Marissa Turrubiates

Legendary Capital Expands Team with Two New Wholesaling Vice Presidents

Legendary Capital, LLC, a leading Alternative Investment Sponsor, is delighted to announce the recent addition of Devon Gasparovic and Robin Boccardi to its distribution team as wholesaling vice presidents. These strategic hires mark another significant step in the company’s ongoing commitment to strengthening its distribution capabilities and providing superior partnering services to financial advisors across the country.

Robin Boccardi boasts more than 15 years of both internal and external wholesaling experience. Her proven record includes raising capital for a variety of private placement Reg D offerings, and nurturing business partnerships with financial advisors. Boccardi’s demonstrable proficiency in these areas makes her an invaluable addition to the Legendary Capital distribution team. Robin Boccardi holds FINRA series 7 and 63 licenses.

Devon Gasparovic brings a wealth of expertise in wholesaling fixed income and equity mutual funds across various channels, including BD, RIA, bank, and family office. Prior to joining Legendary Capital, he was with Kensington Investment Distributors, where he cultivated enduring advisor relationships and maintained a standard of unparalleled customer service. Devon Gasparovic holds FINRA series 7 and 63 licenses.

“We are thrilled to simultaneously welcome both Devon and Robin to the Legendary Capital Distribution Team” stated Rick Vitale, CFA, Chief Distribution Officer. “These individuals are proven performers, each possessing a “client first” centricity to their relationship building and servicing activities.  That aligns seamlessly with our company mission, Taking Care of the Capital.  We are confident both of these professionals will be exceedingly successful in their newfound roles here at Legendary Capital.”

Legendary Capital is a leading sponsor of alternative investment offerings, including REITs, qualified opportunity zone funds, and other private placement opportunities. Through its affiliated entities, Legendary Capital focuses its investment activity on hospitality assets and has acquired more than forty hotels representing more than $500 million in assets under management. Targeted hotels are primarily 80-to-200 room limited-service, select-service, full-service and extended-stay hotels located in America’s heartland. The company is headquartered in Fargo, North Dakota.

Summer 2023 Tourism Trends: A Promising Landscape

After two years of pandemic-related restrictions, the demand for travel is finally being met. As domestic and international travel levels recover and maintain balance, industry insight points to an optimistic outlook for this summer. Breaking down this return, several key trends are emerging from the landscape, including the rise of domestic travel and “workcations.”

The tourism industry as a whole is expected to benefit from these trends, and Legendary Capital is well-positioned for the upcoming market. Industry forecasting from STR, a leading provider of data benchmarking, analytics, and marketplace insights for the global hospitality industry, offers analysis. Occupancy in the U.S. hotel industry is expected to reach 67.5% in summer 2023, slightly surpassing the 65.5% of summer 2022, with ADR and RevPAR also expected to increase. This positive movement indicates healthy performance for the hospitality sector across the board, and points to a strong demand for travel.

Forecasted Tourism Trends

Increased demand for domestic travel: According to STR data, domestic travel is projected to experience a 7% rise during summer 2023 compared to the previous year.


Activities such as hiking, camping, and visiting national parks are growing in popularity. This trend reflects a shift towards more environmentally friendly travel choices.


Authentic experiences and cultural tourism are also on the rise. Travelers are seeking opportunities to immerse themselves in local cultures and communities, aiming to create meaningful connections during their trips.


The focus on wellness and relaxation is also expected to shape summer tourism in 2023. Leisure travel remains a resilient market, and travelers are increasingly seeking opportunities to unwind and rejuvenate during their vacations. This has led to a growing demand for wellness-focused experiences, such as yoga retreats, spa treatments, and access to healthy dining options.


The concept of workcations is gaining prominence due to the increasing prevalence of remote work. Workcations allow individuals to blend work and leisure, enabling them to explore new destinations while fulfilling their professional commitments. This trend aligns with the changing work dynamics brought about by remote work, offering individuals the flexibility to travel and work simultaneously.

