Trading a piece of the St Regis Aspen resort edges closer as security token becomes compliant
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The market to trade ownership of a luxury Aspen ski resort via tokenized securities took a step forward this week with the announcement of an upgrade to a new listing platform, according to a news release.
After raising $18 million in an ICO last year made directly through Templum Markets (as the broker of the offering), the token, called Aspencoin, is migrating to a new platform called Securitize, which focuses on supporting U.S.-compliant token trading across various marketplaces. The switch will not generate any new Aspencoins for sale, but rather aim to facilitate wider compliant access to the tokenized asset. The final step will be for Securitize to help list the token on their partner exchanges.
Aspencoin was created by hospitality centric asset management company Elevated Returns, and was listed on Indiegogo in October. The token represents indirect ownership of a slice of the St Regis Aspen, a luxury ski resort in Aspen, Colorado, via tokenized ownership of a REIT, which only owns the hotel (real-estate investment trust).
Each security token equates to owning one deposited share of the REIT common stock, while the $18m total Aspencoin issued is less than 10% the total value of the property ($224 million).
“The rich features of digital securities (efficient capital formation, investor relationship automation, coded compliance and liquidity) manifests well in larger companies, so we’re very excited to see the rollout of the tokenization of the St. Regis Aspen Resort,” said Carlos Domingo, Founder & CEO of Securitize, in an email.
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Ryan Todd is a research analyst at The Block where he focuses on the convergence of fintech and digital assets. Previously he worked at Deutsche Bank as an equity analyst covering consumer finance and payments companies, and also spent time at ConsenSys exploring the broader Ethereum ecosystem. Ryan holds a BS in Economics and Accounting/Finance from Florida State University, and MS Finance from Vanderbilt University.
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