A current LCR Capital Partners EB-5 project in a targeted employment area (TEA) is being expanded. The Thompson Palm Springs Hotel project in California has been expanded from $153.2M to $165M, which means that the EB-5 capital raised through the project has increased from $70.4M to $78.4M. Located in downtown Palm Springs, Thompson Palm Springs is a 168-room luxury hotel with a restaurant and high-end amenities. As an EB-5 project, it has been highly successful, and Sherman Baldwin, CEO of LCR Capital Partners, predicts that it will create 15 jobs per investor, far more than the EB-5 requirements. According to Suresh Rajan, executive chairman and founder of LCR, “The Thompson Palm Springs project has been a great success thus far, and we believe this project will deliver exceptional results for our EB-5 investors.
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