EB5投資移民綠卡：拉斯維加斯萬豪酒店專案分析

因為各種原因，包括綠卡排期進度，留學生就業機會，工作簽證抽籤，中國家庭對子女教育和就業的安排，等等，最近考慮辦 EB-5 投資移民的中國申請人越來越多，尤其是在美國國會透過法案建立了 EB-5 新政以後。請見我們新未名律師事務所的相關文章：《EB5 投資移民綠卡批准案例，2024 年 10 月》 https://gonglue.us/157380,《更多 EB5 投資移民永久綠卡批准案例》https://gonglue.us/218266。

EB-5 投資人最關注的一個問題是：怎樣找到靠譜的專案，面對各種宣傳材料，怎樣做出選擇。這個和選擇股票一樣，歸根到底要投資人自己做出決定，但是多瞭解資訊可以有更好的決策過程。

我們新未名律所現在開始介紹分析評點市場上的多個 EB-5 投資移民專案，形式類似於股評，新車評估，餐館評估，和各種探店，不作為具體的專案推薦和法律建議，但是根據我們的瞭解提供詳細的資訊和投資專案分析，做出我們律所的獨立評估，包括對專案各方面的打分。值得強調的是，我們的分析是與美國資深經濟學家合作，根據經濟學家提交的詳細報告做出的（我們律所獨立聯絡了經濟學家，非來自於區域中心，非來自於專案方）。我們不接受任何 EB-5 區域中心或專案方的贊助，獨立做出分析，供 EB-5 投資人考慮。

1. Overview of the Project 專案概覽

The project focuses on developing a dual-branded AC by Marriott and Element by Westin Hotel in Las Vegas, Nevada. The hotel will consist of 441 rooms, divided into 322 rooms for the AC brand and 119 rooms for the Element brand, along with a wide range of amenities, including two restaurants, bars, meeting spaces, and a rooftop pool. The development is situated in the vibrant Symphony Park area near downtown Las Vegas, strategically positioned to attract both leisure and business travelers.

這個專案專注於在美國內華達州拉斯維加斯開發一家雙品牌酒店，由萬豪旗下的 AC 酒店和威斯汀旗下的 Element 酒店共同組成。酒店將包括 441 間客房，其中 322 間屬於萬豪 AC 品牌，119 間屬於威斯汀 Element 品牌。酒店還將配備多種設施，包括兩家餐廳、酒吧、會議空間以及屋頂泳池。該開發專案位於拉斯維加斯市中心附近經濟活躍的交響樂公園（Symphony Park）區域，地理位置優越，旨在吸引休閒和商務旅客。

2. Highlights of This Project 專案亮點

Dual-Brand Concept: By combining two upscale hotel brands under one roof, the project aims to attract both short-term guests (through the AC brand) and extended-stay visitors (through the Element brand). This diversified approach helps maximize occupancy rates and revenues.

雙品牌概念：透過將兩個高階酒店品牌整合在同一屋簷下，專案旨在同時吸引短期入住的客人（透過萬豪 AC 品牌）和長期住宿的旅客（透過威斯汀 Element 品牌）。這種多元化的策略有助於最大化酒店的入住率和收入。

The Element brand is known for its eco-friendly practices, including energy-efficient building designs, water conservation, and waste reduction programs. The project aims to incorporate sustainable practices, which align with increasing consumer demand for green hospitality options.

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Element品牌特色：Element 酒店以其環保實踐而聞名，包括節能的建築設計、節水措施以及減少廢棄物的計劃。該專案計劃融入可持續發展的實踐，這與消費者越來越多選擇綠色環保酒店的需求相契合。

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Prime Location: Located in Symphony Park, a thriving district near the Las Vegas Strip, the hotel benefits from its proximity to major attractions, convention centers, and the Las Vegas Medical District. This location is ideal for capturing business from both tourists and corporate clients.

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黃金地段：酒店位於交響樂公園（Symphony Park），這是拉斯維加斯大道附近一個蓬勃發展的區域，緊鄰主要景點、會展中心以及拉斯維加斯醫療區。該地理位置非常適合吸引遊客和企業客戶的業務。（距離威尼斯人酒店和凱撒宮酒店大約 4.5 英里車程）

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Experienced Developers and Strong Guarantees: The project is backed by Jackson-Shaw, a reputable developer with 52 years of experience, and the Hall Structured Finance, which is a Hall Group affiliate that provides extensive guarantees covering loan repayment, project completion, and investor protections against I-526 petition denials.

