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Core Viewpoint - The article discusses the rise of hotel crowdfunding as a new investment model, allowing ordinary individuals to invest in hotel projects with lower capital requirements, thus democratizing hotel investment opportunities [5][10][11]. Group 1: Emergence of Hotel Crowdfunding - Since 2017, a new investment model has emerged where individuals can become hotel shareholders through crowdfunding, requiring only tens of thousands of yuan to participate in projects worth millions [5][13]. - The hotel crowdfunding model has gained traction again in recent years, particularly among younger investors on social media platforms like Xiaohongshu [6][7]. - The search volume for "hotel investment" has increased by 12% year-on-year, with over 60% of new investors being young individuals [8]. Group 2: Characteristics of Hotel Crowdfunding - Traditional hotel investments required substantial capital, often in the millions, but crowdfunding has made it possible to invest with much lower amounts [9][13]. - Hotel crowdfunding primarily consists of two models: equity crowdfunding, where investors become shareholders and participate in management, and revenue-sharing crowdfunding, where investors receive dividends without management involvement [20]. - Successful crowdfunding projects have shown high participation rates, such as Atour's project that exceeded its funding goal by 330% [22][24]. Group 3: Benefits and Business Logic - Crowdfunding addresses two major pain points in the hotel industry: high capital requirements and the need for a steady customer base [31][32]. - The model allows for diverse returns for investors, including fixed and floating returns, enhancing the appeal of investments [33][36]. - Crowdfunding not only serves as a financing channel but also acts as a market validation tool, helping brands to refine their offerings based on investor feedback [38][41]. Group 4: Risks and Challenges - Despite its advantages, hotel crowdfunding faces challenges such as long return periods and regulatory uncertainties, which can complicate investor interests [52][55]. - The lack of comprehensive regulations in the crowdfunding space raises concerns about investor protection and the potential for illegal fundraising activities [56][62]. - Operational risks arise from involving numerous small shareholders in decision-making, which may hinder operational efficiency [64]. Group 5: Future Outlook - The sustainability of hotel crowdfunding as a business model will depend on its ability to balance risk and reward, ensuring that it creates real value for all stakeholders involved [69][71].