Three Wall Capital is a hospitality equity and debt investment group
for institutional and individual investors.

Founded in 2008 by Alan Kanders, Three Wall Capital has completed over $1.0 billion in transactions in a principal investor capacity since inception. TWC invests with the philosophy that hotel real estate is subject to both short and long term cycles, and therefore, TWC’s current focus is developing focused service and lifestyle hotels. TWC’s investment strategy is to acquire and develop hotels in markets with strong growth outlooks in terms of population, disposable income, jobs, diversity of high-quality food and beverage experiences, retail offerings, and office space. Currently, TWC is developing a Canopy by Hilton in Jersey City, New Jersey and carrying out a redevelopment and repositioning of the Beacon Hotel in Washington, D.C. TWC also recently acquired a portfolio of twenty-five Extended Stay America hotels, three TownePlace Suites properties in the Denver metropolitan area, and a portfolio of eighteen extended stay hotels locate North Carolina, Virginia, Florida, Texas, Tennessee, and Georgia.


Managing Member and Founder

Alan Kanders is Managing Member and Founder of Three Wall Capital.  From 2008 to 2012, he successfully completed eight hospitality equity and debt investments totaling over $500 million in invested capital.  From 1997 to 2008, Mr. Kanders was Managing Director in the Global Real Estate Group at Lehman Brothers, where he originated approximately $8 billion of hospitality equity and debt transactions in a principal capacity.

Mr. Kanders has worked with leading hospitality sponsors, operators and franchisors including Marriott International, InterContinental Hotels & Resorts, Starwood Hotels & Resorts, Hyatt Hotels & Resorts, Gencom Group, Hampshire Hotels & Resorts and Highgate Holdings in various transaction types including acquisition, new construction, recapitalization, redevelopment, and brand development.  In 2007, Mr. Kanders led the restructuring and sale of Le Méridien Hotels and Resorts, one of the largest-ever hotel restructurings to date.

Prior to joining Lehman Brothers in 1997, 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 in 1992, 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 Rank Plc, a leading European gaming company.

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

Managing Director and Principal

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.

Managing Director and Principal

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 is responsible for underwriting and executing hotel acquisition opportunities. Mr. Jang is also actively involved in the day to day asset management 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 part of the opening team that launched the Quin, a 208-room luxury lifestyle hotel located in Midtown Manhattan. Mr. Jang also assisted with the conversion of Hotel Thirty Thirty to Hotel LOLA, a 276-key independent boutique property in the NoMad neighborhood of Manhattan, and previously managed the revenue and distribution strategies for the Hampton Inn Times Square North and the Hilton Garden Inn Time Square.

Before joining Highgate, Mr. Jang was an Associate at LW Hospitality Advisors LLC. At LW Hospitality, he conducted hotel appraisals and feasibility studies.

Mr. Jang graduated with a B.S. in Hotel and Tourism Management from New York University’s Tisch Center for Hospitality and Tourism.


Raj Chadha joined Three Wall Capital in August 2017 as the Vice President of Hotel Accounting. Mr. Chadha oversees all accounting functions for Three Wall Capital’s hotel portfolio.

Prior to joining Three Wall Capital, Mr. Chadha was a Director of Finance and Travelling Controller for Highgate Hotels for 14 years. During his tenure, he oversaw accounting for hotels including the Park Central San Francisco, Taj Boston, Hilton New York Fashion District, Crowne Plaza Times Square, and Doubletree by Hilton Metropolitan Hotel NYC. Mr. Chadha has extensive experience working with publically traded REITs such as RLJ Lodging Trust and LaSalle Hotel Properties.

Before venturing into hospitality, Mr. Chadha was a Partner at Lakhani & Company and the led the Assurance Practice. At Lakhani & Co., his clients included Centurion Bank of Punjab, Infrastructure Leasing & Financial Services, Lloyds Steels Industries Limited, and Kinetic Motor Company Limited.

At present, Mr. Chadha is also a Partner at Dhody & Associates, a public accounting firm in India. He directs the audit of public limited companies and internal audits of banks.

Mr. Chadha graduated from the University of Mumbai with majors in Financial Accounting, Auditing, and Taxation. Mr. Chadha is also a qualified Chartered Accountant from the Institute of Chartered Accountants of India. The Chartered Accountant designation is the equivalent to the AICPA of USA.


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 B.S. in Hotel and Tourism Management with a concentration in Hotel Development.


Erin Bagley joined Three Wall Capital in July 2019. Ms. Bagley’s primary responsibilities include asset managing Three Wall Capital’s existing portfolio of hotels and assisting with management and acquisition opportunities.