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經驗豐富的開發商與強有力的保障：該專案由擁有 52 年經驗的知名開發商 Jackson-Shaw 支援，同時由 Hall Group 的附屬機構 Hall Structured Finance 提供全面保障。這些保障包括貸款償還、專案竣工以及針對 I-526 申請被拒的投資者保護措施。

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The HALL Group has a notable track record in successfully executing EB-5 projects, demonstrating their expertise and reliability in this domain. A prime example is the HALL Arts Residences and Hotel in Dallas, Texas. This project was completed in early 2020 and resulted in 140 investors receiving approvals & 10 investors receiving CPR as of 4/30/2024.

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HALL 集團在成功執行 EB-5 專案方面擁有顯著的業績，體現了其在該領域的專業性和可靠性。此前的一個典型成功案例是位於德克薩斯州達拉斯的 HALL Arts Residences and Hotel 投資移民專案。該專案於 2020 年初完成，截至 2024 年 4 月 30 日，已有 140 名投資者獲得 I-526 批准，10 名投資者排期排到（這是 2022 年 EB-5 新法透過以前的專案，當時排期時間比較長）獲得綠卡。

3. Sources of Funding 資金來源

Total Project Cost: $164.6 million with following funding breakdown:

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Developer Equity: $58.9 million (36% of the total capital stack).

EB-5 Loan: Up to $56 million (34%), secured by a first-priority lien.
Bridge Loans: $67 million, including $40 million from C-PACE financing.
Marriott Contribution: An additional $3.3 million in “key money” upon project completion

專案總成本：1.646 億美元，資金結構如下：

開發商股本：5,890 萬美元，佔總資本的 36%。
EB-5貸款：最高 5,600 萬美元，佔總資本的 34%，EB-5 投資人擁有優先留置權。
過橋貸款：6,700 萬美元，其中 4,000 萬美元來自 C-PACE 融資。
萬豪出資：專案完成後，萬豪將額外提供 330 萬美元的「交鑰匙資金」（Key Money）。

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4. Market Analysis 市場分析

Las Vegas, known as the “Entertainment Capital of the World,” consistently attracts a high volume of visitors, with over 40 million annual visitors in recent years. The city’s hotel and tourism industry has proven resilient, rebounding quickly after downturns like the COVID-19 pandemic. The hotel occupancy rate in Las Vegas reached 83.5% in 2023, reflecting an increase from the previous year’s 79.2%. The Average Daily Rate (ADR) for hotels in the city has seen significant growth. Average room price on the Strip was $204.22 in 2023, marking a 43% increase since 2019. Key factors driving demand include:

拉斯維加斯被譽為「世界娛樂之都」，近年來持續吸引大量遊客，每年遊客量超過 4000 萬。城市的酒店和旅遊業展現出強大的韌性，在疫情後快速復甦。以下是相關資料與驅動因素：

酒店入住率：2023 年拉斯維加斯的酒店入住率達到 83.5%，較 2022 年的 79.2% 顯著提升。

平均每日房價（ADR）：2023 年拉斯維加斯大道的酒店平均房價為 204.22 美元，與 2019 年相比增長了 43%。

需求驅動因素包括：

Tourism and Entertainment: Las Vegas remains a premier destination for international tourists, conventions, and events. The project is strategically positioned near major attractions like the Las Vegas Strip and Fremont Street, ensuring a steady flow of leisure travelers.

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旅遊與娛樂：拉斯維加斯依然是國際遊客、會議及活動的首選目的地。該專案地理位置優越，靠近拉斯維加斯大道（The Strip）和弗裡蒙特街（Fremont Street）等主要景點，能夠確保穩定的休閒遊客流量。

Convention and Events Hub: The Las Vegas Convention Center, just minutes away from the project site, draws over 6.5 millionconvention attendees each year. This influx supports consistent demand for hotel accommodations, especially during large events like CES and industry trade shows.

