Director David Ekman resigns; CFO Samuel Montgomery appointed to board

Lodging Fund REIT III, Inc.

David Ekman resigned from the Board on Sept 9, 2025, and will not stand for re-election.
Resignation not due to any disagreement with the Company's operations, policies, or practices.
Samuel Montgomery, CFO since Oct 2020, appointed to fill vacancy effective Sept 9, 2025.
Montgomery is expected to stand for election at the 2025 Annual Meeting.
Montgomery has not been named to any Board committees.

item 5.02

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