Q1 2021 EB-5 Project Updates | Hyatt Tommie Hotel Hollywood

Q1 2021 EB-5 Updates - Hyatt Tommie Hotel Hollywood Phases I & II

All necessary EB-5 jobs have been created for EB-5 investors in both phases, with over 1,200 jobs created in Hyatt Tommie Phase I and over 350 jobs created in Hyatt Tommie Phase II – Citizen News. As the construction of the Hyatt Tommie nears completion and prepares for a Summer 2021 opening, the city of Los Angeles is finally preparing to fully reopen as the pandemic subsides. The entire state of California will formally reopen on June 15, a big boon to the hotel and F&B industry. Luckily both phases of the Hyatt Tommie were under construction during the worst of the pandemic, so the only effect on the project was a delay in the construction completion due to restrictions imposes by the State of California. The hotel aim to reopen at a time when the hospitality industry as a whole should see rapid recovery with all the pent up demand.

Since all requisite jobs have already been created, there is little risk to the EB-5 green card status of the EB-5 investors in the project, and the operational risk should be well mitigated as the economy recovers during the second half of 2021.

We are excited to announce the official branding and conceptualization of Tommie’s anchor restaurant and rooftop – Ka’teen and Desert Five Spot. Ka’teen will feature one of the largest outdoor dining settings in Los Angeles and will serve as an oasis for those seeking Latin-American inspired dishes and cocktails, in a lush and original setting reminiscent of Old Tulum. Meanwhile, at Caption Rooftop, you’ll find Desert Five Spot, with panoramic views of the city, and an ambiance inspired by the casual coolness of Palm Springs in the 70’s.

In Q1 2021, construction on the Tommie Hotel progressed smoothly, with work being done to seal in the building, remove the scaffolding, install all guest room windows, installation of permanent power and water, drywall installation, and storefront installation. On the Citizen News building, the construction team construction team completed the core and shell, began the rough MEPF, and began the restaurant construction with layout
and framing. By the end of Q1 we expect to complete restaurant framing, the drywall MEPFP rough in, release FF&E prototypes, install skylight glass, and bring out the food service contract.

Please scroll through the photos below to view the most recent progress on Tommie Phases I & II:

What is EB-5?

The EB-5 program is the fastest and most convenient path to obtaining a United States green card for foreign investor. With an investment of only $900,000, an EB-5 investor can obtain a green card within a couple years, and then receive their $900,000 back after approximately 5 years. The core requirement of the EB-5 program is that the EB-5 investment create at least 10 direct or indirect jobs for US workers. The EB-5 program was created by the US Congress in 1990 and since then has provided a path to a green card and/or citizenship for tens of thousands of immigrant investors.

Are there alternatives to EB-5?

As an alternative to EB-5, many investors elect to look at the E-2 investor visa program. The E-2 visa provides many of the same benefits of the EB-5 green card, but there are lower investment and documentation requirements. Children of E-2 visa applicants are still eligible to study for free at US public schools, and the spouses of E-2 visa investors can freely work in the US.