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.”