On Tuesday, real estate crowdfunding platform EarlyShares announced that it has closed its latest real estate investment opportunity from RPS Hotel Holdings, LLC, which generated over $3.1 million.
According to the funding portal, the offering was for the recapitalization and renovation of a 90-room Courtyard Marriott hotel property in Lynchburg, Virginia. The hotel will undergo a $2.2 million renovation to its exterior as well as all guest rooms and receive an18 year franchise agreement. It will also be able to secure a higher a higher average daily rate (ADR) later this year.
The offer was closed with a combination of direct investments from U.S.-based investors and $1.7 million sourced from international investors. Managing member of RPS Hotel Holdings, Richard Pietrafesa, stated:
“Our team at RPS Hotel Holdings is very pleased with the results of the Marriott Courtyard capital raise. We look forward to returning to EarlyShares to crowdfund our next real estate deal. Our organization takes a very disciplined approach to asset acquisition and management, and we’re happy to be working with EarlyShares to bring more investors into the exciting deals in our portfolio.”
Heather Schwarz, co-founder and CSO of EarlyShares, added:
“EarlyShares is committed to working only with highly respected real estate developers and sponsors – and RPS Hotel Holdings is an excellent example. The Marriott Courtyard deal was exactly the kind of return-driven investment offering EarlyShares specializes in sharing with our investor base. We look forward to helping RPS close their next capital raise quickly and efficiently through our state-of-the-art platform.”
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