From the tone of the article it appears this project will once again implode due to lack of financing options available to get this project completed. I don't know any lenders right now offering loans for hotels right now anywhere in the US.

NOLA: "Four Seasons New Orleans developers push 'green card' program amid immigration clampdown"

The developers of the half-billion-dollar Four Seasons luxury hotel and condominium project on New Orleans' riverfront are pushing hard to raise money under a controversial program that gives foreign investors a fast-track to permanent U.S. residence, even as Congress and the Trump administration move to clamp down on immigration amid the coronavirus crisis.

Woodward Interests, an affiliate of local developer Paul Flower's Woodward Design+Build, and Carpenter & Co., a New York development company run by Richard Friedman, who also is a Four Seasons board member, are the joint developers and have emphasized from the beginning that their project would include foreign interests, such as the Saudi Arabian state oil company Aramco, among its investors.

Less publicized, however, has been the fact that the project had budgeted a large percentage of its investment — about 26% of its $468 million cost — to come from the federal EB-5 Immigrant Investor Program, which was set up in the 1990s to provide wealthy foreigners a fast-track to permanent U.S. residence if they invest in job-creating businesses.

Grassley and his backers have argued that big real estate developers and local politicians have abused the program by gerrymandering prime real estate locations as high-unemployment zones for tax breaks and to allow them to tap low-cost funds from foreigners without creating any jobs that wouldn't otherwise have been created.

The project was to create 1,600 construction jobs and more than 400 permanent ones once open, assuming it goes ahead as planned. The developers will pay the city $3.25 million per year in rent for the first decade, rising to $3.75 million annually for the next decade then at inflation-adjusted rents thereafter, under the terms of a 99-year deal signed by former Mary Mitch Landrieu.

That lack of permanent job creation is one of the reasons politicians have been pushing to eliminate the program.
Sarah Tuite, a spokesperson for Four Seasons Hotels and Resorts, asked about the financing of the project, said: "At this time, we have no further information to share." The two development companies didn't respond to requests for comment.

The company's CEO, Jeff Campion, said in one marketing video that the project has sufficient financing even with the $25 million EB-5 money raised so far, suggesting the project is some way off its target of $120 million in EB-5 financing. Campion didn't respond to requests for further comment.

"For foreign investors, big real estate projects had offered a way to get a green card quickly without the risks of actually starting a business and directly employing people."