Peachtree Group said US Citizenship and Immigration Services (USCIS) has approved the I-956F application for the development of a 116-key Homewood Suites by Hilton in Sugar Mountain, North Carolina.

Peachtree arranged a $28m senior secured construction loan for the project through its EB-5 investment platform.

The development marks Peachtree’s sixth EB-5 financing deal, bringing total capital raised through the platform to more than $177m.

The project qualifies as both a rural targeted employment area (TEA) and a high-unemployment TEA, allowing for EB-5 investment at a lower threshold. The development is expected to create about 538 eligible EB-5 jobs.

Located at the base of Sugar Mountain, the site is designed to meet demand from leisure and institutional destinations in the surrounding area.

Nearby attractions include Sugar Mountain Ski Resort, Lees-McRae College, Beech Mountain Ski Resort, Grandfather Mountain State Park and Appalachian State University.

Peachtree cited nearby events and festivals as a steady, year-round source of demand.

Homewood Suites by Hilton, after completion, will operate as an extended-stay property for leisure and business travellers seeking access to outdoor recreation and regional destinations.

Peachtree EB-5 EVP Adam Greene said: “We are pleased that USCIS gave the project a fast approval in under four months.

“Hospitality continues to stand out as a sector where new supply remains limited relative to demand, particularly in high-barrier-to-entry leisure markets.”

The company launched its EB-5 programme in 2023 and says it uses the platform to finance US developments that create jobs.

In March, Peachtree Group arranged a $12m bridge loan and $6m in Commercial Property Assessed Clean Energy financing to acquire and renovate the Byways Hotel Portfolio, which includes three historic hotels in Alpine and Fort Davis, Texas.

The portfolio includes the 27-room Holland Hotel, which is set to expand to 28 rooms, the 30-room Hotel Limpia and the 21-room Maverick Inn.