Midas Hospitality and InSite Development to Develop Residence Inn in Lancaster, California

USA, Lancaster, California. August 14, 2019

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.

The Tax Cuts and Jobs Act (TCJA) recently created a new law which provides tax incentives for opportunity fund investments like Midas Hospitality's Lancaster project.

"We're excited to bring our approach of people, properties and informed investments to the west coast," said Midas Hospitality's Co-Founder and Managing Partner J.T. Norville. "We're eager to bring together a wide variety of investors to generate meaningful returns and significant tax benefits afforded by the Opportunity Zone legislation for the second time."

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Architecture & Design: Biophilic Design

The hospitality industry is constantly evolving to meet and exceed guest expectations. As a result, hotels are always on the lookout for new ways to improve the guest experience, and architecture and design is an essential part of this equation. Bold design is often the most effective way to make an exceptional first impression - an impression guests use to distinguish between brands. One design trend that is being embraced worldwide has become known as “Biophilic Design.” Biophilic design is based on the concept of biophilia, which is the theory that human beings have an innate tendency to seek out nature, natural elements, and natural forms. Biophilic design is more than hotels simply adding a surplus of plants; it involves incorporating specific design elements into a hotel in order to imbue it with a sense of wellness and well-being. Some of those elements include exposure to natural lighting; views of nature and rooms with a view; natural architectural patterns; salvaged or reclaimed woods of all types; reclaimed metals; sustainably sourced stone; living green walls and vertical gardens; and direct and indirect exposure to nature. Hotels that have incorporated biophilic design into their properties are reaping the benefits associated with this trend including reduced stress responses, better air quality, lower energy costs, and more positive guest reviews. Biophilic design has also been shown to improve guest moods and to satisfy consumer demand for environmental responsibility. Savvy hotel owners and managers are aware that nature-inspired elements enhance their guests' comfort and well-being, which is why this trend is becoming so prevalent. Biophilic design is just one topic in the fields of hotel architecture and design that will be examined in the November issue of the Hotel Business Review.