Alan Kanders is Managing Member and Founder of Three Wall Capital, LLC (“Three Wall Capital” and “TWC”). Founded in 2008, Three Wall Capital is a hospitality equity and debt investment group for institutional and individual investors. TWC has completed over $3.0 billion in transactions in a principal investor capacity since inception. The investments include acquisition, new construction, redevelopment, and recapitalization opportunities across all hotel asset classes from 5-star luxury to select service.

Three Wall Capital invests with the philosophy that hotel real estate is subject to both short- and long-term cycles and trends, and therefore, the current focus is to acquire and develop extended-stay hotels and focused service lifestyle hotels. TWC’s current portfolio encompasses 71 hotels of which 64 are extended-stay properties affiliated with the Extended Stay America, Candlewood Suites, Residence Inn by Marriott, TownePlace Suites by Marriott, Homewood Suites by Hilton, and Home2 Suites by Hilton. TWC is one of the largest Extended Stay America and Candlewood Suites franchisees.

Prior to Three Wall Capital, Mr. Kanders was Managing Director in the Global Real Estate Group at Lehman Brothers, where he originated over $8.0 billion of hospitality equity and debt transactions. Mr. Kanders has worked with leading hospitality sponsors, operators and franchisors including Marriott International, InterContinental Hotels & Resorts, Hyatt Hotels & Resorts, Gencom Group, and Highgate Holdings in various types of transactions. Mr. Kanders led the restructuring and sale of Le Méridien Hotels and Resorts to Starwood Hotels and Resorts Worldwide, one of the largest-ever hotel restructurings to date.

Prior to joining Lehman Brothers, Mr. Kanders was Vice President of Development for Wingate Inns, a limited-service hotel chain, where he developed over 100 hotels.  Before joining Wingate Inns, Mr. Kanders developed a gaming facility in Barbados and was a member of the team that sought to develop Hard Rock Cafes in the former Soviet Union.  Prior to that, he was Vice President of Development for North America and the Caribbean for The Rank Group Plc, a leading European gaming company. Mr. Kanders graduated with a B.S. in Hotel Administration from Cornell University’s School of Hotel Administration.

Raviraj Dave is a Managing Director and Principal at Three Wall Capital.  Mr. Dave is responsible for real estate acquisitions with a primary focus on hospitality and residential asset classes.  Additionally, Mr. Dave is involved in the day to day management of Three Wall Capital’s owned and managed hospitality portfolio.  In this function, Mr. Dave oversees all property level teams on day to day operations as well as any major capital expenditures.  Mr. Dave also oversees Three Wall Capital’s ground up developments.

Prior to joining Three Wall Capital, Mr. Dave was Vice President of Acquisitions and Development at a New York City based Real Estate Private Equity with an AUM of $1.2 billion.  In this capacity, Mr. Dave acquired, developed and asset managed office, residential and hospitality assets in Boston, New York, Los Angeles and Seattle.

Mr. Dave graduated with a B.S. in Hotel Administration from Cornell University’s School of Hotel Administration.

Michael Mao is a Managing Director and Principal at Three Wall Capital.  Mr. Mao is responsible for real estate acquisitions at Three Wall Capital with a focus in the lodging sector and oversees development, asset management, and underwriting for the firm.

Prior to joining Three Wall, Mr. Mao served as Vice President of Acquisitions and Development at Kimpton Hotels and Restaurants, where he was responsible for sourcing, negotiating and executing on investment and new development opportunities. At Kimpton, he was instrumental in growing the Kimpton owned and managed portfolio. Deals include the acquisition and redevelopment of a historic office building in Chicago into a flagship Kimpton Hotel as well as reintroducing the brand to Canada by bringing Kimpton to the Toronto market.  

Mr. Mao has also held positions at Lehman Brothers, Eastdil Secured and CNL Hotels & Resorts.Mr. Mao graduated with a B.S. in Hotel Administration from Cornell University’s School of Hotel Administration.

Enada Jang leads sourcing, underwriting, and executing hotel acquisitions and development opportunities. Since joining Three Wall Capital in 2014, Mr. Jang has acquired 80+ hotels in 23 U.S. States.  Some notable transactions include the Lexington Hotel in New York City and the Aloft Atlanta Downtown. Mr. Jang is also actively involved in the asset management and dispositions of Three Wall Capital’s owned and managed hospitality portfolio.
‍
Prior to joining Three Wall Capital, Mr. Jang was Director of Revenue Management at Highgate Hotels. At Highgate, Mr. Jang was a member of the opening team that launched The Quin, a luxury lifestyle hotel located near Central Park. Before joining Highgate, Mr. Jang was an Associate at LW Hospitality Advisors LLC where he conducted hotel appraisals and feasibility studies.
‍
Mr. Jang graduated with a Bachelor of Science in Hotel and Tourism Management from New York University’s Tisch Center for Hospitality and Tourism. He is currently a member of the IHG Extended Stay Owners Committee.

Riana Stadlen joined Three Wall Capital in November 2018 and is primarily focused on acquisitions of new hotel assets, as well as asset management of Three Wall Capital’s existing portfolio.

