Specialty financial administrator NES Financial announced today that it has contracted to provide its purpose-built Opportunity Zone Fund Administration Suite to Hotbed Entertainment Group, which includes key players behind Blue Man Group and other now-iconic stage productions, as they develop new music and theater venues in New Orleans and three other cities in the U.S.
The Hotbed Music Hall businesses consists of various entertainment venues and will all be located within the cities’ Opportunity Zones (OZs). Each business will house a restaurant, bar and “unique, hybrid live music immersive theater show.” The first show, titled The Fallen Saint, is an intimate music-oriented performance designed to celebrate the creative energy of turn-of-the-century New Orleans.
To help fund the project, Hotbed is accepting investment into the newly formed Omni Impact Opportunity Fund. The tax incentives associated with the Opportunity Zones program, which Hotbed hopes will attract investors, are designed to encourage long-term investment into targeted economically distressed areas across the country, with tax benefits accruing at 5-, 7- and 10-year milestones.
“Our fund is unique as we are offering investors the open-ended growth opportunity of a high-yield hospitality and entertainment operating business paired with the stability of owning the real estate,” said Todd Perlmutter, founder of Hotbed Entertainment Group. “We realized right away that assembling the right team would be key to our success. NES Financial’s expertise and services have been indispensable in getting our Fund set up and running smoothly.”
Read the full press release by clicking here.
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