20/04/2024 7:03 AM

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Legendary Capital Sponsors Holiday Inn Express & Suites Wichita Airport

Legendary Capital Sponsors Holiday Inn Express & Suites Wichita Airport

Holiday Inn Express & Suites Wichita AirportFARGO, North Dakota—Legendary Money has sponsored the acquisition of the 84-area Getaway Inn Express & Suites Wichita Airport in a $ 7.4 million transaction. The deal used Legendary Capital’s proprietary Equity Preservation UPREIT (EPU) structure in which the possession of the resort contributed the lodge in trade for a special class of Transition Partnership Models (T-Units), enabling for the opportunity preservation of the contributor’s fairness as the assets restabilizes.

The residence sits future to the Wichita Dwight D. Eisenhower Nationwide Airport. It has been a regular performer in its market due to the fact opening in 2007 with regular expansion in RevPAR.

The Getaway Inn Categorical & Suites Wichita Airport is in the Wichita Metropolitan Statistical Place (MSA), which has a populace of 640,000. Wichita is the greatest town in Kansas with a population of roughly 400,000 persons. The city has a big aerospace existence in equally the private and government sectors. Wichita also has two large hospital systems and a children’s medical center that serves all of Kansas and northern Oklahoma, as perfectly as Wichita Condition College.

“Wichita is a growing city infused with vibrant energy. It checks all our packing containers as a excellent put to make investments,” said Corey Maple, Legendary Money CEO. “We are optimistic the house will go on as a major performer in the submarket and capture new demand in the market place.”

“Our knowledge with this resort brand mixed with the earlier general performance of this property make the Holiday getaway Inn Express & Suites a excellent expenditure in the marketplace,” reported Linzey Erickson, Legendary Funds president and main authorized officer. “We glance ahead to the option to build on the success of the property and acquire strides in the current market with an future multiyear refresh.”