The lengths we will go to in order to finance a hospitality venture! “Crowd-funding” is not a new concept, where we reach out to small investors with our concepts, inviting them to share in our dreams and projects. Social media helps to drive the effort. This has been particularly beneficial to more neighborhood related enterprises. New restaurants and retail stores have opened and thrived, thanks to local investment and local support.
Recognizing that “fans” might like to make a small investment and benefit from that investment, the Hard Rock Hotel in Palm Springs, CA has expanded the “crowd-funding” concept. The hotel is seeking up to $1.5 million dollars to enhance the property. They want to be able to attract new entertainment acts, improve the Spa operation on property and perhaps add a nightclub. And, this can be yours for a mere $10,000 investment. Just click on-line…
Wow, and I am not a REIT, a wealthy doctor or Sheldon Adelson. You just know that this type of investment is very attractive to certain segments of the population. And, what might they receive for this backing? According to the LA Times, they could receive all sorts of discounts and upgrades on their rooms. Additionally, and this is a big one for some generations, they could have use of the hotel –owner poolside cabana. Sign me up, I need fresh towels, pass the Margaritas!
The Hard Rock Hotel in Palm Springs may have just latched onto a wonderful means to raise capital. It is a known quantity, an exciting Brand, and has a magnificent location. What could be more fulfilling than the Guest Experience of ownership? Hey, Cabana boy…
John Hendrie is the author of the LRA blog 'A Guy Walks In'. LRA is a leading research and consulting company in the emerging discipline of Customer Experience Management (CEM). We work with our clients to help them design and deliver consistently exceptional customer experiences in order to drive customer satisfaction, loyalty and advocacy, and company growth and profitability. We have built a range of quality assurance, mystery shopping, research, training and consulting solutions to help them do so.
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