In 2018, the St. Regis Aspen Resort in Aspen, Colorado, became one of the first luxury hotels to have part of its ownership converted into digital tokens. Below, you can find out more about this tokenization.
Initially, the hotel was tokenized on the Ethereum blockchain. In 2018, Aspen Coin (ASPD) tokens were issued as ERC-20 compliant security tokens on Ethereum. In February 2019, Elevated Returns announced plans to migrate its tokens to the Tezos blockchain to take advantage of its benefits, such as improved scalability and security. In May 2024, the RSRV platform, in collaboration with Elevated Returns, launched an initiative to tokenize the St. Regis Aspen Resort hotel, using the Tezos blockchain to manage the issuance and operations of digital securities.
In 2018, 18 million Aspen Coins (ASPD) were issued, each representing a share in the St. Regis Aspen Resort. The total issue value was $18 million, which corresponded to an 18.9% share in the property. In 2024, the RSRV platform planned to issue 16 million RSRVA tokens at a price of $1 per token, representing a 4.9% stake in RSRV Aspen, LLC, the owner of the hotel.
In 2018, the tokens were called Aspen Coin (ASPD). In 2024, the tokens were renamed RSRVA as part of an initiative by the RSRV platform.
In 2018, 18 million Aspen Coins were sold at a price of $1 per token, totaling $18 million. This sum corresponded to an 18.9% share in the St. Regis Aspen Resort. In 2024, 16 million RSRVA tokens were planned to be sold at a price of $1 per token, resulting in a total of $16 million, corresponding to a 4.9% share in RSRV Aspen, LLC.
Holders of RSRVA tokens had the option to exchange their tokens for stays at the St. Regis Aspen Resort at a fixed rate, offering a 20% discount on 2024 rates. This unique feature was designed to provide investors with additional benefits beyond traditional returns on investment.
The tokenization initiative of the St. Regis Aspen Resort was a pioneering step towards integrating blockchain technology into the luxury real estate market, offering investors new opportunities and benefits.
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