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If you've ever fancied yourself as a hotel mogul, then you may want to join a crowd-sourcing stampede to own a stake in a California resort.

The Hard Rock Hotel Palm Springs is inviting investors to buy a piece of the iconic accommodation in what is the first crowd-sourced hotel in the world.

The 163-room resort is offering investment packages ranging from £5,953 to £119,000 and the aim is to raise almost £1million to put toward improvement projects.

Splash out: The Hard Rock Hotel Palm Springs is the first hotel to crowd-source funding

There are already more than 8,000 registered investors on the website Realty Mogul, which raises money for commercial real estate projects,

Executive chairman of Realty Mogul Jay Samit says it is the first time a hotel has used the website, and has already been considered a success with enough money for 60 improvement projects so far.

The Hard Rock Hotel Palm Spring sis just six months old and majority shareholder Andy Carpiac say the money raised will go towards attracting great entertainment acts as well as expanding the spa and eventually opening a nightclub on site.

Festival-ready: Former reality TV star and clothing designer Whitney Port (L) and TV star Katie Cassidy (R) arrives at the Hard Rock Hotel in Palm Springs ahead of Coachella

Pool party: The hotel has already hosted top DJs and wants to put some of the investment toward more great entertainment

Owners who invest won't be part of the decision-making process, but they will benefit from VIP treatment.

Perks include discounted room rates, free use of poolside cabanas, room upgrades and cheap drinks.

Mr Samit also believes people could be in line for a return on investment of up to 17 per cent over five years - although there are no guarantees.

Mr Carpiac said:'We just think it's a winning formula. We get a group of investors that get to grow with the hotel, and they get to become part of the VIP owner club and spend money at our hotel and help grow revenues in profit and share in that growth.'

Popular: The hotel has already registered 8,000 investors online

The announcement came just as Coachella Festival descended on Palm Springs, with the hotel hosting LED Day Club pool parties over the weekend.

DJs including David Guetta, Tiesto, Skrillex, Martin Garrix are also set to play at the hotels during pool parties throughout April.

The music-themed resort is shaped like a Fender Stratocaster guitar but says it combines this rock design with 'the laid back vibe of a beachside reggae band.'