Midas Enterprises — a hotel development, investment, construction, and management company based in St. Louis, Mo — recently opened a $25 million, 107-room Residence Inn in downtown Lancaster.
Located at 857 W. Lancaster Blvd., the new four-story hotel features an outdoor pool, onsite gym, a barbecue and fire pit for its guests.
“The hotel’s public art pays homage to the area’s rich aerospace history and is on the direct path of the city’s Aerospace Walk of Honor, which recognizes the important contributions of distinguished test pilots who have contributed to aviation, space research and development,” said Steve Eglash, co-developer of the hotel.
“This property offered a unique investment opportunity to both private individuals and institutional investors in terms of the area’s potential growth possibilities,” said Midas Co-Founder and Managing Partner J.T. Norville. “We worked side by side with InSite Development to create a beautiful property, and we are excited about bringing our Midas brand to the Los Angeles area for the very first time.”
The new Residence Inn hotel is the second opportunity zone investment by Midas, which co-developed the property with Los Angeles-based InSite Development. Midas raised $12 million for the opportunity zone fund that, under the Tax Cuts and Jobs Act (TCJA), provides tax incentives for specific investments.