As summer 2023 approaches, the tourism industry is poised for a robust and promising season of travel. The projected increases in occupancy, ADR, and RevPAR indicate a strong demand for travel experiences. Additionally, the popularity of workcations has soared, enabling individuals to combine work and leisure seamlessly, drivenby the flexibility of remote work. With an emphasis on domestic travel, a focus on wellness and relaxation, and a quest for authentic experiences, the summer of 2023 is promising.

Our Powerful Partnerships: Aimbridge Hospitality + National Hospitality Services

Legendary Capital is tapping into excellence offered by National Hospitality Services (NHS) and Aimbridge Hospitality, two trusted market experts. This strategic partnership brings together three industry powerhouses, combining Legendary Capital’s investment acumen with the operational proficiency and customer-centric approaches of Aimbridge Hospitality and NHS.

“We are thrilled to partner with NHS and Aimbridge Hospitality, proven leaders in the industry,” said Linzey Erickson, President and Chief Legal Officer of Legendary Capital. “Their exceptional track records and commitment to excellence perfectly align with our vision. These partnerships not only highlight our unwavering commitment to delivering exceptional service but also reinforce and enhance our standing in the hospitality industry.”

Each management company brings unique strengths to the partnership, ensuring a comprehensive and transformative management experience for the hotels under their expert care.

Aimbridge Hospitality

Aimbridge Hospitality is a leading global hospitality management company that pairs its scale and resources with the industry’s best and brightest talent to deliver results to each property under management.

Aimbridge Hospitality creates memorable experiences for our guests and drives notable bottom-line impacts to our properties through its focused expertise, highlighted by its six operational divisions spanning all key industry verticals and geographies. This operational structure is beneficial to us through Aimbridge Hospitality’s reinforced and strengthened services, access to robust tools to streamline operations, best-in-class supplier agreements, and unparalleled partnerships with industry brands.

“We are proud to manage a collection of upscale properties owned by Legendary Capital in Texas and Michigan,” said Cody Feaster, Regional Vice President, Operations at Aimbridge Hospitality. “We have formed a strong partnership and look forward to continuing to provide best-in-class service and support as we grow together in the future.”

In addition to its implementation of cutting-edge technologies, diverse on-property expertise, and industry insights, Aimbridge Hospitality is committed to curating top talent through innovative training and recruitment strategies made to continue delivering an unparalleled level of service to properties like ours. Its dedicated team brings demonstrated operational knowledge to life to bolster the value of our portfolio for the long term.

National Hospitality Services

With over 50 years of experience and industry knowledge, NHS has earned a premier reputation for its comprehensive suite of hotel management services, delivering operational efficiency and outstanding guest experiences. Their seasoned professionals possess a deep understanding of the hospitality industry, allowing them to implement innovative operational strategies that minimize costs and maximize revenue.

“Guest satisfaction is at the heart of everything we do,” said Sarah Koustrup, Chief Strategy Officer at NHS. “We are providing personalized service, cultivating positive reviews, and stewarding guest loyalty, which has created a foundation for sustained profitability and long-term success.”

NHS leverages cutting-edge technology and best industry practices to optimize daily performance and create memorable experiences for guests. By staying at the forefront of operational advancements, they ensure seamless processes, efficient communication, and streamlined operations. This commitment to innovation enables NHS to deliver exceptional results. Their use of advanced tools and systems allows for data-driven decision-making, revenue maximization, and cost optimization, all of which contribute to the overall success of the hotels under their management.

By forging strategic partnerships with National Hospitality Services and Aimbridge Hospitality, Legendary Capital is poised to achieve a new standard of excellence in hotel management.

“We are excited about these strong partnerships, and are confident that our collaboration with National Hospitality Services and Aimbridge Hospitality will consistently yield outstanding operational excellence and create memorable guest experiences, ultimately elevating the performance and value of the hotels under their management,” said Alec Worwa, Legendary Capital’s Director of Investments.

As these partnerships come to fruition, Legendary Capital’s dedication to excellence remains unwavering. By leveraging the expertise of National Hospitality Services and Aimbridge Hospitality, Legendary Capital is well-positioned to optimize operations, maintain a competitive edge, and provide unforgettable experiences for guests.

