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February 3, 2025

A Picture-Perfect Transformation: Inside the All-New Crowne Plaza

We are excited to unveil the fully renovated Crowne Plaza, marking the completion of a transformative, property-wide upgrade. Every space—from guest rooms to public areas—has been reimagined to enhance comfort, style, and the overall guest experience.

What’s New?

  • All-New Guest Rooms – Modern, thoughtfully designed spaces featuring updated furnishings, premium bedding, and enhanced lighting for a more relaxing and stylish stay.
  • Lobby & Public Spaces – A sleek, contemporary design with elegant finishes, upgraded restrooms, and sophisticated ceiling fixtures to create a warm and welcoming first impression.
  • Bar & Restaurant – A fully reimagined dining experience, blending contemporary aesthetics with a cozy and inviting atmosphere.
  • Pool Area & Porte-Cochère – Refreshed with stylish new touches, including elegant wooden accents that enhance the hotel’s curb appeal.

This comprehensive renovation reflects our commitment to providing an elevated hospitality experience. With these exciting upgrades, we are confident that the Crowne Plaza will exceed guest expectations, attract new visitors, and drive long-term value.

Explore the Transformation

View our renovation photo gallery and see the stunning updates for yourself! We look forward to welcoming guests to the revitalized Crowne Plaza—where every detail has been designed for comfort, style, and an unforgettable stay.

Crowne Plaza hotel in Virginia Beach
January 28, 2025

Hospitality’s 2024 Recap And 2025 Outlook

As we kick off 2025, we want to provide key insights from the past year in the hospitality sector and share a brief outlook for the year ahead. 2024 highlighted both resilience and ongoing challenges within the industry, shaped by shifting travel trends, economic conditions, and technological advancements.

2024 Hospitality Industry Overview

The hospitality sector continued its gradual recovery in 2024. Global occupancy rates increased by an average of 5%, while RevPAR (Revenue per Available Room) grew by 7% compared to 2023. However, growth was uneven, with international travel rebounding faster than domestic markets in many regions.

The industry made strides in sustainability, achieving an average 10% reduction in carbon emissions through eco-friendly practices. Technological integration, such as mobile check-ins, AI-driven customer service, and dynamic pricing models, improved efficiency, though full-scale adoption remains ongoing. These tools have shown measurable improvements in operational efficiency and guest satisfaction, though widespread implementation is still evolving. Persistent inflation, labor shortages, and fluctuating consumer spending patterns created operational challenges, impacting profitability for many businesses.

2025 Hospitality Industry Outlook

The 2025 hospitality sector is expected to prioritize adaptation, efficiency, and selective growth. Businesses will prioritize streamlining operations to address cost pressures and manage ongoing labor challenges. Sustainability will remain a key initiative, with the goal of reducing carbon footprints by another 10-15%. Continued investment in digital solutions, including AI and automation, will enhance operational efficiency and guest experiences. Growth strategies will be cautious, concentrating on high-demand markets and experiential offerings that align with evolving traveler preferences.

While challenges remain, this sector is positioned for steady, moderate growth in 2025. Strategic adaptability and innovation will be essential to navigating the year ahead.

 

Legendary Capital's Lodging Fund REIT III logo
December 17, 2024

Lodging Fund REIT III Files 10-K with the SEC

Lodging Fund REIT III (LF-REIT III) has completed and filed its 10-K with the Securities and Exchange Commission (SEC).

VIEW THE 10-K HERE
exterior of the Hyatt and Hilton Garden Inn hotels
December 9, 2024

Rising Above: The Hotels Making 2024 Legendary

As 2024 unfolds, we at Legendary Capital are thrilled to recognize two standout performers within our portfolio: Hyatt Place Austin Airport and Hilton Garden Inn El Paso University. These properties have demonstrated exceptional operating income performance, setting a standard of excellence across our portfolio.

HYATT PLACE AUSTIN AIRPORT

The Hyatt Place Austin Airport has proven itself a leader in the highly competitive Austin market. Its prime location near the airport makes it a hub for both business and leisure travelers. Beyond its convenience, the property’s team has fostered a welcoming environment that guests consistently rave about, a testament to the team’s hard work and dedication to creating memorable stays. Guests regularly praise its clean, spacious rooms, friendly staff, and free shuttle service. One guest shared, “The proximity to the airport and the quick turnaround for the shuttle were awesome! Clean room, a tidy bathroom, and a neat lobby.” Another guest noted, “We couldn’t have had a more convenient place to stay prior to catching a flight.”

