Real estate crowdfunding platform Realty Mogul, along with Kittridge Hotels & Resorts, has announced that stakes in the Hard Rock Hotel in Palm Springs have sold out. The Hard Rock Hotel in Palm Springs is the first operating hotel in the United States to successfully use crowdfunding to raise capital. The offer on Realty Mogul raised over $1.5 million. As previously reported minimum investment of $10,000 was required by Realty Mogul. The offer was a portion of a larger financing round for the California hotel.
The funding on Realty Mogul was spread across 85 investors around the nation. In addition to the potential financial benefits of being an equity owner in the Hard Rock Hotel Palm Springs, individual investors in the hotel are receiving VIP benefits including free use of the hotel owner poolside cabana, 25% discounts off the best available room rates, free room upgrades and much more.
“Hard Rock Hotel Palm Springs is excited to be the first crowdfunded hotel in the nation and we’re honored to have completed this transaction with Realty Mogul, the leader in real estate crowdfunding,” said Andy Carpiac of Kittridge Hotels & Resorts, LLC. “Our staff is thrilled we have the privilege of servicing our new owners at the hotel and treating them all to an exceptional level of VIP service. For all of our new investors, Hard Rock Hotel Owners Cards are in the mail.”
“This is a historic time for both Realty Mogul and Hard Rock as hospitality makes so much sense coupled with crowdfunding, ” said Jilliene Helman, CEO of Realty Mogul. Not only can hotel owners raise capital for their projects, but they can drive bottom line results through a network of investors that are staying at the property, touting the property and encouraging their friends and relatives to frequent the property.”
The Hard Rock Hotel Palm Springs is a 163 room resort located in downtown Palm Springs, California. The hotel is majority owned by Kittridge Hotels & Resorts.
For Realty Mogul, the Hard Rock Hotel Palm Springs this is the first transaction in this sector but they expect to be actively crowdfunding more hotel transactions in the near future.
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