St. Louis hotel developer partners with Los Angeles-based InSite Development to open the new Residence Inn Lancaster-Palmdale
Midas Enterprises – a leading hotel development, investment, construction, and management company – recently opened its first Los Angeles property. The $25 million, 107-room Residence Inn is the Antelope Valley region’s first hotel based in downtown Lancaster.
Located at 857 W. Lancaster Blvd. in Lancaster, Calif., the new four-story hotel is near several aerospace businesses including The Boeing Company, Lockheed Martin, and Northrop Grumman Corporation. “The hotel’s public art pays homage to the area’s rich aerospace history and is on the direct path of the city’s Aerospace Walk of Honor, which recognizes the important contributions of distinguished test pilots who have contributed to aviation, space research and development,” said Steve Eglash, Co-Developer of the hotel.
The hotel features an outdoor pool, onsite gym, and ample outdoor space with barbecue and fire pits for its guests. Kurt Helm, who has more than 10 years of hotel leadership experience in Arizona and California, was appointed General Manager.
“This property offered a unique investment opportunity to both private individuals and institutional investors in terms of the area’s potential growth possibilities,” said Midas Co-Founder and Managing Partner J.T. Norville. “We worked side by side with InSite Development to create a beautiful property, and we are excited about bringing our Midas brand to the Los Angeles area for the very first time.”
The new Residence Inn hotel is the second opportunity zone investment by Midas, which co-developed the property with Los Angeles-based InSite Development. Midas successfully raised $12 million for the opportunity zone fund that, under the Tax Cuts and Jobs Act (TCJA), provides tax incentives for specific investments.
Founded in 2006, Midas Enterprises is a fully integrated real estate enterprise with business units specializing in capital generation, construction, and management services for hospitality properties and adjacent investments. With partners including Hilton, Marriott, and IHG, Midas brings institutional-quality real estate to both growth- and income-focused investors. Midas’ headquarters are located at 1804 Borman Circle Dr. in St. Louis, Mo. For more information, call (314) 692-0100 or visit Midas Hospitality.