Historical Moment for Real Estate
The token sale listed on popular crowdfunding site Indiegogo by the company managing the St. Regis Aspen Resort, Elevated Returns, has met its funding goals of $18 million. The token sale gives investors a small ownership stake in the illustrious property. The internationally-renowned St. Regis Aspen is a full-service, 179-room luxury hotel with four onsite food and beverage outlets and 29,000 square feet of indoor and outdoor conference and banquet venues with views of the majestic Rocky Mountains.
The sale marks one of the first times a trophy real estate asset was successfully tokenized. Elevated Returns also used this opportunity to announce its bid to acquire 24.9% of Bangkok-based Seamico Securities as part of its expansion plan in South East Asia.
“While there is an undeniable trend of assets migrating to the blockchain and a need for cryptocurrencies to be backed by collateral of some sort, these are truly the early days for the industry, which is why it is critical for offering sponsors like Elevated Returns to assemble the necessary components to be successful,” said Stephane De Baets, President of Elevated Returns in a press release. “This emphasis on building an effective ecosystem led us to acquire a South Asian broker-dealer with wide distribution capability, one that is able to operate in Thailand, a nation that has come forward with highly-developed crypto regulation guidelines.”
Jason Kirschenbaum, Director at Elevated Returns also chimed in, saying, “The Aspen Digital closing not only represents a new coin on the market that is asset-backed, it also establishes a blueprint for future real estate tokenization. The future of real estate investing is one that provides global exposure, transparency, public access, and liquidity, all of which are elements that can be delivered through blockchain technology.”
Real estate has long been a pillar of investment strategy. It is no surprise that this new financial movement, facilitated by blockchain technology, would seek to incorporate these tangible assets. Real estate plays a vital role in the global financial landscape, and its absence from the crypto-sphere would not bode well for establishing legitimacy. As with other asset types being tokenized or otherwise integrating with blockchain, there is an unprecedented new ability to address established issues while also expanding the potential for security and transparency.