On Thursday, crowdfunding platform, RealtyShares, announced that it has helped finance a significant portion of the outside equity required for the purchase of the Courtyard by Marriott Columbus West in Columbus, Ohio. The establishment secured nearly $1.5 million through the portal’s investors.
Sharing details about the investment, Nav Athwal, CEO of RealtyShares, stated:
“Our investors were very excited to participate in this opportunity – the transaction took less than 5 days to be fully subscribed. We’re proud to be one of the few crowdfunding companies to even offer these sorts of transactions. Our investors quickly responded to the sponsor’s experience and to the prospects of the planned property renovations leading to improved performance. Investors were also attracted by the Columbus market and its growth prospects. We are proud to have worked with Conor Acquisitions, the sponsor, on this first hotel financing done through the RealtyShares platform.”
According to the funding platform, the Courtyard by Marriott Columbus West offers a 150-room, upscale hotel focused on business travelers. The facility currently features 8,790 square feet of meeting space among eight rooms, as well as a grand ballroom that can accommodate up to 300 guests for weddings and other events.
The property is located within 15 miles of each of the city center, the Port Columbus International Airport, and Ohio State University. The hotel also features an open contemporary lobby, an indoor swimming pool, fitness center and 24-hour business center.
Athwal then added:
“Conor Acquisitions has planned approximately $2.6 million in renovations to the hotel, to both the interior and exterior of the property, which it believes will result in increased occupancy rates for the hotel. This opportunity offered our investors a chance to participate alongside an experienced sponsor in a sector where we hadn’t earlier participated. Our investors were clearly excited both by the hotel’s prospects generally and its affiliation with the Courtyard at Marriott brand.”
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!