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Midas Hospitality Expands to SoCal, Plans Opportunity Zone Development
Midas Hospitality is shifting westward to stake its next claim. The move follows a $35-million fund-raising for its first opportunity zone project.
The St. Louis-based hotel development, management and investment firm’s second opportunity zone fund seeks to raise $12 million for a new Residence Inn in Lancaster, CA. Midas will co-develop the $25-million, 107-room hotel along with Los Angeles-based InSite Development.
Midas Hospitality’s J.T. Norville says, “We’re excited to bring our approach of people, properties and informed investments to the west coast. We’re eager to bring together a wide variety of investors to generate meaningful returns and significant tax benefits afforded by the Opportunity Zone legislation for the second time.”
Located at 857 W. Lancaster Blvd., the hotel is planned to break ground in late 2019 with an early 2021 opening. Midas, which will manage the property once it is built, currently owns and manages 38 hotels with eight more set to be added.
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