The problem is that these elaborate venues require expensive upfront investments and, like any new concept, can be risky.
The reality check will start to hit in the coming weeks as lenders across Europe get results of year-end appraisals.
Distress levels in European real estate are at the highest in a decade, in part because of a decline in liquidity.
Overall volume has slowed and some entities have switched gears from buying properties to acquiring real estate platforms and operating companies.