First Crowdfunded Hotel Sells Out

LOS ANGELES—RealtyMogul, a Beverly Hills-based commercial real estate crowdfunding platform, has completed a capital raise for the first crowdfunded hotel, the Hard Rock Hotel Palm Springs. In an earlier story, GlobeSt.com reported that RealtyMogul had added the hotel to its roaster of assets. Now, three months later, the investment opportunities have sold out. RealtyMogul partnered with hotel owener Kittridge Hotels and Resorts for the propejct.

In a general solicitation, RealtyMogul raised $1.5 million from 85 investors. Investment amounts ranged from $10,000 to $150,000. In total, the project received 120 million unique views from interested and prospective investors. “We received such high interest on this project,” Elizabeth Braman, CCIM, the chief production officer at RealtyMogul, tells GlobeSt.com. “I don’t think in our wildest expectations we could have imagined 120 million unique views. It far exceeded our expectations and really shows the power of the general solicitation with the 506C. The visibility that crowdfunding has in the market right now coupled with the Hard Rock brand worked really nicely together.”