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會議與活動中心：這個 EB-5 專案酒店距離拉斯維加斯會展中心只有很短的車程。會展中心每年吸引超過 650 萬名會議參與者。這樣規模的訪客人群為酒店住宿提供了持續的需求，特別是在 CES（國際電子消費產品展覽會）和各類行業展會等大型活動期間。

Medical and Business Hub: The project’s proximity to the Las Vegas Medical District and various corporate offices means it is well-positioned to attract business travelers, especially those requiring longer stays (targeted by the Element brand). Note that the demand for extended-stay hotels has surged, driven by trends such as remote work, medical tourism, and longer business trips.

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醫療與商務中心：專案靠近拉斯維加斯醫療區以及多個企業辦公室，地理位置優越，適合吸引商務旅客，尤其是那些需要長期住宿的客人（Element 酒店品牌的目標群體）。值得注意的是，因為遠端工作、醫療醫美旅行和更長時間的商務旅行等新趨勢，對長期住宿酒店的需求在增加。

Symphony Park Development: Symphony Park is an up-and-coming area with ongoing investments in infrastructure and development, increasing its attractiveness for businesses and visitors alike. As one of the few new hotel developments in this area, the project benefits from limited competition and high demand.

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交響樂公園地段開發：Symphony Park 是拉斯維加斯的一個新興區域，正在進行基礎設施和開發方面的持續投資，提升了其對企業和遊客的吸引力。作為拉斯維加斯地區目前為數不多的新酒店開發專案之一，這個 EB-5 酒店專案受益於較少的競爭和高需求。

5. Operational Forecast Analysis 運營預測分析

Completion Date: The construction started in October 2023 and is expected to be completed by December 2025. 完工日期：專案於 2023 年 10 月開工，預計將在 2025 年 12 月竣工。

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Revenue Projections: 收入預測：

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The hotel is projected to generate a Net Operating Income (NOI) of $9.9 million in its first full operational year (2026), growing to $11.9 million by 2028.

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淨運營收入（NOI）：酒店在完工後的第一個完整運營年份（2026 年）預計將產生 990 萬美元的淨運營收入，到 2028 年增長至 1,190 萬美元。

Occupancy Rates: Initial occupancy is forecasted at 72.5%, with an Average Daily Rate (ADR) of $204, increasing to an ADR of $222 and an occupancy rate of 81% by 2028.

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入住率與平均每日房價（ADR）：酒店的初始入住率預計為 72.5%，每日平均客房價格為 204 美元；到 2028 年，預計酒店入住率將提升至 81%，每日平均客房價格增加至 222 美元。

Dual-Brand Efficiency: The combination of short-term and extended-stay accommodations is expected to optimize occupancy levels, providing flexibility to adapt to changing market demands.

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雙品牌效益：透過結合短期住宿和長期住宿服務，這個 EB-5 專案可以提高入住率，同時提供靈活性以適應變化中的市場需求。

6. Economic Impact Analysis 經濟影響分析

Job Creation: 就業創造：

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The project is expected to generate 1,253 jobs, significantly exceeding the EB-5 requirement of 10 jobs per investor. This results in a 79% job creation buffer for the 70 targeted EB-5 investors, reducing the risk of failing to meet visa requirements. 這個專案預計招募 70 位 EB-5 投資人。根據移民法規定，每人名下需要分配 10 個新創造的工作，一共 700 個。目前預計專案將創造 1,253 個就業崗位，也就是超額完成 79% 的就業，因此，因為未能滿足 EB-5 就業要求而導致 EB-5 投資人的 I-526 申請（和 I-485 申請）被拒的風險較低。

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Local Economic Boost: 對當地經濟的促進

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The construction phase alone is expected to inject significant capital into the local economy, supporting local suppliers, contractors, and service providers. Upon completion, the hotel will generate ongoing economic activity through guest spending on dining, shopping, and entertainment. 施工階段：這一階段預計將為當地經濟注入大量資金，為當地供應商、承包商和服務提供商帶來業務發展。 運營階段：酒店完工後，將透過客人在餐飲、購物和娛樂方面的消費，持續推動經濟活動的增長。

