Peachtree EB-5 Approval for SpringHill Suites Development.
Peachtree Group, a leading investment firm with a focus on hospitality and commercial real estate, today announced a significant milestone for its EB-5 Immigrant Investor Program. The company has received its I-956F approval from U.S. Citizenship and Immigration Services (USCIS) for the currently under construction SpringHill Suites by Marriott development located near the iconic Bryce Canyon National Park in Utah.
The I-956F approval granted by USCIS is a crucial regulatory step within the EB-5 program, which provides a pathway for foreign investors to obtain permanent residency in the United States through investments in projects that stimulate economic growth and generate employment. This approval signifies that USCIS has reviewed and validated Peachtree’s EB-5 project, confirming its adherence to program requirements and its potential to create the requisite number of jobs for U.S. workers.
Adam Greene, Executive Vice President of EB-5 at Peachtree, highlighted the significance of this achievement, stating, “Securing USCIS approval for this project marks an important milestone. It highlights our continued focus on structuring and originating capital for high-quality developments that generate economic impact and long-term value for investors and communities.”
Peachtree originated $16.95 million in floating-rate construction financing over a three-year term specifically for the development of this 127-room SpringHill Suites in Bryce Canyon, Utah. The strategic location of the hotel, approximately 10 minutes from Bryce Canyon National Park, positions it to capitalize on the significant tourist traffic drawn to one of the United States’ most renowned natural attractions, which welcomes over 2 million visitors annually. The construction of the hotel is progressing steadily and is anticipated to be completed by mid-2025, bringing much-needed lodging infrastructure to the area.
This I-956F approval marks the third successful hotel development for which Peachtree has received this key USCIS endorsement. The company previously secured I-956F approvals for its Home2 Suites by Hilton development in Boone, North Carolina, and its TownePlace Suites by Marriott project in Palmdale, California, demonstrating Peachtree’s growing expertise and success within the EB-5 program.
Mr. Greene further elaborated on the favorable market dynamics surrounding the Bryce Canyon development, stating, “With strong travel demand, limited new supply and favorable market tailwinds, well-located, newly developed assets are positioned to outperform their competitive set. Construction is already underway, reducing project risk, and the firm has retained an equity stake aligned with our EB-5 investors—reinforcing our commitment and directly tying our success to theirs.” This alignment of interests underscores Peachtree’s confidence in the project’s success and its dedication to its EB-5 investors.
Peachtree strategically launched its EB-5 program in 2023, recognizing it as a vital financing tool to support job-creating projects across the United States. The firm remains steadfast in its commitment to delivering high-quality investment and development opportunities through its expanding portfolio of EB-5 projects, contributing to both economic growth and providing immigration pathways for foreign investors.
Understanding the EB-5 Immigrant Investor Program:
The EB-5 visa program, administered by USCIS, offers a unique opportunity for foreign investors and their immediate family members to obtain a green card (permanent residency) in the United States. In exchange for making a qualifying investment in a new commercial enterprise that generates or preserves at least 10 full-time jobs for U.S. workers, foreign nationals become eligible to apply for permanent residency.
Under the current regulations of the EB-5 program, the minimum qualifying investment amount is $800,000 when the investment is made in a Targeted Employment Area (TEA), which includes rural areas or areas with high unemployment. Investments made in non-TEA areas require a minimum investment of $1.05 million. The investment must be made in a new commercial enterprise, which can include the creation of a new business or the restructuring and expansion of an existing one.
The primary goal of the EB-5 program is to stimulate the U.S. economy through job creation and capital investment by foreign nationals. By attracting foreign capital to job-creating projects like the SpringHill Suites development in Bryce Canyon, the program aims to foster economic growth and benefit local communities.
Peachtree Group’s successful navigation of the EB-5 program, as evidenced by the I-956F approval for its Bryce Canyon project and its previous approvals, highlights the firm’s expertise in structuring and managing EB-5 compliant investments. This approval not only facilitates the financing and construction of a valuable new hotel in a high-demand tourist destination but also provides a pathway to permanent residency for foreign investors who choose to participate in the project. The ongoing construction of the SpringHill Suites further mitigates risk for investors, as it demonstrates tangible progress and reduces the uncertainty associated with early-stage developments. Peachtree’s commitment to the EB-5 program underscores its role as a facilitator of both economic development and immigration opportunities within the United States. The firm’s focus on high-quality hospitality developments in strategic locations positions its EB-5 projects for success, benefiting both investors and the communities in which these projects are located.