Legendary Capital sponsors acquisition of a Holiday Inn Express & Suites in Wichita, KS

Legendary Capital has sponsored the acquisition of the 84-room Holiday Inn Express & Suites Wichita Airport in a $ 7.4 million transaction. The deal utilized Legendary Capital’s proprietary Equity Preservation UPREIT (EPU) structure in which the ownership of the hotel contributed the hotel in exchange for a special class of Transition Partnership Units (T-Units), allowing for the potential preservation of the contributor’s equity as the property restabilizes.

The property sits in an ideal location next to the Wichita Dwight D. Eisenhower National Airport. It has been a consistent top performer in its market since its opening in 2007 with steady growth in RevPAR.

The property is in the Wichita Metropolitan Statistical Area (MSA), which has a population of 640,000. Wichita is the largest city in Kansas with a population of approximately 400,000 people. It is the ‘Air Capital of the World,’ boasting a large aerospace presence in both the private and government sectors. Wichita also has two large hospital systems and a children’s hospital that serves all of Kansas and northern Oklahoma, as well as a predominant college: Wichita State University. Wichita is also home to several Division I sports teams.

“Wichita is a growing city infused with vibrant energy. It checks all our boxes as a great place to invest,” said Corey Maple, Legendary Capital CEO. “We are optimistic the property will continue as a top performer in the submarket and capture new demand in the market.”

“Our experience with this hotel brand combined with the past performance of this property make the Holiday Inn Express & Suites a great investment in the market,” said Linzey Erickson, Legendary Capital president and chief legal officer. “We look forward to the opportunity to build on the success of the property and gain strides in the market with an upcoming multiyear refresh.”

First Annual Legendary Chili Bowl

Autumn brings cooler weather, cozy nights by the fire, warm apple cider, and one of our favorite things: chili competitions.

The competition was hot and so was the chili. We asked the winner if they could share their (now) award-winning chili.

All measurements are approximate!

  • 1 lb. ground beef (can also use ground pork or sausage)
  • 1 cup chopped onion
  • 1, 15 oz can pinto beans
  • 1, 15 oz can kidney beans
  • 1, 15 oz can great northern beans
  • 2, 15 oz cans diced tomatoes
  • 1, 15 oz can tomato sauce
  • 1, 6 oz can tomato paste
  • 1 can tomato soup
  • ½ tsp garlic powder
  • 2 tbsp chili powder
  • 1 tsp cayenne pepper
  • 1 tsp salt
  • ½ tsp black pepper
  • ¼ cup chopped jalapeno (optional)

Brown meat with salt & pepper. Add the onions about half way through browning process.  Add remaining ingredients and bring to a boil. Turn heat down to low and let simmer and hour, or place in a crockpot and let cook for an hour. Add jalapeno half hour before serving. For thicker chili drain the beans before adding.


Congratulations Chris Johnston on winning the 1st Annual Legendary Chili Bowl!

Legendary Capital sponsors acquisition of two North Carolina hotels

Charlotte and Pineville Hilton Garden Inns acquired in two transactions

Legendary Capital has sponsored the acquisition of the 113-room Hilton Garden Inn Pineville in a $10.7 million transaction, and the 112-room Hilton Garden Inn Charlotte North in a separate $15 million transaction with the same owner. These acquisitions follow two other hotels acquired by Legendary Capital earlier in August.

“The Hilton Garden Inn brand continues to be an attractive investment, and we are happy to have found two in this market,” said Legendary Capital CEO Corey Maple. “These particular properties are expected to be excellent performers after we put them through extensive renovations.”

The hotels are in the Charlotte-Gastonia-Concord Metropolitan Statistical Area (MSA), which has a population of 2,637,000. The Hilton Garden Inn Pineville is located near the intersection of State Highway 51 and I-485, an intersection that saw over 192,500 vehicles a day in 2019. The Hilton Garden Inn Charlotte North is located near the intersection of I-77 and I-485, which saw 148,500 a day.

Charlotte is the 15th largest city in the U.S and the fourth largest city in the southeast, with a population of 912,000. Charlotte is the second largest financial hub in the country after New York City, with banks such as Wells Fargo and Bank of America either being headquartered or having their major regional offices in the city. Charlotte is also home to the University of North Carolina at Charlotte which is home to around 30,000 students.