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The dual-branded hotel will help diversify Las Vegas’s hospitality offerings, attracting new demographics of travelers, including those interested in longer stays, wellness tourism, and business trips. By enhancing the city’s capacity to host visitors, the project aligns with regional efforts to expand beyond traditional gaming revenue. 這家雙品牌酒店可以增加遊客在拉斯維加斯的酒店選擇，吸引新的旅客群體，包括長期住宿者、有醫療醫美目的的旅遊者以及商務旅客。透過提升城市接待能力，該專案與地區拓展計劃相契合，支援拉斯維加斯擺脫對傳統博彩收入的依賴，實現經濟多元化。

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TEA Designation: The project is located within a Targeted Employment Area (TEA), which qualifies it for the reduced EB-5 investment threshold of $800,000 per investor. This designation makes it more attractive to potential investors who seek a green card while contributing to job creation in high-unemployment areas

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目標就業區（TEA）資格：該專案位於目標就業區（TEA）內，符合每位 EB-5 投資者 80 萬美元的投資移民門檻要求。

7. Investor Security EB-5 投資安全

The project offers multiple layers of security to protect EB-5 investors: 專案為投資人提供多重安全保障措施：

First-Priority Lien: The EB-5 loan is secured by a first-priority lien on the property, which provides investors with collateral should the project face financial difficulties.

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優先留置權：這是一個債權專案。來自 EB-5 投資人，經區域中心發放給專案方的貸款，由專案資產的第一優先留置權擔保。這種安排為 EB-5 投資人提供了抵押品保障，在專案面臨財務困難時可保護其投資利益。

Guarantees from Hall Group: 來自 Hall 集團的保障措施：

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Loan Repayment Guarantee: The Hall Group provides a repayment guarantee to ensure that EB-5 investors receive their principal back, even if the hotel fails to meet its financial targets.

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貸款償還保障：Hall 集團提供貸款償還擔保，以便使 EB-5 投資人在酒店未能達到其財務目標的情況下收回本金。

Project Completion Guarantee: This ensures that the construction will be completed on time and within budget, reducing the risk of delays that could affect job creation and investor returns.

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專案完工保障：確保專案按時並在預算範圍內完工，降低因延誤可能影響就業創造和投資者回報的風險。

I-526 Denial Guarantee: If an investor’s I-526 petition is denied for reasons unrelated to fraud or bad acts, the Hall Group guarantees the return of the investor’s capital.

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拒籤資本返還：如果 EB-5 投資者的 I-526 申請被拒（除非是因為投資人欺詐或不當行為原因），Hall 集團承諾退還投資者的本金。

Experienced Developer and Operator: With Jackson-Shaw leading the development and Hall Structured Finance providing financial oversight, investors benefit from the expertise of established firms with proven track records.

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經驗豐富的開發商與運營方：

由 Jackson-Shaw 負責開發，Hall Structured Finance 提供財務監督。這些知名公司擁有豐富經驗和良好業績紀錄。

8. Risk Analysis 風險分析

Market Risks: Although Las Vegas is a strong market, it is highly dependent on tourism. Economic downturns, changes in travel behavior, or shifts in tourism demand could impact hotel performance. However, the project’s dual-brand strategy provides flexibility to adjust to market changes.

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市場風險：拉斯維加斯市場整體強勁，但是高度依賴旅遊業。如果經濟下滑、旅行行為改變、或者旅遊需求發生變化，可能會對酒店的運營表現產生影響。當然，這個 EB-5 酒店專案的雙品牌酒店策略提供了靈活性，可以根據市場變化進行調整，降低風險。

Construction and Financial Risks: The project is backed by substantial developer equity, secured loans, and guarantees, which reduces the risk of construction delays or cost overruns.

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施工和財務風險：該專案由開發商股本、擔保貸款以及保障措施支援，降低了施工延誤或成本超支的風險。

Regulatory Risks: As an EB-5 project, it is subject to changes in immigration laws. However, the strong job creation metrics and TEA designation provide some protection against regulatory uncertainties.

