Gorman & Company secured more downtown hotel financing during last week's China trip, but enticing investors with a cash-for-green card program the developer plans to use is taking longer than expected.
According to Gorman & Company President Gary Gorman, only about one third, or $8.3 million, of the company's $25 million target for foreign investment has been secured.
Gorman and Rockford Mayor Larry Morrissey flew to Shanghai on Oct. 22 to meet with potential investors for Gorman's $67 million project to turn the Amerock building downtown into a 160-roomEmbassy Suites hotel and conference center. In addition to $25 million in foreign investment, Gorman plans to use state and federal historic tax credits to finance the project.
“The trip went very well," Morrissey said. "We made a lot of progress and committed a lot of investors to the project. Gorman has active agents in China that are marketing the project to investors. This process, when we go over there, is to just supplement and add some additional opportunities to support those agents."
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