• Crowdfunding for hotels

A USD55m luxury hotel development in New York is among the projects using crowdfunding to get built. The concept, using grouped small investors to finance larger projects, is gaining momentum, reports the Wall Street Journal.

Crowdfunder Prodigy Networks has already raised more than USD200m to build a skyscraper in Colombia, and USD30m for an extended stay residence block in Manhattan. In the US, crowdfunding is currently only open to accredited investors with a high net worth.
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