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法規方面的風險：

作為一個 EB-5 專案，該計劃可能受到移民法律變更的影響。超額的就業創造和目標就業區（TEA）資格為專案提供了一定程度的保護，緩解了監管不確定性帶來的風險。

綠卡排期
目前 EB-5 類別沒有排期，投資者/申請人在美國可以同時遞交 I-485 身份調整申請和 I-526E 申請，無論出生在哪個國家（包括中國大陸）。還可以取得基於 I-485 的工卡和回美證。但是，投資人實際獲得綠卡的時間可能會因 EB-5 類別的整體需求數量較大而延遲，前後有可能要數年時間。

9. Our Ratings on AC Marriott/Element Hotel Project Compared to Other Similar EB-5 Projects, Using a Scale of 1 to 5 (5 being the most favorable for investors).專案評分（1-5 分，5 分為最優）

Reliable Funding Sources (5/5)

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The project is funded through a balanced mix of developer equity ($58.9 million), EB-5 capital ($56 million), and secured bridge loans ($67 million). The use of a first-priority lien on the property and guarantees from Hall Group for loan repayment further enhance investor security.

可靠的資金來源（5/5）

該專案的資金來源比較平衡穩健，包括開發商自有資本（5,890 萬美元）、來自 EB-5 投資人的貸款（5,600 萬美元）和擔保過橋貸款（6,700 萬美元）。此外，專案資產設有優先留置權，並由 Hall 集團提供貸款償還擔保，有利於 EB-5 投資人的資金安全。

Promising Market Prospect (5/5)

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Las Vegas remains one of the most resilient hospitality markets in the world, with over 40 million visitors annually. The city is known for its robust tourism sector, driven by entertainment, conventions, and business travel. The Symphony Park location positions the hotel near major attractions, including the Las Vegas Strip and the Medical District, ensuring steady demand from both tourists and business travelers. The dual-brand strategy (AC Marriott for short stays and Element for extended stays) allows the hotel to target a diverse clientele, enhancing its adaptability to changing market conditions.

較好的市場前景（5/5）

拉斯維加斯依然是全球最具活力的酒店市場之一，每年吸引超過 4,000 萬名遊客。城市以其強大的旅遊業聞名，核心驅動力包括娛樂、會展和商務旅行。

專案位於交響樂公園（Symphony Park），靠近拉斯維加斯大道和醫療區等主要景點，確保能夠吸引遊客和商務旅客的穩定需求。雙品牌策略（萬豪 AC 面對短期住宿的旅客，威斯汀 Element 面向長期住宿的訪客）使酒店能夠服務多樣化的客戶群體，同時增強對市場變化的適應能力。

Reliable Operational Forecast (4/5)

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The project is led by experienced developers like Jackson-Shaw and Hall Structured Finance, who have a proven history of successful projects. This background supports the reliability of the projected construction timeline and operational forecasts. The project has a clear completion timeline (December 2025) and solid revenue projections, with an estimated Net Operating Income (NOI) of $9.9 million in 2026. The rating is slightly reduced due to potential construction risks, such as supply chain disruptions or cost overruns. However, these risks are mitigated by the project completion guarantees provided by Hall Group.

運營可靠性預測（4/5）

專案由有經驗的開發商 Jackson-Shaw 和 Hall Structured Finance 領導。這兩家公司在成功完成專案方面具有良好的業績記錄，支援了專案建築工期和運營計劃的可靠性。

清晰的時間線：預計 2025 年 12 月完工。

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穩定的收入預測：2026 年的淨運營收入（NOI）預計為 990 萬美元。

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評分略低是由於存在有潛在的施工方面風險，例如供應鏈中斷或成本超支。Hall 集團提供的專案完工保障可以緩解風險，降低對整體運營方面的影響。

Economic Impact (5/5)

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The project significantly exceeds the EB-5 job creation requirement, with an estimated 1,253 jobs created against the required 700 for the targeted 70 investors. This 179% job cushion ensures that all EB-5 investors meet the job creation criteria, providing a strong safeguard for their green card eligibility. The project is located in a Targeted Employment Area (TEA), allowing investors to benefit from the lower EB-5 investment threshold of $800,000, making it more attractive to potential investors.