Prior to joining Three Wall Capital, Ms. Bagley was a Vice President at NAI Global based in their New York Office. Ms. Bagley was an integral member of hospitality team, running property and note dispositions across the United States for owners including C-III Capital Partners’ special servicing division, private equity funds, and REITs. During her tenure, Ms. Bagley led deals from inception through closing, grew new business, and leveraged her hospitality expertise to assist C-III Capital Partners’ various business divisions. 

Prior to NAI Global, Erin worked for HVS in New York, where she was responsible for conducting appraisal reports, feasibility studies, and other consulting services. With an acute expertise in the Manhattan hotel market, Ms. Bagley 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. She co-authored the quarterly HVS Manhattan Lodging Report and the annual HVS U.S. Franchise Fee Guide, and was published in Real Estate Finance Journal.

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.

Our PorTfolio

Three Wall Capital's current portfolio consists of 54 hotels located throughout the United States and Bermuda. 
They represent luxury full-service hotels, independent hotels, a private beach club, branded limited-service hotels, and 46 extended-stay hotels.

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North Carolina, Virginia, Florida, Texas, Tennessee, Georgia
1,973-Room Portfolio

A partnership between Three Wall Capital and Guggenheim Investments, the global asset management and investment advisory business of Guggenheim Partners, completed the acquisition of an 18 asset extended stay hotel portfolio in September 2019. The national portfolio includes hotels located in North Carolina, Virginia, Florida, Texas, Tennessee, and Georgia, and the assets are affiliated with brands in the Hilton, IHG, and Choice systems. The portfolio includes assets flagged as Homewood Suites, Home2 Suites, Candlewood Suites, Staybridge Suites, Suburban Extended Stay, Mainstay Suites, and Sleep Inn. The hotels are all well positioned in their respective markets and are proximate to dense retail corridors, office parks, hospitals, airports, residential communities, and major highway systems. The acquisition will build on Three Wall’s rapidly expanding portfolio and aligns well with the firm’s extended stay focus. Three Wall’s portfolio consists of 54 hotels following the close of this acquisition, 46 of which represent extended stay hotels.

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Atlanta, Georgia
254-Room Select-Service Hotel

Three Wall Capital and Condor Hospitality Trust acquired the 254-room hotel in August 2016. The hotel was completely redeveloped and transformed through a full renovation and conversion, and reopened as the Aloft Atlanta Downtown in April 2014.

The Property features 254 well-appointed, oversized guestrooms; 1,945 square feet of flexible meeting space; the Re:fuel by Aloft and the W XYZ bar, two Aloft signature food & beverage outlets; the 24/7 Re:charge fitness center; the Splash outdoor swimming pool; and a vibrant and social atmosphere.

The Property’s ideal location allows it to serve the multitude of demand drivers in the flourishing Downtown Atlanta submarket. The Hotel is located directly across from the AmericasMart Atlanta, and is proximate to the Mercedes-Benz Stadium, State Farm Arena, George World Congress Center, Georgia Aquarium, World of Coca-Cola, among other attractions.

Hotel Website >

Beacon Hotel Exterior Night

Washington, District of Columbia
199-Room Full-Service Independent Hotel

In March 2018, Three Wall Capital, Rockpoint Group, and Highgate Hotels acquired the fee-simple interest in the 199-room Beacon Hotel.

The Hotel is located proximate to Washington, D.C.’s Golden Triangle in the Dupont Circle submarket. The Property is part of the Embassy Row neighborhood and is located at the intersection of 17th Street and Rhode Island Avenue NW, three blocks from the Farragut North and Dupont Circle Metro stations. The Property’s proximity to the central business district, tourist attractions, restaurants and entertainment destinations make it attractive to both business and leisure travelers.

The business plan includes an extensive renovation and repositioning of the hotel and food & beverage experience, which will allow the Property to compete effectively with the 4 and 4.5 star hotels in the market.

Hotel Website >

Canopy by Hilton Jersey City New Jersey Exterior

Jersey City, New Jersey
212-Room Full-Service Lifestyle Hotel

Three Wall Capital, KABR Group, and Panepinto Properties are currently developing a 212-room Canopy by Hilton, a lifestyle hotel, in downtown Jersey City.

The site is located in the heart of the Downtown Historic District, which is an area blossoming with new and trendy retail, restaurants, and nightlife. The Grove Street PATH station is located 1 block from the Hotel and provides access to Manhattan within minutes. The area is also minutes away from the Waterfront area and Journal Square, which are high-density commercial areas.

The Canopy by Hilton Jersey City will be the energizing, new hotel in the neighborhood designed as a natural extension of its neighborhood with local art and food & beverage. The Hotel will open in early 2020.


