Synapse Development Group Launches Campaign For San Francisco’s First Crowdfunded Hotel
Technology-focused hospitality brand YOTEL to Arrive at 1095 Market Street in 2017
NEW YORK (October 5, 2015) – Synapse Development Group, a real estate investment and development firm headquartered in New York City, and its joint venture partner AQARAT (Kuwait Real Estate Company), have launched a crowdfunding campaign on the RealCrowd platform for the redevelopment of 1095 Market Street in the burgeoning Mid-Market neighborhood of San Francisco. The partnership plans to convert a historic office building into a 203-key hotel operated by YOTEL, the pioneering technology-focused hospitality brand. YOTEL San Francisco will be the first crowdfunded hotel in San Francisco. The Partnership has opened the offering to accredited US Investors, international investors and IRAs with a minimum investment starting at $25,000.
“Our team is excited to open an institutional quality investment opportunity to accredited investors in a market as strong as San Francisco,” said Justin Palmer, CEO of Synapse Development Group. “Investors will be able to enjoy the financial benefits of ownership, as well as perks such as discounts, owner-exclusive VIP parties at the rooftop bar, and access to membership benefits at YOTEL’s around the world.”
1095 Market Street is located at the corner of Market Street and 7th Street in San Francisco’s emerging Mid-Market neighborhood, home to tech giants like Twitter and Uber. It is currently an eight-story, 110-year-old landmarked office building totaling 71,944 square feet. Upon completion – slated for 2017 – the office building will be converted into a nine-story 203-key YOTEL branded hotel, totaling 84,000 square feet. The hotel will be home to YOTEL’s signature Club Lounge concept including flexible meeting and co-working spaces as well as a signature ground-floor restaurant and truly unique rooftop lounge with 360-degree views of the city.
YOTEL’s Chief Development Officer Jason Brown noted, “We’re truly excited to be working with our forward thinking partners, Synapse Development Group and AQARAT, along with the RealCrowd platform to be among the first wave of hoteliers and investors taking advantage of what is shaping up to be over a $2.5 billion source of capital in 2015. Crowdfunding is rapidly becoming a serious source of investment capital in hospitality real estate and is consistent with our philosophy of always striving to create opportunities to bring together enthusiastic, energetic, young-at-heart entrepreneurs both as guests and owners of YOTEL’s worldwide.”
YOTEL San Francisco is owned by a joint venture between Synapse Development Group (SDG) and AQARAT (Kuwait Real Estate Company).
“AQARAT is delighted to participate, along with our partners Synapse Development Group, in the crowdfunding launch of YOTEL San Francisco,” said Fahad Al-Shamlan, Vice President- Investments & Acquisitions of AQARAT. “YOTEL’s innovative, technological fabric, long with YOTEL San Francisco’s location in the technological hub of Mid-Market, serve as the ideal platform for San Francisco’s first crowdfunded hotel.”
The close date for the raise is October 31, 2015. For more information about the 1095 Market Street crowdfunding campaign, visit www.realcrowd.com.
About Synapse Development Group
Synapse Development Group is real estate investment and development firm headquartered in New York City. The company focuses primarily on urban markets throughout the US, and seeks to develop to the highest building standards in terms of energy performance, design and functionality. Synapse is currently developing two mixed-use projects with YOTEL as well as New York City’s first market rate Passive House apartment building. www.synapsed.com
About AQARAT (Kuwait Real Estate Company)
AQARAT is one of Kuwait’s leading real estate companies. The company was the first real estate company to be listed on the Kuwait Stock Exchange, and has a forty year track record delivering value to its customers and stakeholders through integrity and innovation. The company pioneered a multitude of concepts in the local market which included Kuwait City’s first mixed-use urban development, the country’s first luxury seafront residential complex as well as its first public private build-operate-transfer development with the Kuwaiti government. Today, AQARAT’s global footprint spans throughout the Middle East, Africa, Europe and the United States. http://www.aqarat.com.kw/
About YOTEL
Inspired by first class travel, YOTEL translates the language of luxury airline travel into small but luxurious ‘cabins’. Uncompromisingly designed around guests, YOTEL City hotels are taking the essential elements of luxury hotels in smaller, smart spaces and deliver a sense of community with areas for co-working, social gatherings and exercise. Premium cabins include YOTEL’s signature adjustable ‘SmartBed’ with luxury bedding, rejuvenating monsoon rain showers, relaxing mood lighting and ‘techno wall’ with smart TVs, multi power points and easy connectivity.
YOTEL currently operates three airport hotels in London Gatwick, London Heathrow and Amsterdam Schiphol airports; and one city hotel in the heart of Manhattan, New York. YOTEL is expanding rapidly with eight new hotels under development globally, including two new airport hotels set to open at Paris Charles de Gaulle Airport (2016) and Singapore Changi Airport (2019); and six new city hotels currently under construction in Williamsburg, Brooklyn (2017) Singapore (2017), Miami (2018), San Francisco (2017), Boston (2017) and Dubai (2018).
Founded by YO! Founder Simon Woodroffe OBE, YOTEL’s HQ is in London and has offices in Boston and Dubai. Its major partner and shareholder is IFA Hotels and Resorts KSCC based in Dubai.
Twitter: @YOTELHQ
Facebook: facebook.com/YOTELHQ
About RealCrowd
RealCrowd is an online real estate investing marketplace, bringing investors direct access to the nations’ leading real estate opportunities. RealCrowd was founded in 2013 to leverage technology and the regulatory changes brought about by the JOBS Act to break down the barriers traditionally found in real estate investing. Its founding team includes principals from the real estate industry with a combined $5 billion dollars of transaction experience and over 30 years of building leading edge technology platforms. Since its founding, RealCrowd investors have had access to over $1.5 billion of institutional real estate opportunities across the United States. www.realcrowd.com
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