PALM SPRINGS and BEVERLY HILLS, Calif., April 16, 2014 /PRNewswire/ -- Beginning today and until the offering is sold out, individual investors have the opportunity to own a piece of the Hard Rock Hotel Palm Springs, which is principally owned and operated by Kittridge Hotels & Resorts, LLC. Hard Rock Hotel Palm Springs is the entertainment destination in the California desert where the music party never ends.
Individuals can register to view the property offering and become investors in the hotel through RealtyMogul.com, the largest online marketplace for people to pool money and invest in commercial real estate. This is the first hotel to be crowdfunded by an online property marketplace. [Link to video about the hotel]
In addition to the potential financial benefits of being an equity owner in the Hard Rock Hotel Palm Springs, individual investors in the hotel will receive VIP benefits including free use of the hotel owner poolside cabana, 25% discounts off the best available room rates, free room upgrades and much more at the Hard Rock Hotel Palm Springs.
Today's announcement comes at the height of the 2014 Coachella Valley Music and Arts Festival, the internationally renowned annual event that's drawing well over 100,000 music fans to the California desert this week. Hard Rock Hotel Palm Springs is the host hotel for the LED Day Club pool parties during festival weekends in partnership with Goldenvoice and their EDM Division, LED.
"Hard Rock Hotel Palm Springs is excited to be delivering the first-ever crowdfunded hotel deal in the U.S. through our agreement with Realty Mogul, the leader in real estate crowdfunding," said Andy Carpiac of Kittridge Hotels & Resorts, LLC. "Our staff is passionate about delivering an incredible customer service experience from the moment our guests arrive. The individual investors who participate in the crowdfunding opportunity now listed on Realty Mogul will be able to experience firsthand what's special about this hotel, and enjoy the potential financial benefits and other benefits of being a hotel owner."
"Providing more people with access to quality investments like the Hard Rock Hotel Palm Springs is at the heart of what our online platform is all about," said Jay Samit, Realty Mogul Executive Chairman. "Through the Realty Mogul marketplace, people have an easy way to diversify their investment portfolios into commercial real estate and participate in opportunities previously available only to a select few."
Hard Rock International is not an owner of the Hard Rock Hotel Palm Springs or a party to the crowdfunding announced today.
About the Hard Rock Hotel Palm Springs
The Hard Rock Hotel Palm Springs is a luxury 163-room resort located in the heart of downtown Palm Springs, Calif. The music-inspired hotel combines the sleek design of a new Fender Stratocaster with the laid back vibe of a beachside reggae band. Its location, just two hours from Los Angeles, makes it the perfect getaway, with year-round sunshine, a Rock Spa, shimmering pool with cabanas, plus fine dining and entertainment. The Hard Rock Hotel Palm Springs is majority owned by Kittridge Hotels & Resorts, LLC. For more information visit www.HRHPalmSprings.com or on Facebook and Twitter. Perks included with the crowdfunding investment will be null and void upon the sale of investors' security interest and/or the sale of the property.
About Realty Mogul
Realty Mogul is crowdfunding for real estate, a marketplace for investors to pool money online and invest in real property such as office buildings, apartment buildings and retail centers. Realty Mogul provides individuals with tools to browse investments, conduct due diligence, invest online and track the performance of their investments 24/7 through an online investor dashboard.
Realty Mogul partners with real estate companies to source investments for investors. Realty Mogul provides these companies (also known as sponsors) with access to a broader capital pool, as well as tools for investor reporting, communication and distributions. Based on the total number of properties, number of states and volume of capital placed by the company, Realty Mogul believes it is the largest commercial real estate crowdfunding marketplace online. For more information on how to become a real estate investor through the Realty Mogul marketplace, please visit www.RealtyMogul.com.
SOURCE Hard Rock Hotel Palm Springs