Riviera Point Invest + Develop has topped off half of a dual-brand hotel near SeaWorld in Orlando. Going up on a 3.2-acre site, the project will include a 101-room La Quinta Del Sol and TRYP by Wyndham Seaworld. The four-story 53,094 sq ft La Quinta, which will feature a fitness center, a pool and a restaurant, is slated for completion in the second quarter of 2019. The 53,647 sq ft TRYP by Wyndham is expected to open in early 2020.
Riviera Point is funding the $39m project with a $15.5m loan from Apollo Bank, $6m in private equity and $17.5m in EB-5 capital. The EB-5 Investor Visa program allows foreign companies to invest at least $500,000 in job-creating projects in the US in exchange for a green card. Riviera Point Invest + Develop is one of the country’s most successful EB-5 developers.
“Our hotels will help accommodate the growing number of families coming to Orlando year after year,” said Rodrigo Azpurua, president and CEO of Riviera Point Invest + Develop. “It is projected that 100 million tourists will visit Orlando by 2020. The demand for hotels with moderate room rates is enormous. We are glad to be able to help meet that demand, create jobs and inject millions of dollars in local and foreign capital into the Orlando economy.”