經濟影響分析（5/5）

該專案在就業創造方面超過了 EB-5 的要求：專案預計創造 1,253 個就業崗位，而預期招募的 70 位 EB-5 投資人僅需創造 700 個崗位。這一 179% 的就業緩衝可以讓所有的 EB-5 投資者滿足就業創造標準，支援他們的 EB-5 綠卡申請。

此外，專案位於目標就業區（TEA），使投資者能夠享受較低的 EB-5 投資門檻（80 萬美元）。

Investor Security (5/5)

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The Hall Group offers extensive guarantees for investors, including:

Loan Repayment Guarantee: Ensuring that EB-5 investors receive their capital back even if the hotel underperforms.

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I-526 Denial Guarantee: Protecting investors by guaranteeing a return of capital if their I-526 petition is denied (excluding cases of fraud or misconduct).

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Project Completion Guarantee: Assuring investors that construction will be completed on time and on budget, reducing the risk of delays affecting job creation and visa eligibility.

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The use of a first-priority lien on the property adds another layer of security, making it one of the more secure EB-5 investments in the current market.

投資人的資金安全 (5/5)

Hall 集團為投資者提供了保障措施，包括：

貸款償還保障：在酒店運營表現不佳時讓 EB-5 投資者收回成本。

I-526被拒保障：如果 EB-5 投資者的 I-526 申請被拒，集團承諾返還 EB-5 本金，除非被拒原因是申請人的欺詐或不當行為。

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專案完工保障：保證專案按時、按預算完成，降低工期延誤對於就業創造和 EB-5 批准資格造成的風險。

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專案資產設有第一優先留置權，為投資者提供了額外的安全保障。這些措施使其成為當前市場上安全性較高的 EB-5 投資選擇之一。

Risk Level (3/5)

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The project carries moderate risk due to its reliance on the tourism and hospitality industry, which can be sensitive to economic downturns, travel restrictions, or shifts in consumer behavior. However, the Las Vegas market has shown resilience, rebounding strongly post-pandemic, and continues to attract a steady flow of visitors, driven by its status as a global entertainment and convention hub. The extensive guarantees, secured funding, and prime location mitigate many of the risks typically associated with EB-5 investments. Nevertheless, the inherent risks of the hospitality sector keep the risk level at a moderate 3.

風險等級（3/5）

該專案具有中等風險，主要由於其依賴旅遊和酒店行業，這一行業對經濟下滑、旅行限制或消費者行為變化較為敏感。然而，拉斯維加斯市場展現出較強的韌性，在疫情後快速復甦，並憑藉其全球娛樂和會展中心的地位，持續吸引穩定的遊客流量。

風險緩解因素：

專案方保障：Hall 集團提供貸款償還、專案按期按預算完工和 I-526 被拒情況下返還本金等多項擔保。

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穩健的資金結構：開發商自有資金、優先留置權和擔保貸款確保財務穩定性。

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黃金地段：這個酒店專案靠近繁華的拉斯維加斯大道和交響樂公園等主要旅遊點，有利於持續的入住需求。

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儘管有這些緩解因素，酒店行業固有的不確定性使風險水平保持在中等的 3 分。

Summary Ratings for AC Marriott / Element Hotel Project

Rating (1-5)	Explanation
Reliable Funding Sources	5	Well-secured funding with substantial developer equity, secured EB-5 loans, and strong guarantees.
Promising Market Prospect	5	Prime location with diversified demand from tourists, business travelers, and extended stays.
Reliable Operational Forecast	4	Experienced developers and strong projections, though some construction risks remain.
Economic Impact	5	Significant job creation (1,253 jobs) far exceeds EB-5 requirements, with strong economic benefits for the local area.
Investor Security	5	Extensive guarantees on loan repayment, project completion, and I-526 approvals ensure strong investor protection.
Risk Level	3	Moderate risk due to dependence on tourism, mitigated by strong financial safeguards and dual-brand flexibility.

10. Conclusion 結論

The AC Marriott / Element Hotel Project stands out in the EB-5 space due to its strong market positioning, robust financial structure, and extensive investor protections. It offers a balanced mix of short-term and extended-stay accommodations, backed by reputable developers and secured financing. While it carries moderate market risks due to its reliance on tourism, the project’s unique location and operational strategy position it well for long-term success.

拉斯維加斯萬豪酒店 AC/賈斯汀 Element 專案，依託強勁的市場，有穩健的財務結構，有多項的投資者保護措施。