Home Alts News CEO of Lodging Fund REIT III Resigns

CEO of Lodging Fund REIT III Resigns

Lodging Fund REIT III Inc., a publicly registered non-traded real estate investment trust, announced the resignation of Corey Maple, who had served as the company’s chief executive officer since its inception. The company’s board of directors appointed Norman H. Leslie to replace Maple as CEO, effective immediately. Maple continues to serve as chairman of the board of directors.

As The DI Wire previously reported, Lodging Fund REIT disclosed that the Securities and Exchange Commission issued a Wells notice to the company’s advisor, Legendary Capital REIT III LLC, as well as to Maple, its senior executive, on Sept. 12, 2022. The SEC matter is ongoing.

The Wells notice was issued in December 2020 by the SEC and follows an investigation into the reimbursement of and financial accounting for certain expenses incurred by Lodging Fund’s advisor, Legendary Capital REIT III.

Leslie also serves as the president of the company, a position he has held since August 2019, and as the chief investment officer, treasurer and director of the company, positions he has held since April 2018. Leslie also serves as the president, chief investment officer and treasurer of Legendary Capital REIT III LLC, positions he has held since April 2018.

Leslie has 32 years of real estate experience and has worked extensively in the hotel industry. Leslie organized National Hospitality Services LLC in 2001. NHS manages 38 hotels across the United States and is recognized as a Top 200 management company in the United States by size. NHS operates hotels franchised through IHG, Marriott, Hilton, Hyatt, Radisson, Choice Hotels and Wyndham. As co-founder of Bridge Hospitality LLC and other development companies, Lodging Fund says he was “instrumental” in the eight new-build IHG and Marriott hotels in the United States. Leslie has also led the development of commercial properties including offices and retail centers in North Dakota. He was also a co-founder of Heritage Homes, a homebuilder in the Fargo-Moorhead, North Dakota market.

Leslie co-founded Lodging Opportunity Fund LLP, Lodging Opportunity Fund Real Estate Investment Trust, the company and their corresponding sponsor entities.

Leslie holds a bachelor’s degree from the University of Manitoba.

Click here to visit The DI Wire directory page.