Homer Williams debuts immigrant-funded LA Marriott
Portland Business Journal by Wendy Culverwell , Business Journal staff writer
Date: Monday, March 19, 2012, 3:49pm PDT
Portland developer Homer Williams debuts his latest project, a 22-story hotel tower in downtown Los Angeles, one week from Wednesday.
As the Marriott project nears its unveiling in southern California, it’s worth noting back in Portland that the $172 million hotel development was funded by immigrant investors.
Williams hopes to replicate the formula in Portland, where he aims to develop a $20 million-plus Marriott project in the Pearl District using money from investors.
Williams & Dame Development and its partners financed the Los Angeles project through the federal EB-5 program. EB, for employment-based, awards green cards to investors who contribute $500,000 to $41 million to projects that create or preserve at least 10 U.S. jobs.
In Portland, Williams is working with the American Dream Fund to raise capital for the Residence Inn by Marriott Pearl development. He also is forming his own firm to broker EB-5 deals.
The EB-5 program generated more than $1.25 billion for U.S. projects in 2011 but remains relatively unknown in Oregon.
The state only recently landed firms to pursue EB-5 investors.
American Dream Fund and American United Development Group both secured government approval to operate in Oregon in 2011, but have not yet announced projects.
Those wanting to learn more about the financial tool that could generate hundreds of millions of investment capital for Oregon can attend “Unlocking Foreign Capital,” a daylong workshop slated for March 30 at the Governor Hotel in downtown.
The program is sponsored by American Dream Fund and the EB-5 Institute. For registration and fee information, visit the EB-5 Institute website.
Wendy Culverwell covers real estate, retail and hospitality.
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