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      "text": "Closed in October 2022.\nAcquired a 90% interest in an 11-unit high-end glamping property in Fredericksburg, Texas for $4.5 million on a total valuation of $5.0 million.\nAcquired a 90% interest in an adjacent 6.4-acre land parcel for $0.7 million on a total valuation of $0.8 million for future development by the joint venture for an additional 15-20 units at an attractive basis and similarly compelling unit level economics.\nThe property opened in November 2021 and offers multiple unique, temperature-controlled unit types with a mix of hard and soft-sided accommodations.\nStabilized unlevered yields in year 1 are expected to be 15-17%\nThe property ramped quickly achieving a FYE 2022 RevPAR of ~$430.\nLabor and service light model results in profitability on a per unit basis of ~5x that of a traditional select service hotel.\nThe investment is expected to generate superior hold period returns relative to a traditional hotel investment despite higher assumed exit cap rates.",
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      "text": "(1) Only nine units were operational at the time of closing. Funds were held back at closing until the remaining two units opened.\n(2) There is a one-time earnout provision that will allow the seller to earn up to $2.0 MM of incremental proceeds subject to certain performance thresholds.",
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