In the year 2008., the upscale Selma Avenue and Cahuenga Boulevard in Hollywood, California was set to become the site for a unique luxury hotel which was to be christened as the ‘Selma’. However, the lack of funding had led to an indefinite hold on the project. Now, thanks to an amended Federal immigration law, the hotel project is back on track under the Dream Hotel banner. The construction on this exclusive luxury hotel has now been approved and is set to begin on the Spring season, with additional funding from foreign investors. The U.S immigration law that has been amended states that the investors willing to put in at least $500,000 for the development in selected U.S regions, will now be eligible for a green card, a dream for millions of people across the globe. The federal EB-5 program has opened new venues for aspiring immigrants to make it to the country, while several projects such as the Dream Hotel project, which will generate more than 900 jobs are now being resurrected.
The Dream Hotel brand, which is owned by the New York company will become the name of the new luxury hotel. This magnificent luxury hospitality venue will feature some 148 lavish accommodations, while the hotel will also be sporting a rooftop swimming pool. Architecture firm, Killefer Flammang Architects has been tasked with the designing of the hotel and as per the plans, the Dream Hotel will be given a restaurant and lounge that will be located on top an existing garage. The construction of Dream Hotel and the luxury hotel opening is expected to commence in the Fall of 2013 and the entire project ix expected to cost $45 million. One of the major financiers of the project, who is the owner of Five Chairs, has already been credited with the construction of Milk Studios in Hollywood as well as the Kress nightclub, which developed over the popular Frederick’s of Hollywood building on Hollywood Boulevard.According to Mr. Heyman,
“We fought hard to find conventional financing. But conventional doesn’t exist anymore, so we turned to finding alternative sources of capital.”
Via LA Times & Hotel Chatter