Hi Steve!
I don’t know if there is an actual limit, but I think you will be very safe with just 120 places.
I would forge ahead, because even if you do encounter a limit you could start a second project, and a third, and then when you have them all in you could tie them together with an umbrella project. That of course being a worst case scenario, as I think any limit (if any at all) would be much higher than the 120 and you will likely only have the one project.
Out of interest, what are the relative sizes of each of the places?