June 29, 2016
Funding via EB-5 is famous for the low-interest rates, and often lower than traditional financing. Investors walked away with 3.5% on their investment, with no share of profits. International investors have chosen to follow Rodrigo Azpúrua, Riveria Point CEO, into a 155-unit hotel. 23 investors, mostly from Latin America, are willing to provide some $11.5M in financing for the site at 3450 NW 25th Street.
These 23 investors are backing Riviera Point in a $24M airport hotel in Miami, which has planned to break ground this fall, also marking the first of three hospitality projects for Riviera Development works in the southeast United States. RED, Radisson’s millennial-focused brand, targets the millennial traveler. The brand emphasizes art, food, and technology, and will contain a pool and fitness center, multipurpose event studio and an open lobby featuring restaurants, bars and meeting spaces, ranging from $125/night.