Hampton Hotels Falls on Bitfinex Securities
2024-06-01 03:09:43
A new securities offering by Bitfinex Securities to build a Hampton hotel near El Salvador's airport is not going well. Despite aiming to raise $6.25 million in 30 days, only $342,000 has been raised so far.
The project offers some unique "perks" to investors, such as free stays or even unlimited stays for high-value investors. However, according to a Market Research Update published by Horwath HTL, the hotel is expected to generate a total revenue of $2.70 million, a somewhat optimistic goal given that construction has not yet been completed. Construction is expected to take "no more than 12 months", according to Bitfinex Securities filings.
In addition, the Bitfinex Securities platform itself is also facing challenges, with a lack of active users. Blockstream mining notes no trading since November, while Mikro Kapital has seen sparse trading activity.
The project party, Inversiones Laguardia, has been contacted to inquire whether construction can continue if the financing fails, but no reply has been received as of press time.