RE · REAL ESTATE

Lodging Fund REIT III, Inc.

Legendary Capital · Private Lodging REIT

Program Overview

Private Lodging REIT

Peer Group Filters

Objectives: IncomeDiversification
Asset Class: Real Estate
Vehicle: REIT
Single / Multi Asset: Multi-Asset

Sponsor/Manager

Legendary Capital

Asset Class

Real Estate

Issuer

Lodging Fund REIT III, Inc.

Issuer Legal Structure

Maryland Corporation

Program Life Structure

Finite

Securities Offered

Equity - Common Stock, $0.01 par value

Target Leverage

Target 35–65% LTV Target 35%-65% aggregate LTV; no charter limit. ~56% on purchase price. $140.0M mortgages (8.14% avg) plus $14.9M lines incl. $13.5M affiliate line at 17.5%. Nonrecourse intended, with guaranties and springing recourse. Several loans matured, in default or in receivership.

Strategy Risk/Return Profile

Core Plus, Value Add

Managing Broker-Dealer

Scale

1,745 keys · 14 properties

Extendable To

$150,000,000

Raised To Date

$100,800,000

Minimum Investment

$5,000

Common Stock, $0.01 par value

Strategy Overview

Non-traded, privately offered REIT that acquires and operates branded limited-service, select-service, full-service and extended-stay hotels (80-200 rooms; Marriott, Hilton, IHG and Hyatt flags) in 'America's Heartland'. It targets stabilized and 'refresh' opportunities, seeking income from hotel operations and appreciation on a sale of the whole portfolio. At 12/31/2025 it consolidated 14 hotels (1,745 rooms, eight states). The board has pursued a sale or merger since May 2024, and a Special Committee retained Piper Sandler in April 2026.

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