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Midas Hospitality raises $35m. for its opportunity Zone Fund

St. Louis hotel developer secures funding for newest investment project.

ST. LOUIS, MO. – In only four months, Midas Hospitality – a leading hotel development, management and investment firm – raised $35 million mainly from St. Louis area investors for its Midas Opportunity Zone Fund

Midas Hospitality’s newest project brings the first hotels to the St. Louis’ Cortex innovation district and Prospect Yards community. The 129-room Aloft and a 152-room Element hotel are currently under construction and slated to open in 2020. MC Hotel Construction, a sister company to Midas Hospitality, is the general contractor for both hotels.

Aloft is located at 4239 Duncan Ave., and the Element is at 3763 Forest Park Ave. The hotels will target transient and extended stay customers for the thriving area that includes Aon, Boeing, Microsoft and Square among its tenants.  Barnes-Jewish Medical Center, Saint Louis University, SSM Health, and Washington University St. Louis are also conveniently located nearby.

The Tax Cuts and Jobs Act (TCJA) recently created a new law which provides tax incentives for Opportunity Fund investments like Midas Hospitality’s Cortex undertaking. While this was an added tax benefit for the project, Midas had already committed to the hotel construction prior to this tax change announcement.

“The success and excitement building in and around the Cortex, as well as the need for these attractive hotels in that area, were a huge draw for our prestigious list of investors,” said Midas Hospitality’s Co-Founder J.T. Norville. “The significant tax benefits afforded by the recent legislation changes have been the icing on the cake, and we couldn’t be prouder that St. Louis is realizing the advantages of this new opportunity.”

Co-Founder & Chief Editor - TravelDailyNews Media Network | Website | + Posts

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.

She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.

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