Real estate investment platform CrowdStreet just released its latest offering for the $26 million renovation project for the Georgian Santa Monica Hotel.
This iconic hotel has been known as Santa Monica’s First Lady since 1933 and is one of the area’s most recognizable landmarks. The sponsor’s planned renovations should position the property as a top lodging destination for years to come.
Investment Highlights: The Santa Monica market has an extremely high barrier to entry, providing significant long-term value for this asset. Hotels near the ocean are required to go through lengthy Coastal Development Permit processes, and the land costs alone will price most developers out of the market.
- Minimum investment: $25,000
- Target investor IRR: 20%
- Target equity multiple: 2.3x
- Target average annual cash yield: 8.5%
- Target investment term: 5 years
View offering details on CrowdStreet
About the Sponsor: The Georgian Santa Monica offering is being sponsored by BLVD, a highly respected and successful real estate developer in California. The company has over $550 million in development deals under its belt and has made a lasting impact on the communities it’s invested in.
Photo: Courtesy of CrowdStreet
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