In only four months, Midas Hospitality – a leading hotel development, management and investment firm – raised $35 million mainly from St. Louis area investors for its Midas Opportunity Zone Fund.
Midas Hospitality’s newest project brings the first hotels to the St. Louis’ Cortex innovation district and Prospect Yards community. The 129-room Aloft and a 152-room Element hotel are currently under construction and slated to open in 2020. MC Hotel Construction, a sister company to Midas Hospitality, is the general contractor for both hotels.
Aloft is located at 4239 Duncan Ave., and the Element is at 3763 Forest Park Ave. The hotels will target transient and extended stay customers for the thriving area that includes Aon, Boeing, Microsoft and Square among its tenants. Barnes-Jewish Medical Center, Saint Louis University, SSM Health, and Washington University St. Louis are also conveniently located nearby.
The Tax Cuts and Jobs Act (TCJA) recently created a new law which provides tax incentives for Opportunity Fund investments like Midas Hospitality’s Cortex undertaking. While this was an added tax benefit for the project, Midas had already committed to the hotel construction prior to this tax change announcement.
“The success and excitement building in and around the Cortex, as well as the need for these attractive hotels in that area, were a huge draw for our prestigious list of investors,” said Midas Hospitality’s Co-Founder J.T. Norville. “The significant tax benefits afforded by the recent legislation changes have been the icing on the cake, and we couldn’t be prouder that St. Louis is realizing the advantages of this new opportunity.”.
Founded in 2006, Midas Hospitality specializes in the development, management and investment of award-winning hotel properties across the U.S. For more information, call (314) 692-0100 or visit http://www.midashospitality.com
MC Hotel Construction, which is also located at 1804 Borman Circle Dr. in Maryland Heights, Mo., specializes in hotel construction and renovations with projects underway across multiple states. MC Hotel Construction builds for leading brands such as Hilton, Marriott, and IHG. For more information, call (314) 339-6600 or visit http://www.mchotelconstruction.com.