WASHINGTON, DC – July 20, 2020 – Invest in the USA (IIUSA) is pleased to share that AAHOA, the nation’s largest hotel owners association, has joined the American Hotel and Lodging Association and IIUSA in advocating for reform and long-term reauthorization of the EB-5 Regional Center Program.
The EB-5 Regional Center Program allows federally authorized “Regional Centers” to pool EB-5 visa applicants’ investments to exponentially fuel U.S. local and regional economies with projects that create and save thousands of American jobs.
IIUSA Executive Director Aaron Grau stated, “A long-term reauthorization can generate more than $9B annually of non-U.S. taxpayer investment into our economy to create and save jobs, just when our economy needs it most.” Grau continued:
That’s why we are pleased and grateful to AAHOA for joining our effort. AAHOA is the largest hotel owners association in the country and represents almost 20,000 U.S. hoteliers. IIUSA believes those voices and AAHOA’s recognition of how EB-5 investments can become a lifeline to so many in the travel industry will resonate with Congressional leaders to help finally create a meaningful and long-term program reauthorization.
Unlike all other visas, federal statute requires that each EB-5 visa applicant make a significant up-front investment into a U.S. economic development project (either $900,000 or $1.8 million depending on where the project is located) AND create or retain at least 10 U.S. jobs; no jobs…no visa.
AAHOA’s President & CEO, Cecil P. Staton noted:
The travel industry, and especially the hotel business, can and will bounce back from this COVID-19 economic crisis, but only with support; specifically, the kind of non-traditional, but reliable support offered by the EB-5 Regional Center program. AAHOA is grateful for IIUSA’s work, and we encourage Congress to reform and reauthorize this important program.
For more information about the EB-5 Regional Center Program and IIUSA’s advocacy, please visit www.iiusa.org.
IIUSA is the national membership-based industry trade association for the EB-5 Regional Center Program. Our members account for a vast majority of capital formation and job creation in the U.S. resulting from the Program.
AAHOA Members own almost one in every two U.S. hotels. With billions of dollars in property assets and hundreds of thousands of employees, AAHOA Members are core economic contributors in virtually every community.