External image of the Hyatt hotel in Austin

HILTON GARDEN INN EL PASO UNIVERSITY

Over in Texas’ Sun City, the Hilton Garden Inn El Paso University has also shone brightly. Situated near the UTEP campus, this hotel has become a top choice for university visitors, conference-goers, and tourists alike. Its strong community ties and commitment to top-notch service make it a standout in our portfolio. More importantly, its staff’s commitment to creating memorable guest experiences has led to an outpouring of positive feedback. Guests love its southwestern decor, outdoor pool, and proximity to local attractions. One reviewer stated, “Great location next to UTEP, free parking, and a spacious lobby with tons of seating areas inside and outside. Hard-pressed to find any negatives!” Another highlighted the friendly staff and excellent breakfast, saying, “The rooms were clean, the pool was fun, and the location was perfect for the graduation we were attending.”

External image of Hilton Garden Inn in El Paso

THE SECRET BEHIND THE SUCCESS

While location and amenities play a role, the real driver of success is the dedicated team at each property. From front desk staff to management, these teams embody Legendary Capital’s mission of Taking Care of the Capital℠. Their focus on delivering exceptional service, maintaining operational excellence, and driving profitability has been instrumental in these achievements.

LOOKING AHEAD

As we head into 2025, we’re excited to see how these properties continue to thrive. Their success sets the bar high for our portfolio and showcases the impact of strong leadership and a commitment to excellence.

Stay tuned for more updates as we celebrate our portfolio’s success stories!

 

About Legendary Capital

Through its affiliated entities, Legendary Capital has acquired more than 35 hotels in its portfolio, primarily targeting 80-to-200 room limited-service, select-service, full-service and extended-stay hotels in America’s heartland. The company is headquartered in Fargo, North Dakota.

 

May 21, 2024

Legendary Capital Celebrates Sade Allsbrook’s Prestigious Win at Virginia Beach Hospitality Awards

Legendary Capital, an industry leader in the hospitality sector, is delighted to announce the remarkable achievement of Sade Allsbrook, a dedicated Executive Housekeeper at the Homewood Suites by Hilton Virginia Beach/Norfolk Airport team. Sade has been honored with an esteemed award in the housekeeping category at the prestigious National Travel and Tourism Week Awards Ceremony.

 

The event, hosted by the Virginia Beach Convention and Visitors Bureau, serves as a platform to recognize exceptional individuals whose contributions elevate Virginia Beach as a premier travel destination. This year’s ceremony, held on May 2, 2024 at the Virginia Beach Convention Center, celebrated the excellence of hospitality professionals across 14 industry-related categories.

 

National Travel and Tourism Week (NTTW) holds significant importance for the travel community, both nationally and locally. For over four decades, NTTW has been dedicated to acknowledging the pivotal role played by millions of individuals in sustaining and enriching the hospitality industry.

 

Sade’s recognition underscores her unwavering commitment to excellence in housekeeping. Nominated by the hotel’s Director of Sales, Sade’s outstanding leadership, integrity, and dedication have consistently exemplified the core values of Legendary Capital. Her exemplary service and attention to detail have significantly contributed to enhancing guest experiences at the Homewood Suites.

 

In a statement from the nomination submission, Sade’s exceptional qualities were highlighted: “I believe that Sade is the best choice for this award because she consistently displays our company values of integrity, leadership, and excellent service to our guests.”

 

“We are immensely proud of Sade’s well-deserved accomplishment,” said Norman Leslie, CEO of National Hospitality Services and Co-Founder of Legendary Capital. “Her unwavering dedication and exemplary leadership in maintaining the highest standards have truly set her apart. This recognition reflects the exceptional talent within our team and reaffirms our commitment to providing unparalleled hospitality experiences.”

 

Sade’s remarkable achievement at the Virginia Beach Hospitality Awards is a testament to Legendary Capital’s ongoing commitment to excellence in hospitality.

About Legendary Capital

Through its affiliated entities, Legendary Capital has acquired more than 30 hotels in its portfolio, primarily targeting 80-to-200 room limited-service, select-service, full-service and extended-stay hotels in America’s heartland. The company is headquartered in Fargo, North Dakota.

 

March 18, 2024

2023 End of Year Hospitality Market Report and 2024 Outlook

MARKET OVERVIEW

The 2023 RevPAR (Revenue Per Available Room) growth of 4.9% was driven by moderate GDP growth and inflation, leading to an expected 3.1% rise in Average Daily Rate (ADR) and a 4.1% increase in RevPAR expectations. Despite predictions of a macroeconomic slowdown by Oxford Economics, the U.S. hotel industry, including corporate transient, group, and leisure travel sectors, is on a recovery path. A notable uptick in group travel, especially in Upper Upscale hotels, suggests increased meeting and convention activities for 2024, while leisure travel shows weaker performance in areas like Miami and New Orleans, and corporate transient demand is affected by the slow return to offices.

