<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001745032</cik>
        <entityName>Lodging Fund REIT III, Inc.</entityName>
        <issuerAddress>
            <street1>1635 43RD STREET SOUTH, SUITE 205</street1>
            <city>FARGO</city>
            <stateOrCountry>ND</stateOrCountry>
            <stateOrCountryDescription>NORTH DAKOTA</stateOrCountryDescription>
            <zipCode>58103</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(701)630-6500</issuerPhoneNumber>
        <jurisdictionOfInc>MARYLAND</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Corporation</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2018</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Corey</firstName>
                <middleName>R.</middleName>
                <lastName>Maple</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1635 43rd Street South, Suite 205</street1>
                <city>Fargo</city>
                <stateOrCountry>ND</stateOrCountry>
                <stateOrCountryDescription>NORTH DAKOTA</stateOrCountryDescription>
                <zipCode>58103</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chairman of Board, CEO &amp; Secretary of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Norman</firstName>
                <middleName>H.</middleName>
                <lastName>Leslie</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1635 43rd Street South, Suite 205</street1>
                <city>Fargo</city>
                <stateOrCountry>ND</stateOrCountry>
                <stateOrCountryDescription>NORTH DAKOTA</stateOrCountryDescription>
                <zipCode>58103</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Investment Officer &amp; Treasurer of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Katie</firstName>
                <lastName>Cox</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1635 43rd Street South, Suite 205</street1>
                <city>Fargo</city>
                <stateOrCountry>ND</stateOrCountry>
                <stateOrCountryDescription>NORTH DAKOTA</stateOrCountryDescription>
                <zipCode>58103</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Financial Officer of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <middleName>G.</middleName>
                <lastName>Ekman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1635 43rd Street South, Suite 205</street1>
                <city>Fargo</city>
                <stateOrCountry>ND</stateOrCountry>
                <stateOrCountryDescription>NORTH DAKOTA</stateOrCountryDescription>
                <zipCode>58103</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Brian</firstName>
                <lastName>Hagen</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1635 43rd Street South, Suite 205</street1>
                <city>Fargo</city>
                <stateOrCountry>ND</stateOrCountry>
                <stateOrCountryDescription>NORTH DAKOTA</stateOrCountryDescription>
                <zipCode>58103</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Perry</firstName>
                <middleName>M.</middleName>
                <lastName>Rynders</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1635 43rd Street South, Suite 205</street1>
                <city>Fargo</city>
                <stateOrCountry>ND</stateOrCountry>
                <stateOrCountryDescription>NORTH DAKOTA</stateOrCountryDescription>
                <zipCode>58103</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jeffrey</firstName>
                <middleName>T.</middleName>
                <lastName>Leighton</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1635 43rd Street South, Suite 205</street1>
                <city>Fargo</city>
                <stateOrCountry>ND</stateOrCountry>
                <stateOrCountryDescription>NORTH DAKOTA</stateOrCountryDescription>
                <zipCode>58103</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Legendary Capital REIT III, LLC</firstName>
                <lastName>Legendary Capital REIT III, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1635 43rd Street South, Suite 205</street1>
                <city>Fargo</city>
                <stateOrCountry>ND</stateOrCountry>
                <stateOrCountryDescription>NORTH DAKOTA</stateOrCountryDescription>
                <zipCode>58103</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>REITS and Finance</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
            <item>3C</item>
            <item>3C.5</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001745032-19-000001</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2018-07-26</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>5000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Advisory Group Equity Services Ltd.</recipientName>
                <recipientCRDNumber>15427</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>444 Washington St, Ste 407</street1>
                    <city>Woburn</city>
                    <stateOrCountry>MA</stateOrCountry>
                    <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                    <zipCode>01801</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Rodney Bahy Ibrahim</recipientName>
                <recipientCRDNumber>4358176</recipientCRDNumber>
                <associatedBDName>Aegis Capital Corp.</associatedBDName>
                <associatedBDCRDNumber>15007</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>40 Wall Street, 46th Floor</street1>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10005</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AL</state>
                    <description>ALABAMA</description>
                    <state>AK</state>
                    <description>ALASKA</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>CO</state>
                    <description>COLORADO</description>
                    <state>CT</state>
                    <description>CONNECTICUT</description>
                    <state>FL</state>
                    <description>FLORIDA</description>
                    <state>GA</state>
                    <description>GEORGIA</description>
                    <state>IL</state>
                    <description>ILLINOIS</description>
                    <state>LA</state>
                    <description>LOUISIANA</description>
                    <state>MD</state>
                    <description>MARYLAND</description>
                    <state>MA</state>
                    <description>MASSACHUSETTS</description>
                    <state>MI</state>
                    <description>MICHIGAN</description>
                    <state>NJ</state>
                    <description>NEW JERSEY</description>
                    <state>NY</state>
                    <description>NEW YORK</description>
                    <state>ND</state>
