Industry Update
Press Release26 March 2019

Midas Hospitality Raises $35 Million For Its Opportunity Zone Fund

St. Louis hotel developer secures funding for newest investment project

share this article
1 min
Midas Hospitality, LLC

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 o pen 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 tha t 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."

For more information, call (314) 692-0100 or visit http://www.midashospitality.com.

About MC Hotel Construction

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.

Related Brands

Aloft

With more than 161 hotels now open in nearly 25 countries and territories around the world, Aloft Hotels, part of Marriott International, Inc., delivers a fresh approach to the traditional staid hotel landscape.
brand information

Element

Element® Hotels, part of Marriott International, Inc., defies convention through its stylish and sustainable design. The brand’s longer stay comfort empowers guests to ‘Stay in their Element’ through signature amenities including its complimentary healthy RISE breakfast and RELAX evening reception, saline swimming pools, spacious fitness centers, Bikes to Borrow program and electric vehicle charging stations.
brand information
Other Brands by Midas Hospitality, LLC
Aloft
Candlewood Suites
Courtyard
Element
Fairfield Inn & Suites®
Hampton by Hilton
Hilton Garden Inn
Holiday Inn Express
Holiday Inn
Legacy Suites
Residence Inn
SpringHill Suites
Staybridge Suites

About Midas Hospitality

Founded in 2006, Midas Hospitality specializes in the development, management and investment of award-winning hotel properties across the U.S. The firm focuses on select-service and extended-stay experiences for global brands including Hilton, Marriott, and IHG. Midas' headquarters are located at 1804 Borman Circle Dr. in Maryland Heights, Mo.

    Advertisements