A nine-story hotel located at Selma and Caheunga will be run by Hampshire Hotels & Resorts under its Dream Hotel brand. The long-standing plans to build the $45 million hotel in Hollywood were revived after the developers started fresh with new financing and a new operator.
Construction is expected to begin on the 148-room hotel in the spring but few other details have been released at this time except that there will be a rooftop swimming pool, a restaurant and a lounge. It is expected to open in the fall of 2013.
Developer Richard Heyman said, “We fought hard to find conventional financing, but conventional doesn’t exist anymore, so we turned to finding alternative sources of capital.” The solution, according to Heyman, was the federal EB-5 program, which provides green cards to immigrant investors who put up a minimum investment of $500,000 for development in targeted areas. The Dream Hotel job is expected to create more than 900 jobs. It received federal approval last month to participate in EB-5 financing.
The hip Dream Hotel brand, a full-service but relaxed luxury brand, currently has locations in New York, Miami Beach, Bangkok, and Cochin, India.
Source: Hotel Chatter
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