If you’re on your way to or from the sun-baked?Coachella Valley Music and Arts Festival?this weekend and get the urge to become a hotel owner, you may be in luck — as long as you have at least $10,000 to spend.
Hard Rock Hotel Palm Springs is seeking at least $1.5 million in online crowdfunding from individuals to bring new acts to the hotel, make improvements to its Rock Spa and maybe add a nightclub.
Perks for investors will include free use of the hotel-owner poolside cabana, 25% discounts on room rates and free room upgrades.
Naturally, this isn’t quite a?Kickstarter?for real estate.
The individuals who want a slice of the hotel must be “accredited investors,” defined by the?U.S. Securities and Exchange Commission?as having annual income of?$200,000 per individual or $300,000 per couple, or a net worth of more than $1 million not counting the value of the primary residence.
According to Realty Mogul, the Beverly Hills-based tech company behind the campaign, this is the first attempt to crowdfund a U.S. hotel online.
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Source: Ryan Faughnder (2014). Hard Rock Hotel Palm Springs seeks $1.5 million in crowdfunding, Los Angeles Times http://www.latimes.com/entertainment/envelope/cotown/la-et-ct-hard-rock-hotel-palm-springs-crowdfunding-20140416,0,1086398.story#ixzz2zAL4GMvz published Apr 16, 2014. Viewed Apr 22, 2014.