PERFORMANCE

The industry is seeing positive impacts from slight GDP growth and room rate hikes driven by approximately 3% inflation. Group travel demand remains strong, but corporate transient bookings are lagging due to delayed office re-openings, affecting downtown hotel occupancies. Leisure travel, particularly from international visitors, is still below expectations. However, limited-service hotels are performing well outside major metropolitan areas. Despite the pressure of rising operational costs on profit margins, the prospect of Federal Reserve rate cuts provides a glimmer of hope for margin improvement.

CONSTRUCTION

Hotel construction declines from its pre-pandemic peak, with challenges in securing financing due to higher interest rates. However, the final planning phase sees growth, suggesting potential future activity post-Fed rate cuts. Construction activity is concentrated in the Pacific, Mountain, and South Atlantic regions, with limited-service hotels dominating the pipeline. While full-service hotels are funded selectively, the future focus remains on limited- and select-service establishments.

SALES

Hotel sales plummeted by over 50% in 2023 due to challenging deal underwriting amid higher interest rates. However, with the Federal Reserve signaling rate cuts in 2024, market participants are expected to engage more actively. Although overall trading volume decreased, select deals were completed, while some high-profile borrowers ceased supporting their loans, raising speculation about future property trades. Despite the mixed outlook, optimism prevails for the commercial real estate sector in 2024.

 

ECONOMY

In 2023, the U.S. economy demonstrated remarkable resilience, defying early recession forecasts and the Federal Reserve’s aggressive interest rate hikes aimed at controlling inflation. This economic strength was supported by robust household spending on entertainment and recreational activities, a reflection of the economy’s adaptability and consumer confidence. The labor market remained sturdy, with wage growth outpacing inflation, enabling continued consumer spending despite tightening financial conditions.

As the economy transitions into 2024, inflation has shown a significant downtrend, providing room for the Federal Reserve to potentially ease its policy rates. Although certain sectors like manufacturing and housing face challenges, the services sector continues to thrive, buoyed by persistent demand. With the Federal Reserve and markets anticipating rate cuts, there’s optimism that this could further bolster economic growth and stability, presenting a hopeful outlook for the U.S. economy’s continued resilience and adaptability in the face of challenges.

Sources: CoStar Group, Hospitality National Report, all information as of February 2024. Oxford Economics.

November 17, 2023

Pivotal Partnerships: HP Hotels, Vista Host & KAJ Hospitality

In the ever-evolving world of hospitality management, Legendary Capital has forged strategic partnerships with industry stalwarts, each contributing a unique blend of expertise and commitment to excellence. Among these formidable alliances, the collaborations with HP Hotels, Vista Host, and KAJ Hospitality stand out as beacons of exemplary service and operational prowess. With a shared dedication to personalized guest experiences and an unwavering commitment to service excellence, these partnerships exemplify Legendary Capital’s unwavering pursuit of elevated hospitality management.

HP HOTELS
Elevating the Art of Hospitality Management

HP Hotels has a rich legacy of over 50 years in the hospitality industry, making them a
premier partner in Legendary Capital’s pursuit of excellence. HP Hotels is renowned for its comprehensive suite of hotel management services, which optimize operational efficiency and foster outstanding guest experiences.

Jared Bunch, Regional Director of Operations at HP Hotels, expresses their dedication to personalized service and guest loyalty, stating, “Our commitment to personalized service and guest loyalty is unwavering. Our goal is not just to provide accommodations but to create memorable experiences that keep guests coming back.”

The partnership with HP Hotels underscores Legendary Capital’s commitment to creating personalized service, positive reviews, and guest loyalty, all of which form the foundation for sustained profitability and long-term success.

By putting the guest at the center of everything we do, we build lasting relationships and ensure that HP Hotels remains a trusted name in the industry,” said Bunch.

HP Hotels’ forward-thinking approach leverages cutting-edge technology and industry best practices, enabling them to optimize daily operations and enhance the guest experience. By staying at the forefront of operational advancements, HP Hotels ensures seamless processes, efficient communication, and streamlined operations, ultimately contributing to the overall success of Legendary Capital’s properties.

VISTA HOST
A Proven Leader in Hospitality Management

Vista Host is a leading hospitality management company with expertise in hotel operations, marketing, and revenue management.

“At Vista Host, we have earned the trust of hotel owners and investors through our unwavering dedication to outstanding service and support. Our team of experienced hospitality professionals possesses a deep understanding of the industry, allowing us to navigate challenges and seize opportunities effectively.” said Robert McKinnon, Vista Host Director of Operations.

Vista Host’s operational divisions encompass all key industry verticals and geographic locations, making them a versatile and invaluable partner. Their focus on technological innovation, industry insights, and robust supplier agreements empowers Legendary Capital’s properties with streamlined operations and access to a vast network of resources.

“We prioritize long-term relationships, placing our clients’ interests at the forefront of everything we do,” said McKinnon.