Prior to joining Three Wall Capital, Ms. Stadlen was an Associate with JLL Hotels & Hospitality Group’s full-service investment sales team, based in the New York office. While at JLL, her main responsibilities included financial underwriting, preparation of pitch and marketing materials, and leading the disposition sales process. During her time at JLL, Ms. Stadlen was involved in the disposition of numerous notable hotels located in various markets on the East Coast and in the South, including The Standard High Line, the James SoHo, the Royalton, the Westin New Orleans Canal Place, the Renaissance Dupont Circle, the Westin Crystal City, and the Le Meridien Philadelphia, among many other.  

Ms. Stadlen graduated from New York University, Preston Robert Tisch Center for Hospitality and Tourism, where she obtained her Bachelor of Science in Hotel and Tourism Management with a concentration in Hotel Development.

Connor Korzelius joined Three Wall Capital in January 2023 and is responsible for underwriting hotel acquisition and development opportunities.

Prior to joining Three Wall Capital, Mr. Korzelius was an analyst with CBRE Hotels’ Institutional Debt & Structured Finance team, based in the Atlanta office, where he specialized in the raising of debt and equity capital for acquisition, refinancing, recapitalization, and development of hotel assets and portfolios throughout the Americas. Mr. Korzelius was actively involved in all aspects of the financing, including underwriting, financial analysis, financing memorandum preparation, due diligence, and loan closing. While at CBRE, Mr. Korzelius was involved in and closed over $1 billion in transactions.

Mr. Korzelius graduated with a B.S. in Hotel Administration from Cornell University’s School of Hotel Administration.

Rick Stroud joined Three Wall Capital in 2019 as the Director of Asset Management.  Mr. Stroud partners with the Asset Management team to oversee the property management companies, execute PIP and capital plans, data analysis and investor reporting.

Prior to joining Three Wall, Mr. Stroud served 21 years as a Regional Manager and Director of Operations with The Generation Companies, a Raleigh NC based hotel ownership and management company.  Mr. Stroud was an integral part of the operations team that managed the portfolio growth from 5 hotels to a peak of 27 hotels.  Mr. Stroud was involved with hotel development, acquisition, third party management, brand conversions, and sale of assets as well as running the day-to-day operations of the hotels.  Prior to this Mr. Stroud held positions at Winston Hospitality and Richmond Hill Inn, a 4 Diamond Inn and Restaurant in Asheville, NC.  

Mr. Stroud has a Bachelor of Science in Hospitality Management from Appalachian State University.

Erin Bagley joined Three Wall Capital in 2019. Ms. Bagley’s primary responsibility is the asset management of Three Wall Capital’s existing portfolio of over 80 hotels. This role focuses on working closely with operators to strategically align performance with our business plan, as well as engaging with investor partners through the course of the investment. Ms. Bagley also works closely with the acquisitions team on new opportunities and capital market transactions, and oversees dispositions from the portfolio.

Prior to joining Three Wall Capital, Ms. Bagley was a Vice President at NAI Global running hospitality and note dispositions across the United States. Before NAI Global, Ms. Bagley worked for HVS in New York, where she was involved in the valuation of over $4.3 billion in existing hotel assets and $1.2 billion in proposed developments during tenure with the firm. Her area of expertise focused on complex assets in Manhattan and the greater New York City market.

Ms. Bagley earned her Bachelor of Arts from Boston University and her Masters in International Public Management from the Paris Institute of International Affairs at Sciences Po Paris.

Yoyo Wu joined Three WallCapital in 2024 as an Asset Management Associate, bringing her extensive experience in asset management and acquisition analysis. 

Prior to joining us, Ms. Wu was an asset management and acquisition analyst at McNeill Hotel Company, where she focused on extended-stay properties. She also worked as a multifamily property management analyst at Kushner Real Estate Company, specializing in the garden collection portfolio. In these roles, Ms. Wu excelled in property management, financial analysis, and asset optimization. 

Ms. Wu holds a Certification inHotel Industry Analytics and graduated with an M.S. in Finance from SouthernMethodist University's Cox Business School. She is currently a part-time MBAstudent at New York University's Stern School of Business. Outside of herprofessional pursuits, she is an avid marathon runner. 

Paul Shapses has been regular outside counsel to Three Wall Capital LLC since its founding in 2008. Prior to forming his own law firm Paul was a Partner and Co-Chair of the hospitality groups at Herrick, Feinstein LLP and Pillsbury Winthrop Shaw Pittman LLP. Paul began practicing real estate law as an Associate at Weil Gotshal & Manages LLP.

Mr. Shapses has advised on a wide variety of sophisticated real estate-oriented transactions, including development, acquisition and programmatic joint ventures; real property purchase and sale transactions including ground leasing and portfolio acquisitions; loan portfolio purchase and sale; single and multi-jurisdiction financings; ground-up acquisition and development; negotiation of hotel operating and management agreements; brand licensing agreements; outsourcing agreements; commercial leasing; and real property oriented bankruptcy workouts, sales, and acquisitions. Paul has also provided strategic advice on litigation and insurance recovery matters and was responsible for real estate advisory on several corporate leveraged buyouts.

Mr. Shapses received his JD degree from Syracuse University, College of Law where he was a member of the Syracuse Law Review. He received BA degree in Political Science from Binghamton University.

He has been named a “Best Lawyer in America” for Leisure and Hospitality, and a New York Real Estate “Super Lawyer” for over 10 years. Paul is an active member of the American Bar Association, New York Bar Association, the Bar Association of the City of New York, and the New Jersey Bar Association.