                    <description>NORTH DAKOTA</description>
                    <state>OK</state>
                    <description>OKLAHOMA</description>
                    <state>PA</state>
                    <description>PENNSYLVANIA</description>
                    <state>PR</state>
                    <description>PUERTO RICO</description>
                    <state>SC</state>
                    <description>SOUTH CAROLINA</description>
                    <state>TX</state>
                    <description>TEXAS</description>
                    <state>VA</state>
                    <description>VIRGINIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Jason Bryce Vanclef</recipientName>
                <recipientCRDNumber>5096529</recipientCRDNumber>
                <associatedBDName>American Trust Investment Services, Inc.</associatedBDName>
                <associatedBDCRDNumber>3001</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>8107 Loyola Boulevard</street1>
                    <city>Los Angeles</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>90045</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AZ</state>
                    <description>ARIZONA</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>CT</state>
                    <description>CONNECTICUT</description>
                    <state>GA</state>
                    <description>GEORGIA</description>
                    <state>MD</state>
                    <description>MARYLAND</description>
                    <state>MI</state>
                    <description>MICHIGAN</description>
                    <state>NV</state>
                    <description>NEVADA</description>
                    <state>NY</state>
                    <description>NEW YORK</description>
                    <state>NC</state>
                    <description>NORTH CAROLINA</description>
                    <state>TX</state>
                    <description>TEXAS</description>
                    <state>WA</state>
                    <description>WASHINGTON</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Kurt Russell Baldry</recipientName>
                <recipientCRDNumber>1568930</recipientCRDNumber>
                <associatedBDName>Ausdal Financial Partners, Inc.</associatedBDName>
                <associatedBDCRDNumber>7995</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>12868 90th Street Northeast</street1>
                    <city>Ostego</city>
                    <stateOrCountry>MN</stateOrCountry>
                    <stateOrCountryDescription>MINNESOTA</stateOrCountryDescription>
                    <zipCode>55330</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AL</state>
                    <description>ALABAMA</description>
                    <state>AZ</state>
                    <description>ARIZONA</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>CO</state>
                    <description>COLORADO</description>
                    <state>FL</state>
                    <description>FLORIDA</description>
                    <state>GA</state>
                    <description>GEORGIA</description>
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                    <description>IOWA</description>
                    <state>KS</state>
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                    <state>KY</state>
                    <description>KENTUCKY</description>
                    <state>MN</state>
                    <description>MINNESOTA</description>
                    <state>MO</state>
                    <description>MISSOURI</description>
                    <state>MT</state>
                    <description>MONTANA</description>
                    <state>NV</state>
                    <description>NEVADA</description>
                    <state>ND</state>
                    <description>NORTH DAKOTA</description>
                    <state>OR</state>
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                    <description>TEXAS</description>
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                    <description>WASHINGTON</description>
                    <state>WI</state>
                    <description>WISCONSIN</description>
                    <state>WY</state>
                    <description>WYOMING</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Peter Orth</recipientName>
                <recipientCRDNumber>5195633</recipientCRDNumber>
                <associatedBDName>Ausdal Financial Partners, Inc.</associatedBDName>
                <associatedBDCRDNumber>7995</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>7094 East Fish Lake Road</street1>
                    <city>Maple Grove</city>
                    <stateOrCountry>MN</stateOrCountry>
                    <stateOrCountryDescription>MINNESOTA</stateOrCountryDescription>
                    <zipCode>55311</zipCode>
                </recipientAddress>
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                    <state>AZ</state>
                    <description>ARIZONA</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>MN</state>
                    <description>MINNESOTA</description>
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                    <description>NEW YORK</description>
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                    <description>TEXAS</description>
                    <state>WI</state>
                    <description>WISCONSIN</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Randy Lee Birkinbine</recipientName>
                <recipientCRDNumber>2008599</recipientCRDNumber>
                <associatedBDName>Ausdal Financial Partners, Inc.</associatedBDName>
                <associatedBDCRDNumber>7995</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>5959 Centerville Road, Suite 250A</street1>
                    <city>North Oaks</city>
                    <stateOrCountry>MN</stateOrCountry>
                    <stateOrCountryDescription>MINNESOTA</stateOrCountryDescription>
                    <zipCode>55127</zipCode>
                </recipientAddress>
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                    <state>CO</state>
                    <description>COLORADO</description>
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                    <description>TEXAS</description>
                    <state>WI</state>
                    <description>WISCONSIN</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Max Joseph Birkinbine</recipientName>
                <recipientCRDNumber>6836583</recipientCRDNumber>
                <associatedBDName>Ausdal Financial Partners, Inc.</associatedBDName>
                <associatedBDCRDNumber>7995</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>5959 Centerville Road, Suite 250A</street1>
