https://commercialobserver.com/2018/08/aspen-st-r…
Elevated Returns, that owns St. Regis Hotel in Aspen is partnering with Indiegogo.
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god this is fucking gimmicky.
"...saw its plans to use the property to create what it called the country’s first single-asset REIT fizzle in February..." ... i remember that story. Single-asset REIT, talk about a cumbersome and expensive way to own 1 property.
I agree, extremely gimmicky and its just such a half baked idea at this moment, but I just feel like this is one of those things that is going to catch on when its fully fleshed out and when you get the green light from the SEC. So much money to be made that it is impossible for it not be implemented.
Crowdfunding for real estate was not that much different from tokenization, its also fractionalization of real estate. In 2013, that idea was also seen as insane, but now its an industry that has developed and it has become a legitimate way for developers or investors to raise debt or equity or provide liquidity to lenders. It might be a niche (middle markets) but it is still a legit option. CrowdStreet, Fundrise, Realty Mogul, Realty Shares, Peer Street etc are companies hoping to build something long term and substantial. And their success so far shows the ravenous appetite that investors (individual investors mainly and not always institutional) have for the asset class. These companies have also taken it upon themselves to set industry standards and be extremely thorough in their vetting process as since the industry is still in the early stages, if investors lose money, it will be hard to shake off the bad reputation. That's why, these platforms have less than 3% approval rate in accepting deals onto their platform., I also think its not far fetched to see one of these companies experimenting with tokenization in the future.
Figured this was going to be the St. Regis aspen before I opened the thread... not familiar enough with this to know what the owners must have gotten themselves into, but they're certainly trying their darnedest to find a greater fool
The "investment bank" that underwrote their single-asset REIT IPO is a bucket-shop and frankly a joke. It is not surprising that the deal died and are now looking for alternatives in the token space.
who was the bank?
Some MM shop called Maxim
Each time I see this in the media I can only think of Token from South Park.
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