Finance & DevelopmentFinanceHard Rock Hotel in Palm Springs Raises $1.5M

Hard Rock Hotel in Palm Springs Raises $1.5M

PALM SPRINGS, Calif. and LOS ANGELES—Realty Mogul, along with Kittridge Hotels & Resorts LLC, announced today that stakes in the Hard Rock Hotel in Palm Springs are officially sold out. The Hard Rock Hotel in Palm Springs is the first operating hotel in the United States to successfully use crowdfunding.

In total, Realty Mogul raised over $1.5 million for the project, spread across 85 investors around the nation. In addition to the potential financial benefits of being an equity owner in the Hard Rock Hotel Palm Springs, individual investors in the hotel are receiving VIP benefits including free use of the hotel owner poolside cabana, 25 percent discounts off the best available room rates, free room upgrades, and more.

“Hard Rock Hotel Palm Springs is excited to be the first crowdfunded hotel in the nation, and we’re honored to have completed this transaction with Realty Mogul, the leader in real estate crowdfunding,” said Andy Carpiac of Kittridge Hotels & Resorts. “Our staff is thrilled we have the privilege of servicing our new owners at the hotel and treating them all to an exceptional level of VIP service. For all of our new investors, Hard Rock Hotel Owners Cards are in the mail.”

“This is a historic time for both Realty Mogul and Hard Rock as hospitality makes so much sense coupled with crowdfunding,” said Jilliene Helman, CEO of Realty Mogul. “Not only can hotel owners raise capital for their projects, but they can drive bottom line results through a network of investors that are staying at the property, touting the property and encouraging their friends and relatives to frequent the property.”

For Realty Mogul, the Hard Rock Hotel Palm Springs marks just the beginning as the company will be actively crowdfunding more hotel transactions in the near future.

RELATED ARTICLES

The Painted Lady Joins Lark’s Management Portfolio

BIRMINGHAM, Alabama—The Painted Lady, a new boutique hotel in Birmingham, Alabama, has become the latest property to join Lark’s portfolio of independent hotels under...

HHM Hotels Announces Restructuring of Its Leadership Team

PHILADELPHIA, Pennsylvania—HHM Hotels announced a restructuring of its leadership team, introducing several strategic promotions and appointments across operations and commercial divisions. These moves are...

6 Best Practices for Efficient and Secure WiFi Service

Fast, reliable, and secure WiFi connectivity is essential to guest satisfaction at hotels of all types and chain scales, and there are many aspects...

Peachtree Launches Debt-Free DST in Avondale, Arizona

ATLANTA, Georgia—Peachtree Group announced the launch of its latest hotel property structured as a Delaware Statutory Trust (DST). The 128-key SpringHill Suites Phoenix West...

Stonebridge Announces Addition of Marriott Saddle Brook to Its Managed Portfolio

DENVER, Colorado—Stonebridge announced the addition of the 244-room Marriott Saddle Brook in New Jersey to its full-service managed portfolio. The addition reflects Stonebridge's strategy...

Hunter Hotel Advisors Brokers Sale of Hampton Inn & Suites El Paso-Airport

ATLANTA, Georgia—Hunter Hotel Advisors (Hunter) announced the successful sale of the 139-key Hampton Inn & Suites El Paso-Airport. Nexgen Management purchased the property from...