
One local firm’s tips for successful opportunity zone fund
Midas Hospitality, the Maryland Heights-based hotel developer and operator, has closed on its second opportunity zone fund.
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Midas Hospitality, the Maryland Heights-based hotel developer and operator, has closed on its second opportunity zone fund.
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With the implementation of the Tax Cuts and Jobs Act, many hotel companies are looking at opportunity zones: low-income census tracts nominated by states and certified by the U.S. Department of the Treasury—there are more than 8,700 designated places—into which investors can put capital to work financing new projects in exchange for federal capital gains tax advantages. But when is it right to invest in these types of projects?
Midas Hospitality, a leading hotel development, management and investment firm raised $35 million in four months for its Opportunity Zone fund, largely from St. Louis area investors.