secwatch.observer — SEC 8-K summary
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Issuer:     Lodging Fund REIT III, Inc. (—)
CIK:        0001745032
Form:       8-K
Filed at:   2022-12-29T23:59:59+00:00
Accession:  0001558370-22-019039
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.01, 2.03
LLM model:  deepseek-v4-flash:cloud@v2

Lodging Fund REIT III buys Holiday Inn Express Wichita for $7.4M; upsizes credit line to $7.5M
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- Acquired 84-room Holiday Inn Express & Suites Wichita Airport for $7.4M; funded with $5.6M loan, $0.5M cash, and 121,762 Series T OP units.
- New $5.6M term loan with Choice Financial Group: fixed 6.41%, matures Dec 2027, interest-only through June 2024 then 25-year amortization.
- Amended A-1 Line of Credit (related party): increased from $5.0M to $7.5M, maturity extended to Dec 31, 2023, secured by 750,000 unissued common units.
- Entered 5-year management agreement with KAJ Hospitality; fees 2% of revenues (first 3 yrs) then 3%, plus $14/room accounting fee.
- Corey Maple (CEO) personally guaranteed 50% of the new $5.6M loan principal.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1745032/000155837022019039/0001558370-22-019039-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1745032/000155837022019039/tmb-20221222x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-22-019039

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