EXHIBIT 21.1

Subsidiaries of the Registrant

Name	Jurisdiction of Incorporation
Lodging Fund REIT III OP, LP	Delaware
Lodging Fund REIT III TRS, Inc.	Delaware
LF3 Cedar Rapids, LLC	Delaware
LF3 Cedar Rapids TRS, LLC	Delaware
LF3 Pineville, LLC	Delaware
LF3 Pineville TRS, LLC	Delaware
LF3 Eagan, LLC	Delaware
LF3 Eagan TRS, LLC	Delaware
LF3 Prattville, LLC	Delaware
LF3 Prattville TRS, LLC	Delaware
LF3 Lubbock Casa, LLC	Delaware
LF3 Lubbock Casa TRS, LLC	Delaware
LF3 Lubbock Expo, LLC	Delaware
LF3 Lubbock Expo TRS, LLC	Delaware
LF3 Southaven, LLC	Delaware
LF3 Southaven TRS, LLC	Delaware
LF3 Aurora, LLC	Delaware
LF3 Aurora TRS, LLC LF3 El Paso, LLC LF3 El Paso TRS, LLC LF3 Houston, LLC LF3 Houston TRS, LLC LF3 Northbrook, LLC LF3 Northbrook TRS, LLC LF3 Fargo Med, LLC LF3 Fargo Med TRS, LLC LF3 El Paso Airport, LLC LF3 El Paso Airport TRS, LLC LF3 Lakewood, LLC LF3 Lakewood TRS, LLC LF3 RIFC, LLC LF3 RIFC TRS, LLC LF3 Pineville 2, LLC LF3 Pineville 2 TRS, LLC LF3 Charlotte, LLC LF3 Charlotte TRS, LLC LF3 Wichita, LLC LF3 Wichita TRS, LLC High Desert Garden Holdings, LLC	Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware

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