Hotel Development Partners (“HDP”) is pleased to announce the opening of HDP Investment Fund III, LLC (Fund III). After the construction and redevelopment of 1,467 hotel rooms in Funds I and II, HDP has begun Fund III with the construction of a 155 room Residence Inn near the Mayo Clinic in Jacksonville, Florida. Fund III will continue HDP’s focus of creating value through the development and opportunistic acquisition of premium-branded select service hotels. NOI margins between 35% and 45% from proven brands will help provide unique returns on investment. With an investment horizon of between 5-6 years and IRR target above 25%, investors in Fund III can expect a similar return on investment as Funds I and II, once stabilized hotels are sold. As was the case with the first two HDP funds, Fund III units are priced at $500,000. The project is progressing on schedule and is expected to be completed in December 2020 with a Q1 2021 opening.