Midas Hospitality to Co-Develop Its First Los Angeles Property
Date Posted: July 25, 2019
Posted In: Projects,
From APN News: After successfully raising $35 million in only four months for its first opportunity zone project, Midas Hospitality is going westward to stake its next claim.
Midas Hospitality, a leading hotel development, management and investment firm, recently announced its second opportunity zone fund that seeks to raise $12 million for a new Residence Inn located in Lancaster, Calif.
Midas will co-develop the $25 million, 107-room hotel along with Los Angeles-based InSite Development. Located at 857 W. Lancaster Blvd. in Lancaster, Calif., the hotel has a targeted groundbreaking date in late 2019 with a grand opening set for early 2021. Midas – which will manage the Residence Inn once it is built – currently owns and manages 38 hotels with eight more hotels to be added to its portfolio in the near future.
The Lancaster community is home to a thriving aerospace community that includes The Boeing Company, Lockheed Martin, and Northrop Grumman Corporation. Awarded the “Most Business-Friendly City” by the Los Angeles County Economic Development Corporation, Lancaster is on the northern edge of Los Angeles County in the heart of the Antelope Valley.