The non-traded hotel REIT’s special committee opens a wide-ranging review that could include a sale, merger, or public listing.

April 29, 2026

Lodging Fund REIT III, Inc., a non-traded real estate investment trust focused on hotel properties across America’s Heartland, announced on April 24, 2026, that a special committee of its board has retained Piper Sandler & Co. as financial advisor to help evaluate a range of strategic alternatives for the company.

The Fargo, North Dakota-based REIT owns limited-service, select-service, full-service, and extended-stay hotels, with its portfolio concentrated in secondary and tertiary markets stretching from North Dakota to Texas and from the Appalachians to the Rockies. The special committee, made up entirely of independent directors, will oversee the review. Faegre Drinker Biddle & Reath LLP is serving as legal counsel to the committee.

A Broad Slate of Options on the Table

The committee is weighing a wide menu of alternatives aimed at maximizing value for stockholders. Possibilities under consideration include:

• A sale or merger of the entire company
• Listing the common stock on a national securities exchange
• Divesting some or all of the REIT’s hotel assets
• A recapitalization
• Continuing the existing business plan
• Other strategic transactions

Perry Rynders, who chairs the special committee, said the group and its advisors intend to conduct a careful, disciplined evaluation focused on identifying the path that best serves stockholders. He added that bringing in Piper Sandler now positions the company to consider the full slate of opportunities in a way that reflects the strength of its portfolio and operating platform.

No Set Timeline for the Review

The company cautioned that no firm deadline has been established for completing the process and that there is no guarantee the review will lead to any specific transaction. Lodging Fund REIT III also indicated it does not plan to provide updates unless the board or the special committee approves a particular transaction, takes a strategic action, or determines that further disclosure becomes necessary under law.

About the Company

Lodging Fund REIT III is organized as a Maryland corporation and has elected to be treated as a real estate investment trust for U.S. federal income tax purposes. Its strategy centers on building a diversified hotel portfolio in markets outside the largest U.S. metropolitan areas.

The announcement included customary forward-looking statement language, flagging risks that include the possibility the review produces no transaction, potential disruption to operations and relationships with employees, tenants, lenders, and other counterparties, the timing and structure of any eventual deal, and broader conditions in the lodging and commercial real estate sectors. Additional risk factors are detailed in the company’s most recent annual and quarterly reports filed with the Securities and Exchange Commission.