St. Regis Hotel Tokenized
The owner of the St. Regis Hotel in Aspen, Colorado raised $18 million by issuing the "Aspen Digital" to individual investors. The successful raise was announced in October, 2018, following a short, two month campaign.
The Aspen Digital is among the first of its kind to successfully tokenize a trophy real estate asset. The St. Regis Aspen is a resort with a 179-room luxury hotel, four onsite food and beverage outlets, and 29,000 square feet of indoor and outdoor conference and banquet venues with views of the Rocky Mountains.
The token was structured as a security token, brokered by a registered broker/dealer with marketing assistance from a traditional crowdfunding marketing platform.
The CEO of the owner, Elevated Returns, explained, “We’ve tokenized a portion of the St Regis Aspen which we formed as a single asset real estate investment trust (REIT). In accordance with the terms of the deposit agreement, each Aspen Digital Token will represent an indirect ownership interest in one deposited share of our common stock (the REIT which was formed for St. Regis Aspen). Essentially you have best of both worlds with REIT structure in place and blockchain technology with smart contract for St. Regis Aspen. The REIT provides tax efficient structure while the blockchain provides peer-to-peer investing and cross-border transaction made simpler for investors.”