The Global Hospitality Group of Jeffer Mangels Butler & Mitchell LLP announced the recent closing of two hotel deals for their clients, Great Wolf Resorts and Wurzak Hotel Group. Jim Butler, Chair of the Global Hospitality Group, and David Sudeck, a senior member, led the transactions and associated EB-5 financing.
Great Wolf Resorts recently closed the purchase of property in LaGrange, Atlanta, for a resort that will include a 93,000 square foot water park, several restaurants, and 456 suites. Butler and Sudeck helped their client secure financing through the EB-5 Immigrant Investor Visa Program.
Another JMBM client, the Philadelphia-based Wurzak Hotel Group, recently purchased a property in downtown Fort Lauderdale, Florida, and is under construction on a 24-story, dual-branded hotel. The 323-room hotel project will include The Dalmar, a Starwood Tribute Portfolio, and an Element hotel, which will feature retail, meeting facilities, and a rooftop lounge. Butler and Sudeck assisted Wurzak in sourcing EB-5 financing for the project, as well as negotiating and closing the deal.
"We’re excited that these opportunities for Great Wolf and Wurzak are moving forward," said Butler. "Many of our hotel developer clients have found the EB-5 program to be an effective source of financing for new development. In fact, our lawyers have closed more than $1 billion of EB-5 financing for our clients and sourced more than $700 million for their projects." More information about JMBM’s “preferred” EB-5 construction financing program is available on the Hotel Law Blog.
"Both of these projects add to our clients' already-successful portfolios," said Sudeck. "We look forward to supporting their future developments both as negotiators and conduits to financing."
Construction on the Tribute-Element hotel in Florida has begun, and the hotel is projected to be complete in mid-2018. The Great Wolf Resort is also scheduled to be opened in 2018.
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