LOS ANGELES—Crowdfunding platform Realty Mogul has added the Hard Rock Hotel Palm Springs to its property inventory of investment assets. The property, which is principally owned by Kittridge Hotels & Resorts, is the first hotel available to investors on a crowdfunding platform.
“Providing more people with access to quality investments like the Hard Rock Hotel Palm Springs is at the heart of what our online platform is all about,” says Jay Samit, Realty Mogul executive chairman. “Through the Realty Mogul marketplace, people have an easy way to diversify their investment portfolios into commercial real estate and participate in opportunities previously available only to a select few.”
Located in Downtown Palm Springs, the hotel has 163 luxury guestrooms and a music-inspired design motif. Onsite amenities include a pool with cabanas, the Rock Spa day spa, fine dining restaurants and onsite entertainment.
“Hard Rock Hotel Palm Springs is excited to be delivering the first-ever crowdfunded hotel deal in the US through our agreement with Realty Mogul, the leader in real estate crowdfunding,” says Andy Carpiac of Kittridge Hotels & Resorts. “The individual investors who participate in the crowdfunding opportunity now listed on Realty Mogul will be able to experience firsthand what’s special about this hotel, and enjoy the potential financial benefits and other benefits of being a hotel owner.” In addition to owning a portion of the hotel, investors will also receive owner’s perks, like a poolside cabana, 25% discounts on the lowest available room rates and free room upgrades.
Realty Mogul recently celebrated its one-year anniversary by raising $9 million in series A financing through Canaan Partners. The platform’s founder and CEO Jilliene Helman met with us at RealShare Los Angeles to talk about the fundraising efforts and we can expect from the crowdfunding site in the coming year.