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Launch of a new hotel crowdfunding project in Bordeaux (Lormont)

The real estate development company Redman has launched a crowdfunding operation in partnership with the Upstone platform for the development of a hotel in the city of Lormont, near Bordeaux.

Redman Atlantis, a subsidiary of the French real estate development company Redman, partnered with the crowdfunding platform Upstone to finance the development of a hotel property in the town of Lormont in Gironde, France. Beginning on June 19, the amount to be collected from private investors is set at €1.2 million, with an entry ticket of €100 per person. Participants will be promised a 9% annual return on their capital, which will be reimbursed progressively after the third year, and will benefit from a reduced rate when they visit the hotel. It will open its doors in early 2019.

"Thinking with the Redman teams on how to build the file, we realized that bond financing in crowdfunding would provide flexibility to the project while being attractive to investors who will earn a return each year for 5 to 7 years" explained Upstone's co-founder Arnaud Romanet-Perroux.

This is not the first hotel crowdfunding project in France. A similar operation was launched recently by the startups Set On Invest and Baltis Capital, to finance the conversion of Toulon’s former covered market into a hotel. 

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