Corey Maple, chief executive officer of Lodging Fund REIT III Inc., has resigned but will continue to serve as chairman of the board of directors. Lodging's board of directors appointed Norman H. Leslie to replace Maple as CEO.
According to DI Wire, Lodging disclosed that the Securities and Exchange Commission (SEC) issued a Wells Notice to the company's advisor Legendary Capital REIT III LLC, as well as to Maple in his capacity as a senior executive. The Wells Notice followed an investigation into the reimbursement of and financial accounting for certain expenses incurred by Lodging Fund's advisor, Legendary Capital.
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