Moreover, Vista Host’s commitment to attracting and retaining top talent ensures the long-term success of Legendary Capital’s properties, solidifying their reputation for exceptional guest experiences and operational excellence.

KAJ HOSPITALITY
Elevating Guest Experiences Beyond Expectations

KAJ Hospitality is synonymous with exceptional guest experiences. With a dedication to excellence and an impressive portfolio of upscale properties, KAJ Hospitality stands out as a pivotal partner in Legendary Capital’s mission to provide unparalleled service to our valued guests.

Sara Lussman, VP of Operations at KAJ Hospitality, emphasizes their commitment to excellence, stating, “At KAJ Hospitality, our focus is on fostering exceptional experiences for our guests. We understand that every guest is unique, and we take pride in tailoring our hospitality to meet their individual needs.”

KAJ Hospitality’s expertise lies here, in curating memorable experiences that resonate with guests, driving remarkable bottom-line impacts. Their specialized operational divisions, spanning various industry verticals and geographies, enable them to deliver stellar results for each property under their care.

“We believe that excellence is not just a standard but a continuous journey, and we are dedicated to pushing the boundaries of what exceptional service means in the hospitality industry,” said Lussman.

Beyond operational proficiency, KAJ Hospitality is dedicated to attracting and nurturing top talent through innovative training and recruitment strategies. This ensures a sustained commitment to service excellence, further enhancing the value of Legendary Capital properties.

 

As Legendary Capital continues to shape the landscape of the hospitality industry, its partnerships with HP Hotels, Vista Host, and KAJ Hospitality remain pivotal pillars of success. HP Hotels’ dedication to personalized service, Vista Host’s proven leadership in hotel operations, and KAJ Hospitality’s unwavering commitment to exceptional guest experiences all contribute to the realization of Legendary Capital’s mission. These partnerships not only ensure operational efficiency but also reaffirm Legendary Capital’s commitment to elevating the art of hospitality management, making each stay an unforgettable experience.

November 16, 2023

U.S. and Global Hotel Industry Performance

U.S. HOTEL INDUSTRY OVERVIEW

STRONG RECOVERY The U.S. hotel industry has exhibited notable resilience with September 2023 room demand ranking as the second-highest ever for the month. This suggests heightened consumer confidence and the hospitality industry’s resurgence post-pandemic challenges.

BUSINESS AND GROUP TRAVEL The brisk recovery of business and group travel is evident from weekday occupancy gains in the top markets. Such trends suggest that in-person meetings, conferences, and group events are on the rise.

SAN FRANCISCO’S NOTEWORTHY REBOUND From being the slowest among the top 25 markets to recover, San Francisco achieved nearly 90% weekday occupancy by September’s end, indicating a potential resurgence in tourism or business events.

PREVIOUS YEARS’ COMPARISON September 2023, while impressive, lags slightly behind 2022 in occupancy rates. This could be attributed to increased supply, pointing to the industry’s expansion.

ROOM DEMAND VS. OCCUPANCY An uptick in room demand with a marginally lower occupancy rate indicates the industry’s growth in infrastructure, possibly due to new hotel openings or capacity expansion of existing ones.

GLOBAL HOTEL INDUSTRY PERFORMANCE

GLOBAL OCCUPANCY TRENDS
There was a minor dip in global occupancy, settling at 69%. However, this decline mirrors similar fluctuations seen in 2019, hinting at possible seasonal shifts or specific global events affecting the sector.

KEY METRICS
A substantial year-over-year growth was noted in the Average Daily Rate (ADR) and Revenue per Available Room (RevPAR), emphasizing the global hotel industry’s recovery and potential for growth.

PERFORMANCE OF TOP 10 COUNTRIES BY SUPPLY
These nations collectively experienced a dip in occupancy week-over-week but showed an increase in ADR. This suggests a positive trajectory since late June of the same year.

GLOBAL OCCUPANCY TRENDS
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.

Country-specific Highlights

  • Japan: Demonstrated the most remarkable occupancy growth among the top 10, with potential influence from the mid-autumn festival.
  • China & Indonesia: Both nations marked strong RevPAR growth rates, underscoring their market resilience.
  • United Kingdom: While it had the highest occupancy among the top 10 countries, its year-over-year growth was more modest.

UNIFIED CONCLUSION
The U.S. and global hotel industries are demonstrating remarkable resurgence post-pandemic, with areas like Japan and San Francisco leading the recovery. Influenced by local events and policies, this upward trend highlights the sector’s adaptability. Continued vigilance and strategy will be pivotal in maximizing growth.

 

Sources: US Hotel Industry Sells Near-Peak Number of Rooms in September, CoStar; STR

August 17, 2023

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.

July 27, 2023

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.

GROWING POPULARITY OF ECO-TOURISM

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

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.

FOCUS ON WELLNESS

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.

WORKCATIONS

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.

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