Project Details
Type: New upscale IHG VOCO Hotel at Times Square, NYC
Size: 140,000 sq. ft. | 422 guest rooms
Amenities: 3 restaurants, rooftop bar, fitness center, lobby café, 7,500+ sq. ft. of signage revenue ($1M–$3M/yr)
Status: 80% complete (May 2025) | Opening Oct 2025
Budget: $162M | Appraised Value $280M
EB-5 Role: $20M preferred equity (12% of total)
Jobs: 800+ projected (575% over USCIS requirement)
Exit: Refinance within 3–5 years | Return of capital + 1% annual
Developers
AC Developers LLC: 4th gen NYC real estate group | 10+ hotels developed ($1.3B portfolio).
Flintlock Construction: Leading builder of 40+ Manhattan hotels.
Atlas Hospitality: Raj Guru & Vinod Chand | 20+ years NYC hotel development + franchise expertise.
Why it stands out?
Prime Location: Last available Times Square development site due to 2021 zoning changes; rare opportunity in one of the world’s busiest tourist districts.
Brand Strength: VOCO is IHG’s fastest growing premium hotel brand, already global and voted World’s Leading Premium Hotel Brand (2021).
High Entry Barriers: Post-COVID closures + zoning rules mean limited new supply; market compression = stronger revenue outlook.
Strong Sponsor Commitment: $32.5M equity invested by developers themselves.
Job Security: Over 800 jobs created vs. 200 required → very strong compliance margin for EB-5 investors’ green cards.
Financial Safety Net: Appraised completion value significantly exceeds cost ($280M vs. $162M).
Clear Exit Strategy: Refinance proceeds forecasted to cover EB-5 + development loan, ensuring potential investor return in 3–5 years.