IHG Breaks Ground on Miami’s First EVEN Hotel

EVEN Hotel Miami Airport – rendering

Hospitality giant InterContinental Hotels Group (IHG) is bringing the first EVEN-branded hotel property in the Miami area.

IHG and its partner Epelboim Development Group recently broke ground on EVEN Hotel Miami Airport, a $33 million project that is scheduled for completion in the first quarter of 2018. Located at 3499 NW. 25th St. near the Miami International Airport, the project was financed by a $20 million construction loan provided by Hall Structured Finance. The EVEN-branded hotel also received approximately $12 million in financing from more than 20 Latin American investors through the EB-5 Visa program, which allows foreigners to live in the U.S. if they make an investment of at least $500,000 in a commercial enterprise that would create or preserve at least 10 full-time jobs for qualified U.S. workers. According to the developers, the EVEN Hotel Miami Airport is expected to generate approximately 300 jobs.

In 2015, Epelboim acquired the 1.85-acre former industrial site for $3.8 million, The Real Deal reported.

Source: https://www.cpexecutive.com/post/eb-5-visa-funded-hotel-underway-in-miami/