed by the first quarter of 2020.
The project is projected to create over 1,000 jobs which exceeds the EB-5 requirement of 10 jobs per investor by far. “CanAm always aims to exceed the required job creation to provide extra safety to investors to ensure their immigration goals are achieved,” said Tom Rosenfeld, President and CEO of CanAm Enterprises.
The EB-5 Immigrant Investor Program is administered by the United States Citizenship and Immigration Services (USCIS). The Program provides qualified foreign investors with the opportunity to earn “conditional” or temporary two-year visas in return for investing $500,000 in businesses located in high unemployment areas that create or retain at least ten permanent full-time jobs for U.S. workers.
With three decades of experience promoting immigration-linked investments in the United States and Canada, CanAm has a long and established track record. Basing its business on a reputation of credibility and trust, CanAm has financed more than 55 project loans and raised more than $2.8 billion in EB-5 investments. To date, over 2,500 investor-families have received principal repayment from CanAm, totaling $1.25 billion. CanAm exclusively operates seven USCIS-designated regional centers that are located in the city of Philadelphia, the Commonwealth of Pennsylvania, the county of Los Angeles, the Metropolitan Region of New York, the states of Hawaii, Florida, and Texas. For more information, please visit www.canamenterprises.com.