Fargo, N.D.–based Legendary Capital has raised $30.6 million for its Lodging Fund REIT III, according to a recent Form D filing with the SEC. The fund was launched in July 2018 and is seeking to raise up to $100 million.
Legendary Capital, through its affiliates, seeks to acquire a diversified portfolio of 80-200 room hotels with strong, investment grade, brands (Hilton, Marriott, Hyatt and IHG) located primarily in markets with populations exceeding 250,000, throughout America’s Heartland. Legendary Capital seeks a mix of historically steady performers blended with select properties which have the potential for enhanced operational performance.