Current EB-5 Project
Civitas Hawaii Fund, LP
Rural EB-5 Investment Opportunity
Project Summary
Civitas Hawaii Fund, LP, will provide a $150.0 million senior loan to finance a 210-room hotel, Hale Malana, a Curio Collection1 by Hilton Hotels & Resorts, located in Kauai, Hawaii.
Hale Malana will include a three-meal restaurant, a pool, 2,000 square feet of indoor meeting space, 25,000 square feet of outdoor event venues, a fitness center, and the pro shop for the 18-hole Jack Nicklaus Ocean Course at Hokuala.
Upon opening, Hale Malana would only be the third Hilton-branded hotel on the island.
June 2028
target senior loan
repayment date2
A rural TEA
qualified investment
making EB-5 investors
eligible for priority
processing
125 EB-5 investors
or $100M in total EB-5
funding in the senior
loan position3
Civitas EB-5 Track Record4
100%
EB-5 project approval rate
I-829 approval rate2
40+
countries from which
institutions and investors served
47
EB-5 funds
1,000+
I-526 approvals
$700MM+
in EB-5 capital deployed
$400MM+
capital returned to
investors to date
4. As of December 31, 2023. The 100% USCIS approval rate for Civitas-affiliated I-829 petitions referenced herein refers to petitions which USCIS has fully adjudicated as of the date hereof, and accordingly does not include petitions which (i) have not yet been adjudicated; (ii) were voluntarily withdrawn or abandoned by the petitioner; or (iii) are in any stage of appeal from an initial adjudication. The success of Civitas-affiliated petitions adjudicated to date does not guarantee success in future cases. Past performance is not necessarily indicative of future results. Actual results may vary. This document is provided on a confidential basis and does not constitute an offer or recommendation to sell, or solicitation of an offer to buy, any securities, investment products, or investment advisory services. Such an offer may only be made to qualified investors via delivery of a formal confidential private placement memorandum or equivalent materials that describe the material terms.
Project Location
Hawaii Tourism by the Numbers
9.6MM
visitors to Hawaii in 2023, up 4.4% from 20225
1.4MM
visitors on Kauai in 2023, up 5.3% from 20225
All-time high
In Kauai average daily rate (ADR) and revenue per available room (RevPAR)6
$20.8B
in visitor expenditures in 2023 compared to $19.7B in 20225
$2.8B
in visitor expenditures in 2023 compared to $2.2B in 20225
74.6%
occupancy rate in Kauai in 2023, returning to above pre-pandemic levels6
All Financing for the Project is Fully in Place
Total Projected Project Cost $202.9MM10
Job Creation12
1,881
expected jobs to
be created
151%
of job requirement
expected to be satisfied
117%
of requirement expected to
be satisfied by construction
phase
12. Job creation estimates are calculated by an independent, third-party econometric consultant using RIMS II, Regional Input-Output Modeling System. RIMS II is a tool provided by the Bureau of Economic Analysis (BEA) to help economists and researchers analyze the potential impacts of economic activities on regional economies. There is no guarantee job creation projections will be achieved. These percentages are calculated based on 125 investors, or $100M in EB-5 investments. The General Partner has discretion to raise an additional $50MM and anticipates considering pursuit of such additional fundraising after the project has been completed. If additional investors are closed into the fund, the job creation and cushion metrics will change.
All Construction Permits and Entitlements Have Been Obtained
2024
Construction will
start in Q3
2026
Q3 target
construction
completion
2027
Ongoing operations
2028
Initial loan maturity
Project Location Demand Drivers:
1. The Curio Collection by Hilton is a global portfolio of remarkable, upscale hotels and resorts handpicked for their unique character and personality. 2. Subject to two, 12-month extension options. 3. General Partner has discretion to increase the total EB-funding to $120M, or 150 investors. 5. State of Hawaii, Department of Business, Economic Development & Tourism, Research and Economic Analysis Division, "December 2023 Marked the Fifth Consecutive Month with Declining Visitor Expenditures" January 30, 2024. 6. Hawaii Tourism Authority, as of December 2023. 10. Capital structure and amounts are current estimates and are subject to change. 11. Up to 20% of equity may include contributions from the hotel management company or other sources not directly affiliated with sponsorship group.
This document is provided on a confidential basis and does not constitute an offer or recommendation to sell, or solicitation of an offer to buy, any securities, investment products, or investment advisory services. Such an offer may only be made to qualified investors via delivery of a formal confidential private placement memorandum or equivalent materials that describe the material terms.
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