Peachtree Group secures USCIS I-956F approval for its TownePlace Suites project in Palmdale, enhancing EB-5 investment opportunities and economic growth.
ATLANTA – Peachtree Group has received its I-956F approval from U.S. Citizenship and Immigration Services (USCIS), the government agency that oversees the EB-5 Immigrant Investor Program, for the firm’s currently under-construction TownePlace Suites by Marriott in Palmdale, Calif.
The I-956F approval, granted by USCIS, marks a crucial step in Peachtree’s ongoing efforts to facilitate investment opportunities through the EB-5 program, which is designed to promote economic growth and job creation in the U.S. This is the second hotel development for which Peachtree Group has received I-956F approval, having previously secured it for its Home2 Suites by Hilton development in Boone, N.C.
“We are excited to receive USCIS approval for our Palmdale project,” said Adam Greene, EVP of EB-5 at Peachtree. “This achievement underscores our continued commitment to delivering high-quality developments that drive economic growth and create meaningful opportunities for investors and local communities alike.”
The TownePlace Suites by Marriott in Palmdale will be a premier extended-stay hotel, offering modern accommodations and amenities tailored to the needs of both business and leisure travelers. The hotel is slated for completion by spring 2025.
“We focus on hotel development because the sector has proven to be exceptionally resilient, offering agility and flexibility in navigating economic challenges. With limited new hotel supply and surging travel demand, new assets are positioned to outperform, especially in the post-COVID era, where strong fundamentals and market dynamics create significant opportunities. Global travel spending is forecast to reach $15.5 trillion over the next decade, outpacing inflation, further underscoring the long-term potential of the hospitality industry, making it a highly attractive investment opportunity,” Greene said.
Peachtree launched its EB-5 program in 2023 as a key financing tool to support job-creating projects nationwide. The firm remains committed to delivering high-quality investment and development opportunities through its expanding portfolio of EB-5 projects.
“The TownePlace Suites development, like the Home2 Suites, includes a substantial owner equity investment. This alignment of interests with our EB-5 investors fosters a shared commitment, reinforcing confidence in the project’s success and reassuring all stakeholders,” Greene added.
The EB-5 visa program allows foreign investors to obtain a green card in exchange for making a significant investment in a new commercial enterprise that creates jobs in the U.S. Under the program, foreign nationals who invest a minimum of $800,000 in a U.S.-based project that creates or preserves at least 10 full-time jobs for U.S. workers are eligible to apply for permanent residency.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
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