64-Room Full-Service Private Club
48-Units at Horizon Cottages

Coral Beach & Tennis Club occupies a remarkable site along the Bermuda Coast and is conveniently located near Hamilton (2 miles, 5 minutes) and the commercial airport (11 mile, 20 minutes). Business elite and the entertainment industry alike have made the Coral Beach Club their Bermuda abode.  Because of its rich history and irreplaceable location, the property and its environs have significant potential to regain popularity and utilization with the development of modern facilities.

Collectively, the property offers 81 elegantly furnished guest rooms and suites and boosts breathtaking beach, eight tennis courts, two squash courts, fitness center, spa, lawn game area, game room, swimming pool, two restaurants with facilities that can accommodate private parties for up to 100 people, extensive gardens and the requisite “back-of-house” operations areas.  The resort has access to boating and water sports activities, numerous golf courses, and is easily accessible to shopping.  Ten new villas are anticipated to be developed. 

Hotel Website >


Texas, Indiana, Ohio, Kentucky
2,430-Room Portfolio

Three Wall Capital acquired a portfolio of 25 Extended Stay America hotels in February 2018.  The portfolio spans across 4 states and 9 cities with a concentration in high growth markets near dense retail corridors, hospitals, airports and residential communities.

Through this transaction, Three Wall Capital became the first franchisee of the Extended Stay America brand and one of the largest owners in the midscale extended stay segment.  The acquisition presented an opportunity to partner with one of the industry’s premier brands and the clear leader in the extended stay market.  Three Wall is committed to grow with ESA through new development and conversion opportunities.  Extended Stay America hotels feature fully equipped kitchens, grab and go breakfast, free wi-fi, on-site laundry and pet friendly rooms.

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Broomfield, Colorado; Denver, Colorado; Englewood, Colorado
356-Room Portfolio

In March 2019, Three Wall Capital acquired three TownePlace Suites hotels located in the Denver metropolitan area from an institutional seller. Upon acquisition, Three Wall Capital retained Aimbridge Hospitality to manage the 356-key portfolio.

The 150-room TownePlace Suites Boulder Broomfield, 112-room TownePlace Suites Denver Southeast, and 94-room TownePlace Suites Denver Tech Center, show in strong physical condition, as extensive PIP renovations were completed at the properties in late-2018. Given the hotels’ extended stay positioning, the properties offer spacious guestrooms with full kitchenettes, complimentary breakfast, complimentary WiFi, an outdoor swimming pool, business center, and fitness center.

The hotels benefit from their strategic locations within thriving suburban submarkets of Denver. The Broomfield market is undergoing significant growth spurred by corporate relocations and rapid development, resulting in the market emerging as an attractive mixed-use community. Southeast is conveniently situated equidistant from downtown Denver and the Denver Tech Center business corridor, providing the property with well diversified sources of demand. The Denver Tech Center asset sits within the Panorama Business Park, one of five business parks that comprise the southeast Denver business corridor. The hotels are well situated on or just off major area thoroughfares, adding to the properties’ ability to attract a varied demand base.

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McKinney, Texas
187-Room Full-Service Hotel

In July 2019, Three Wall Capital acquired the Sheraton McKinney, situated approximately 30 miles north of Dallas, Texas. The hotel, which was recently developed and opened in 2015, contains 187 rooms, Sweetwater Bar & Grill, the property’s three-meal, full service restaurant, an outdoor pool, 20,000 square feet of meeting and event space, and a fitness center. McKinney, Texas is a rapidly growing city, undergoing significant development, with major mixed-use developments containing retail and office planned for the immediate area. Corporate relocations by companies including Toyota North America, JPMorgan, Liberty Mutual, and NTT Data’s regional and national headquarters have further strengthened McKinney’s corporate demand base. Aimbridge Hospitality was the manager in-place since the property’s opening, and TWC will retain Aimbridge.

Hotel Website >


Brooklyn, New York
115-Room Limited-Service Hotel

Opened in 2006, the Holiday Inn Express New York - Brooklyn is located on Union Street between 3rd and 4th Avenues.  The Hotel has 115 rooms including 58 king or queen-bed rooms and 57 double-double bed rooms.  The property includes a 24-hour business center, complimentary Smart Start breakfast buffet, complimentary high-speed internet access, self-parking.

The property’s location is within walking distance to several Brooklyn neighborhoods including Park Slope, Downtown, Carroll Gardens, Cobble Hill and Prospect Heights. Guests have easy access to numerous restaurants, lounges, shopping, and government and corporate offices. The nearby Union Street subway station provides visitors direct access to Manhattan and Coney Island. It is also one of the closest hotels to Barclays Center, and the Gowanus Canal, both likely to be two of the largest new lodging demand generators during the coming years.

Finally, the Hotel is benefiting from residential and commercial development in the immediate area.