“The Charlotte/Pineville market has so much going for it – everything from corporate headquarters to major universities,” said director of investments Alex Worwa. “The demand generators are all there, and these Hilton Garden Inns will be great additions to the portfolio.”

HGI El Paso University Exterior

Legendary Capital acquires interest in Hilton Garden Inn El Paso University

Legendary Capital has sponsored the acquisition of an interest in a partnership that owns the 153-room Hilton Garden Inn El Paso University. Through the transaction, the sponsored entity became a minority partner in the hotel’s ownership.

“This transaction structure is new to us, but we knew this property was perfect for a unique method of transacting,” said Legendary Capital CEO Corey Maple. “We are proud to join our new partners in El Paso, and we are excited to see what’s to come for this Hilton Garden Inn.”

The hotel is located in the El Paso Metropolitan Statistical Area (MSA), which has a population of 840,000. The property is located near the University of Texas El Paso (UTEP) and the Fort Bliss military base. UTEP has an enrollment of around 24,000 students and boasts multiple division one sports teams. Fort Bliss is home to over 38,500 active-duty military personnel.

The property opened in 2006 and has been a consistent top performer since then. The property has seen rising RevPAR year after year and is the only hotel located on the UTEP campus.

Legendary Capital is optimistic that the property will continue to be a top performer in the submarket going forward and capture new demand in the market.

“There’s a reason the Hilton Garden Inn is our third acquisition in El Paso,” said Linzey Erickson, President, Legendary Capital. “We love the market because of its international trade, health care and leisure demand generators. It’s a truly diverse market.”

Legendary Capital Sponsors Residence Inn Fort Collins Acquisition

Legendary Capital announced it sponsored the acquisition of the 113-room Residence Inn Fort Collins in a $17.7 million transaction. The deal utilized Legendary Capital’s proprietary Equity Preservation UPREIT (EPU) mechanism in which Residence Inn ownership contributed the property in exchange for a special class of Transition Partnership Units (T-Units), allowing for the potential preservation of the contributor’s equity as the property restabilizes. The consideration included a payoff of the $11.5 million loan secured by the Residence Inn, $5.6 million in T-Units to the Contributor plus closing costs.

This is the seventh transaction Legendary Capital has sponsored using its patent-pending EPU §721 UPREIT contribution structure since February 2021, following the Courtyard by Marriott in Aurora, CO, the Holiday Inn El Paso Sunland Park in El Paso, TX, the Hilton Garden Inn Houston in Houston, TX, the Sheraton Northbrook in Northbrook, IL, the Hampton Inn Fargo in Fargo, ND, and the Fairfield Inn & Suites Denver in Lakewood, CO.

The Fort Collins-Loveland metropolitan statistical area (MSA) has an estimated population of 310,500 including 166,000 in Fort Collins proper. The city is home to Colorado State University, which has an enrollment of around 35,000.

“The Fort Collins market hits that sweet spot as a mid-size metro,” said CEO Corey Maple. “It has all of the draws of a big city while avoiding some of the volatility we see in major urban centers.”

Fort Collins is home to numerous large corporations, thanks in part to convenient access to young talent. Hewlett Packard, Advanced Energy, Anhueser-Busch all call the city home, and a number of large healthcare systems serve the market.

“The Fort Collins market is youthful, vibrant and full of energy,” said Linzey Erickson, President, Legendary Capital. “We are proud to put down roots in a growing metro that has so many demand generators.”

Going Above & Beyond at Great Plains Food Bank

According to the Mayo Clinic, volunteering improves physical and mental health, provides a sense of purpose and teaches valuable skills as well as nurturing new and existing relationships. This week, we at Legendary Capital lived up to one of our pillars of “Go Above and Beyond” by volunteering our time at the Great Plains Food Bank in Fargo, ND.

If you’d like to find a food bank in your area, visit Feeding America’s website.

If there isn’t one, we encourage you to reach out to a local charity to find out how you can help!

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