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Colorado Resort Breaks New Ground with Real Estate Security Tokens

A resort in Aspen Colorado has launched Ethereum-based tokens to encourage investor interest.

St Regis Aspen Resort has followed up on its August announcement of an intention to offer shares in the business through blockchain tokens. The tokens will replace the traditional idea of paper certificates of equity in the property. The resort is using Indiegogo, an online crowdfunding platform, to launch the offering.

The prestigious St Regis hotel set at the base of Aspen Mountain has rooms at USD 3,500  a week, offering its guests shops, spas and treatment rooms, beauty therapies and a private butler service. Most guests stay to access skiing at a range of slopes nearby including Snowmass, Aspen Mountain and Buttermilk.

Slava Rubin, co-founder of Indiegogo, explained the thinking behind such projects:

“From the beginning ten years ago, we always looked at democratizing access to capital and allowing people to get more involved in these opportunities and today we are talking about our expansion into security token offerings.”

The tokens, called Aspen Coins, have been offered through Templum Markets, a broker-dealer registered with the SEC and will be treated as security tokens for the purpose of the sale. The sale price has been set at USD 1 each with a minimum investment of USD 10,000, with a total offering of USD 18 million which closed on 14 September.

The resort claims to be one of the first major real estate ventures in the US to launch into the world of blockchain. Stephane De Baets, St Regis owner, sees such ventures as game-changing in the hospitality industry:

“We’ve lined up a substantial pipeline of global properties to bring to market subsequent to the first offering. A lot of people don’t want to sit on depreciating fiat cash in a bank account… high-profile trophy asset is something you can be emotionally connected to and build a little bit of your savings portfolio on.”

This hasn’t been Indiegogo’s first foray into cryptocurrency, as at the end of last year the company launched a fan-based football league ICO which fell short of its target, only raising USD 5.3 million. The company’s CEO sees this as a far more investable enterprise, commenting:

“Having a clear asset like the St Regis Aspen is the beginning of signaling a shift in how people think about tokenization and investing in blockchains and crypto.”

 

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