Whisky Hotel is a seven-story 132 room boutique hotel located in the heart of Hollywood, California on the cross streets of Hollywood Boulevard and Wilcox Avenue. The project will have a whisky themed lobby bar and restaurant and a rooftop lounge and bar.
The project is owned by world renowned Argentine-American restaurateur and real estate investor/developer, Adolfo Suaya. The project has already been fully funded. Senior construction lender is Bank Hapoalim, B.M. and the remaining funds were funded by the Owner.
Construction has already commenced in 2020 and is expected to be completed by early 2022. The project will create over 778 jobs allowing for a 455% job buffer. The EB-5 Funds will be used for repayment of equity bridge financing spent on qualified EB-5 expenditures and for project shortfalls.
Nearby Remarkable Places
MEET USCIS REQUIREMENTS ABOUT TEA LOCATION
July 4th, 2020 Impact DataSource provided an analysis qualifying the site as high unemployment TEA using the most recent labor force data from ACS.
Project site unemployment rate is 14.6.%, which exceeds the required threshold of 8.9%.
- Total Jobs: 778.3
- Total Max Jobs Needed: 140
- Job Buffer: 455%
- Jobs per investor: 55.5
Jobs used will ONLY rely on Construction.
Jobs used will ONLY rely on Indirect and Induced Jobs.
|Unemployment Estimates for Selected Census Tract(s)|
|Based on ACS 14-18|
|Census Tract||Civilian Labor Force||Employed||Unemployed||UE Rate|
- 2017 – 2018
Los Angeles Planning Commission issues Determination Letter and the Project receives entitlement
- 2017 – 2018
2 YEAR Completion date
Project started Construction – grading and shoring
Project is expected to complete construction
2026 – 2028
GUARANTEED Maximum Price PROJECT COMPLETION
Project will utilize 2 Major world events hosted in Los Angeles to sell or refinance the project at year 6 to year 8:
• 2026 World Cup
• 2028 Olympics
TOTAL CAPITALIZATION $56.75 MILLION
- Owners Equity: $21.75 million
- Bank Loan: $35 million
EB-5 Funds “The EB-5 Funds will be used for repayment of equity bridge financing spent on qualified EB-5 expenditures and for project shortfalls”
The EB-5 investment to be used for repayment of equity bridge ﬁnancing spent on qualified EB-5 expenditures and for project shortfalls.
REPAYMENT OF FUNDS
- Repayment expected between 2026 to 2028.
- Project will repay the EB-5 investors from either a sale or refinance of the property.
- Two major events that will increase revenue to help refinance or sell the project:
- 2026 FIFA World Cup hosted in Los Angeles
- 2028 Olympics hosted in Los Angeles
- These world events will increase tourism and revenues that will provide attraction from Lender’s and potential buyers
SECURITY / COLLATERAL
- Project will pledge 100% of the membership interest to the EB-5 Investors.
- Owner has agreed to enter a guarantee of repayment agreement.