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 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.”

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!