                    <city>North Oaks</city>
                    <stateOrCountry>MN</stateOrCountry>
                    <stateOrCountryDescription>MINNESOTA</stateOrCountryDescription>
                    <zipCode>55127</zipCode>
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                    <state>IA</state>
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                    <state>MN</state>
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                    <state>WI</state>
                    <description>WISCONSIN</description>
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                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Daryl Ray Calton</recipientName>
                <recipientCRDNumber>1002304</recipientCRDNumber>
                <associatedBDName>Calton &amp; Associates, Inc.</associatedBDName>
                <associatedBDCRDNumber>20999</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>7223 E. Gary Street</street1>
                    <city>Mesa</city>
                    <stateOrCountry>AZ</stateOrCountry>
                    <stateOrCountryDescription>ARIZONA</stateOrCountryDescription>
                    <zipCode>85207</zipCode>
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                    <state>AR</state>
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                    <state>CO</state>
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                    <description>GEORGIA</description>
                    <state>ID</state>
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                    <state>MN</state>
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                    <description>NEBRASKA</description>
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                    <state>NM</state>
                    <description>NEW MEXICO</description>
                    <state>NY</state>
                    <description>NEW YORK</description>
                    <state>ND</state>
                    <description>NORTH DAKOTA</description>
                    <state>OK</state>
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                    <state>OR</state>
                    <description>OREGON</description>
                    <state>SD</state>
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                    <state>TX</state>
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                    <description>UTAH</description>
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                    <state>WY</state>
                    <description>WYOMING</description>
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            <recipient>
                <recipientName>John Edward Scott</recipientName>
                <recipientCRDNumber>1636317</recipientCRDNumber>
                <associatedBDName>Calton &amp; Associates, Inc.</associatedBDName>
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                <recipientAddress>
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                    <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
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                    <state>CA</state>
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            <recipient>
                <recipientName>John Raymond Drabek</recipientName>
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                <associatedBDCRDNumber>20999</associatedBDCRDNumber>
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                    <description>WISCONSIN</description>
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            <recipient>
                <recipientName>Scott Hendrix</recipientName>
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                <associatedBDName>Calton &amp; Associates, Inc.</associatedBDName>
                <associatedBDCRDNumber>20999</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>7000 N Mopac Expwy, Suite 200</street1>
                    <city>Austin</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                    <zipCode>78731</zipCode>
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                    <description>CALIFORNIA</description>
                    <state>TX</state>
                    <description>TEXAS</description>
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            </recipient>
            <recipient>
                <recipientName>Taher Ali Gilani</recipientName>
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                <associatedBDName>Calton &amp; Associates, Inc.</associatedBDName>
                <associatedBDCRDNumber>20999</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>8304 Briarwood Lane</street1>
                    <city>Austin</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                    <zipCode>78757</zipCode>
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                    <state>NV</state>
                    <description>NEVADA</description>
                    <state>TX</state>
                    <description>TEXAS</description>
                    <state>WI</state>
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                    <zipCode>30253</zipCode>
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                <recipientName>Center Street Securities, Inc.</recipientName>
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                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2 International Plaza, Suite 301</street1>
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                    <stateOrCountry>TN</stateOrCountry>
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                <recipientName>Crown Capital Securities, L.P.</recipientName>
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                <recipientAddress>
                    <street1>725 Town &amp; Country Road, Suite 530</street1>
                    <city>Orange</city>
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                    <street1>1543 Green Oak Place, Suite 100</street1>
                    <city>Kingwood</city>
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                    <zipCode>77339</zipCode>
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                    <city>Hilton Head Island</city>
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            <recipient>
                <recipientName>Cheryl Lynn Romann</recipientName>
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            <recipient>
                <recipientName>Joseph Eugene Navolanic</recipientName>
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            <recipient>
                <recipientName>International Assets Advisory, LLC</recipientName>
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