Real Estate Crowdfunding Platform Deitscho Signs Agreement To Purchase The Wexford hotel and The Jam
Industry: Real Estate
Deitscho to Crowdfund 200 room hotel acquisition of the popular Wexford Hotel in Montego Bay and the Ocean View Hotel in Portland, Jamaica, making it the largest crowdfu
New york, NY (PRUnderground) September 24th, 2014
Real Estate Crowdfunding Platform Deitscho Signs Agreement To Purchase The Wexford hotel and The Jamaica palace
Deitscho to Crowdfund 200 room hotel acquisition of the popular Wexford Hotel in Montego Bay and the Ocean View Hotel in Portland, Jamaica, making it the largest crowdfunding platform in the Caribbean
Deitscho, LP launches an ambitious campaign to raise 20 million dollars to purchase and renovate two distressed hotels in Jamaica. Deitscho provides a crowdfunding platform for real estate investments internationally. In July of 2014, Deitscho reported a deal to showcase two hotel properties on the lucrative Jamaican north coast. The deal for an undisclosed amount will undergo three to six months of Fundraising and six months of minor renovations before opening its doors.
Damion Wongsang, CEO of Deitscho is pleased to have made such an ambitions move on one of the world’s leading tourist destinations and is even more encouraged because all the capital will be raised via crowdfunding. Both properties are located in two well visited tourist areas in Jamaica, with the Wexford Hotel located on the world renowned Montego Bay Hip Strip, while The Ocean View Hotel Jamaica palace sits in the centre of the scenic and lush gardens in Portland.
Crowdfunding is described by one expert as the practice of raising funds from two (2) or more investors typically via the internet towards a common goal or project. According to Deitscho’s CEO, Damion Wongsang, “the company applies the Crowdfunding method to real estate investment in order to empower a large number of individuals to pool their money and invest in a single project”.
Traditionally, investing in commercial real estate has been accessible to the wealthy through property ownership or investment funds. Deitscho allows the common man/woman the opportunity to invest directly into commercial projects with great potential returns.
The Crowdfunding platform which focuses entirely on empowering communities to support each other as entrepreneurs and will allow the Caricom Community to produce world-class businesses and even more successful entrepreneurs.
Deitscho believes the needs of the many outweigh the needs of the few. Last year 9,286 property transactions worth J$80 billion (US$711 million) were recorded during the year ending March 2013. The preferred properties are priced between J$20 million (US$177,700) and J$25 million (US$222,124). That means Jamaicans can Crowd fund around (US$142 million) in Equity, add debt to those figures and we can finance (US$1,5 billion) in development for schools, colleges, hospitals, condos, affordable housing and local job creation all of which are owned by multiple individuals.
According to the World Bank, the creation of an online marketplace that connects diaspora investors with opportunities back home could significantly impact development in the region.
Media Contact:
Damion Wongsang
PHONE: 212-641-0542
EMAIL: Dwongsang@wongsangworldwide.com
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About Deitscho,LP
DEITSCHO is a real estate investment platform that uses technology to make private real estate investing simple. Individual investors can select and make direct Investments in pre-vetted Institutional quality real Estate assets directly on our website: www.deitscho.com.