Hotel Website >


Secaucus, New Jersey
161-Room Full-Service Hotel

The 161-room Holiday Inn Secaucus Meadowlands, located off the New Jersey Turnpike, is ideally located in Harmon Meadow Corporate Park, a 2-million feet office space and home to such major tenants such Ernst & Young, the National Basketball Association, and AXA Financial. Holiday Inn Secaucus is the perfect place for the business traveler with over 15,000 employees based in the Harmon Meadow offices and the Meadowland Exposition Center (250,000 visitors per year).

The hotel is also conveniently located three minutes away from the Meadowlands Sports Complex, which includes the 82,500 seat MetLife Stadium (home of the New York Giants and Jets), the 20,000 seat IZOD Center and the Meadowlands Racetrack. Both Newark Liberty International Airport and Teterboro Airport are located approximately 15 minutes from the Hotel. The Hotel is less than five minutes by car from the Secaucus Junction Train Station, which connects Harmon Meadow to Newark Liberty International Airport, Manhattan, Hoboken, and numerous other New Jersey locations. It is ten minutes away by car to New York City via the Lincoln Tunnel.

Hotel Website >


Brooklyn, New York
104-Room Limited-Service Hotel

The Red Lion Inn & Suites Brooklyn is the first Red Lion location in the Greater New York City area. Located among the hip and historic Park Slope and Cobble Hill neighborhoods, one of the most desirable areas of Brooklyn, the Red Lion Inn & Suites Brooklyn is situated among more than 150 restaurants, bars and shops. The Red Lion Inn & Suites Brooklyn was originally built in 2007 and has 104 guest rooms. All public areas and guest rooms will undergo a complete renovation, which is expected to be completed by the end of the first quarter in 2016.

As the one of the nearest hotels to the Barclays Center, an entertainment and sports arena home to the Brooklyn Nets and New York Islanders, The Red Lion Inn & Suites Brooklyn is also conveniently located to the Long Island Rail Road (LIRR) Atlantic Terminal at Barclays Center, which links to downtown Manhattan and JFK International Airport. The hotel is conveniently located near the Brooklyn Bridge, Brooklyn Museum, Prospect Park, and Coney Island. With an estimated 2.6 million residents, Brooklyn is the most populated borough of five in New York City and one of the fastest growing regions in the country. 

Hotel Website >

our past PorTfolio


Washington, Connecticut
30-Room Full-Service Resort and Spa

Three Wall Capital acquired The Mayflower Inn and Spa through foreclosure in 2011 and completed minor refurbishments in 2012 and 2013.

The property offers 30 distinct and individually designed guest rooms and suites in four separate buildings, two restaurants which can accommodate up to 152 patrons, and 1,600 square feet of meeting space.  The property also includes a highly-acclaimed 20,000 square foot spa equipped with eight treatment rooms, a fitness center, retail shop, indoor swimming pool, salon, and four exercise studios for yoga and Pilates. The Mayflower Inn & Spa, situated on 58 acres of bucolic Connecticut, is a traveler’s oasis with hiking trails and a Shakespeare Garden. The Mayflower is a Relais & Chateaux hotel.

Travel & Leisure 500 Worlds Best Hotels (1995-2013)
Condé Nast Gold List (2003-2013)
Forbes 5 Star (Inn 1995-2013, Spa 2009-2013)

Hotel Website >


New York, New York
210-Room Full-Service 4.5 Star Hotel

The Quin occupies an irreplaceable location at the corner of 57th Street and 6th Avenue in midtown Manhattan.  Three Wall Capital acquired the luxury boutique hotel, formerly the Buckingham Hotel, in 2010. Following the acquisition, the property ceased operations and was completely renovated to a 4.5 star level with an additional investment of over $200,000 per key.  The original 135 suites were reconfigured to 210 luxurious guest rooms, 33 suites (7 including terraces) and a 3-bedroom penthouse suite with extensive terraces.  The Quin offers a fitness center, library and business center, 800 square foot boardroom and restaurant. The property offers luxury service and has affiliations with Bergdorf Goodman, SFERRA, Bowers & Wilkins and Duxiana Beds.  Recently, the property has forged a partnership famed designer Jung Lee.

Condé Nast Traveler Reader’s Choice Awards - Top 10 Hotels, New York City (2014-2015)
Condé Nast Traveler Reader’s Choice Awards - Hotels You Can’t Stop Dreaming About
Travel + Leisure’s “IT” List of Best New Hotels (2014)
Travel + Leisure’s World’s Greatest Hotels (2014)
SF Gate - 13 Coolest New York Hotels (2014)
Trip Advisor Excellence Award
LE Miami Nomination – “Most Creative Collaboration” with the Arts Fund

Hotel Website >

Contact Us

We are always seeking entrepreneurial and creative partners.
Please reach out to us if you would like to discuss a hospitality project.

Three Wall Capital

40 West 57th Street, 29th Floor
New York, NY 10019
T. (646) 560-1750