Midas Hospitality Raises $35M for Opportunity Zone Fund

ST. LOUIS, MO—In only four months, Midas Hospitality 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.

While the opportunity zone tax incentives created under federal law provided an added tax benefit for the project, Midas had already committed to the hotel construction prior to the 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,” says J.T. Norville, Midas Hospitality’s co-founder.  “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.”