US: Property investment startup Beach Avenue Financial has unveiled a new private cryptocurrency HOTTEL Cryptoken.
The proceeds from every HOTTEL coin purchased will be used to acquire distressed Covid-19 accommodation properties that are then repositioned as independent hotels, aparthotels or luxury independent living communities.
Properties may also be repositioned as multi-family apartment communities or student accommodation, depending on location and the determined asset yield.
Key areas of interest in property location includes Florida, Nevada, California, New York, the Midwest and middle America.
A desired token sale target of $500 million, available exclusively to private investors, will enable the purchase, renovation, repositioning and operation of between 24 and 30 properties.
Founder and CEO of Beach Avenue Financial, Richard Tuckwell-Skuda said: “Commercial real estate has been a safe investment since the dawn of time, where bricks and mortar earn value through deployment as an asset – be it a shopping mall, hotel, apartment block, or other. Property creates passive income, whilst the asset itself appreciates over time, rising in line with property values, inflation and development.
“A hotel property which costs $10 million today will be worth more in 10 years than it is at the time of purchase, while the owners will also benefit from the passive income generated during this period. In a world of unstable cryptocurrency ‘gambles’, HOTTEL Cryptoken is a stable commercial real estate model backed crypto investment portfolio.”
The proposed $500 million initial coin fund will create an evergreen fund, with fund deployment fees capped at market and industry standard rates. All tokens are the same grade and value, completely liquid and able to be purchased on multiple coin exchanges worldwide for as little as $0.10 (with fractional purchase enabled).
The aim is to have the tokens listed on a major coin exchange within 18 months post-launch, enabling the early investors to exit or stay invested, and allowing new public investors to purchase tokes.
Northern Trust is to be confirmed as the fund administrator.
Beach Avenue Financial is an investment and asset management firm founded in 2020. HOTTEL tokens are an ETH 2.0V smart contract token and can be transferred to a holder’s personal crypto wallet. The token is planned to be listed on major exchanges in Q4 2023 after the deployment of funds and is targeting a 150 per cent uplift in value within that time.
Further information about Beach Avenue Financial and its HOTTEL token can be found here.
