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205 | Opportunity Zones Create 21st Century Gold Rush

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Today’s report takes a look at a newcomer to hotel fund raising – the Investing in Opportunity Act, and the capital pools and projects the federal law is generating.

While the U.S. Department of the Treasury and the IRS are still working on the act’s punch list, many hotel developers and private equity groups are moving ahead to capitalize early on projects already breaking ground in designated opportunity zones.

In this episode, we hear from leadership at Peachtree Hotel Group of Atlanta, and a real estate attorney specializing in hotel development and opportunity zones. We also feature recorded interviews of the U.S. senators responsible for introducing the act.

You’ll hear from …

  • Greg Friedman, co-founder and president, Peachtree Hotel Group
  • Mitul Patel, co-founder, managing principal and COO, Peachtree Hotel Group
  • Brian Waldman, senior vice of president of investments, Peachtree Hotel Group
  • Nicole Ament, real estate lawyer and shareholder in the Brownstein Hyatt Farber Schreck law firm

Resources & Links

VIDEOS

Opportunity Zone legislation links

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  • 311 | Shelters From the Norm: Hotels used for hospitals and housing face unexpected problems

    A year ago, Darshan Patel, CEO of Hotel Investment Group in San Diego, California, was one of the first hoteliers in the U.S. to step up and offer properties to overwhelmed hospitals seeking places to care for COVID and non-COVID patients as well as vulnerable populations. As the crisis eases and Hotel Investment Group works to return the hotels to business, Patel is negotiating with local governments to pay for the wear and tear on the properties. Patel is not alone as many hoteliers are unexpectedly dealing with problems that state and local governments’ urgent decisions have created, including property damage, increased costs and eviction bans. This report is the second in a two-part series examining the pros and cons of opening hotels to alternative uses during the pandemic. It is part of Long Live Lodging’s special coverage of the coronavirus crisis and its impact on the hospitality industry.

  • 310 | Hotels Convert to Housing: Federal COVID-19-relief funds fuel transactions

    Dhruv Patel, president of Ridgemont Hospitality, in October shared a bittersweet moment with his parents, Pravin and Sima Patel, when the family business sold the first motel that Pravin had built from the ground up more than 30 years ago. But they rest assured knowing it was the right decision because the 22-room property is being converted into affordable housing for military veterans at risk of homelessness. The transaction is among hundreds taking place across the U.S. as state and local governments work with non-profit agencies to create affordable housing solutions for vulnerable populations amid the COVID-19 pandemic. In Episode 310 Long Live Lodging reports on the financial and legal aspects of what it takes to convert a hotel into long-term housing. This report is part of Long Live Lodging’s special coverage of the coronavirus crisis and its impact on the hospitality industry.

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