The first opportunity zone project breaks ground in Phoenix, with the development project on the 130-room Springhill Suites by the Marriott in the suburb of Avondale, spearheaded by Virtua Partners and Hotel Equities, its hotel management affiliate.
Opportunity Zone Investing
Efforts in the area continue to be geared towards providing affordable housing in underserved communities, with hospitality businesses offering the best return for investors. That’s a good reason for any investor to put money in the venture.
Buying a Hotel
If you are already thinking about buying a property, taking advantage of opportunity zone tax breaks and perks can be the right investment move for you. With tax shelters federally authorized, you won’t need to worry about paying for capital gains taxes for as long as ten long years. Of course, that comes with conditions, such as needing to funnel the profits into the development found within low-income communities. Still, that gives you plenty of benefits to consider.
Talking to a Broker
If you believe in the opportunity zone investing model, then you’ll want to start scouting out a hotel for sale. Consulting with a broker can do a lot to help you. With a professional to guide your search along, it will be much easier for you to find the hotel property that fits your requirements.
Hiring Brokerage Assistance
It’s not enough to hire the first broker you find, though. The quality of the options you’ll end up with will depend a lot on your broker. By securing the services of top hotel brokers in the community, you have a much better way of finding properties that meet your needs.
Talk About Opportunity Zones
Find a brokerage firm that can provide you with a list of hotel properties in opportunity zones. That way, you can work out which hotels can make for the ideal option.
Pick the Right Broker
Be sure to hire the services of a seasoned broker. Someone with solid years in the industry and the community will have the skill, experience, and professional network to help you.
You stand to gain a lot with opportunity zone investing. Find property that fits the investing criteria by hiring a broker for help. Contact the brokers at NewGen Advisory to help you find a hotel for that’s perfect for your budget and investment needs.