SolidBlock launches first real estate STO in Thailand
SolidBlock, a smart contract development and management platform for transforming real estate into digital shares that can be traded, is working with Blue Horizon to tokenise The Beachfront hotel in Phuket, managed under the Best Western Plus brand.
The partnership between SolidBlock – a portfolio company of BuiltUp Ventures, the leading PropTech venture capital firm investing in some of Israel’s most innovative startups – and Blue Horizon Developments, marks the first real estate securities token offering (STO) and the first real estate project to raise money on the blockchain in Thailand.
“As Thailand continues to recover from COVID-19, we believe the country’s tourism industry will come back stronger than ever,” says Yael Tamar, co-founder of SolidBlock. “By tokenizing the expansion of The Beachfront, we are helping to ensure the hotel can meet this anticipated demand.”
Located on Rawai Beach along Phuket’s tranquil southeast coast, The Beachfront hotel offers guests a private beach and is just a few minutes from the famed Nai Harn Beach, as well as the nearby Promthep Cape and its breathtaking sunset viewpoint.
“Phuket is one of Asia’s most popular tourist destinations, normally attracting more than 9 million visitors per year,” says Andres Pira, CEO & Founder of Blue Horizon Developments. “Despite the near-term effects of Covid-19, the island will emerge much stronger than it was before the pandemic.”
The Beachfront currently has 190 rooms and suites, with 96 additional units planned for the expansion. All guest accommodations feature a contemporary design, plus an array of amenities. Many of the rooms offer either a sea view or direct swimming pool access from a private patio.
“SolidBlock’s ability to bring liquidity to Blue Horizon’s assets through tokenisation highlights how Israeli proptech innovation is providing global real estate solutions in a post-coronavirus world,” says Oded Eliashiv, Managing Partner of BuiltUp Ventures.