Part of St. Regis Aspen for sale through crowd-funding
Owners of the St. Regis Aspen Resort are attempting to sell nearly one-fifth of the luxury hotel through crowd-funding after they backed out of their initial public offering in February.
New York-based asset manager Elevated Returns, which owns the St. Regis, announced Thursday that it has enlisted the crowd-funding website Indiegogo to help sell the hotel shares through digital tokens; the goal is to sell $18 million worth of tokens.
Like it did when it touted the IPO, St. Regis is being marketed as a single-asset real estate investment trust, or REIT. The REIT is called Aspen Digital and will be sold through so-called Aspen Digital Tokens, according to published reports. Each token is being sold for $1 each.
Only accredited investors can buy the tokens from Indiegogo, fortune.com reported, noting they would account for 18.9 percent of equity in St. Regis, with Elevated Returns owning the remaining 81.1 percent.
“Asset-backed coins like the Aspen Coin not only offer a transformative way to invest in real estate, but also establish a new way to store wealth by utilizing collateralized and income-generating digital assets,” the website BusinessWire quoted Stephane De Baets, founder and president of Elevated Returns, as saying. “We believe that the real estate tokenization model has tremendous potential in that it brings liquidity and disintermediation to the world’s largest asset class.”
Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.
The city of Aspen is growing its communications efforts by transferring a position from the police department to City Hall.