A new hotel at Selma Avenue and Cahuenga Boulevard, Los Angeles, US, is to be run by Hampshire Hotels & Resorts under its Dream Hotel brand.
The nine-storey $45m property, which was originally to be called The Selma, was approved by city officials in 2008, but the project stalled because of a lack of funding.
Property developer Richard Heyman will receive funds for the project from a new federal programme, EB-5, which awards immigrants green cards if they invest at least $500,000 for development in targeted areas, according to latimes.com.
The Killefer Flammang Architects-designed hotel will include a rooftop swimming pool, a restaurant and a lounge to be built on top of a parking area.
The LA hotel will open in the third quarter of 2013 and will join the Dream Hotel portfolio of properties in New York, Miami Beach, Bangkok and Cochin.