ST. LOUIS--Midas Hospitality—a leading hotel development, management and investment firm—recently closed its second opportunity zone that funded its first California property.
In addition to the Opportunity Zone Funds, the Midas Hotel Fund has called $25 million of capital with a $75 million additional goal. Equity raised thus far was used to purchase the dual brand property of Residence Inn and Fairfield Inn located in Charlotte, N.C. during the spring of 2019, as well as the Aloft Milwaukee hotel in Nov. 2019.
While the Midas Hotel Fund remains open, the company successfully opened and closed two Opportunity Zone funds after reaching its goals: The first for $35 million was for the development of the Aloft and Element hotels located in St. Louis, Mo. in and around the Cortex Innovation Community. The second fund for $11 million was designated for its first California hotel—a new Residence Inn located at 857 W. Lancaster Blvd. in Lancaster, Calif.—that recently held its groundbreaking ceremony.
Midas Hospitality is co-developing the $25 million, 107-room Lancaster hotel along with Los Angeles-based InSite Development. Midas Hospitality, which will manage the Residence Inn once it is completed in the first half of 2021. Midas currently owns and manages 38 hotels with eight more hotels to be added to its portfolio in the near future.
“Our company continues to steadily acquire and develop properties like our newest California hotel thanks to the support of both local and national investors,” said Midas Hospitality’s Co-Founder and Managing Partner J.T. Norville. “The Midas Hotel Fund is on its way to reaching its goal , which will enable us to maintain this rapid progress in the hospitality industry.” Norville added that his company seeks investors who are “committed to transforming the marketplace with projects that make a difference in the communities they are in.”
Founded in 2006, Midas Hospitality specializes in the development, management and investment of award-winning hotel properties across the U.S. The firm focuses on select-service and extended-stay experiences for global brands including Hilton, Marriott, and IHG. Midas’ headquarters are located at 1804 Borman Circle Dr. in Maryland Heights, Mo