Pres Kabacoff is stepping down as CEO of HRI Properties.

HRI Properties founder and CEO Pres Kabacoff will be stepping down from the company he’s managed for 40 years to become its chairman.  He will be replaced by the current president, Tom Leonhard.

Kabacoff co-founded the firm in 1982 and started out with the redevelopment of the Federal Fiber Mills in the warehouse district.  Since that start, the company has grown to manage and develop 23 hotels and 43 apartments buildings in 16 states with over 2,000 employees.

Recently in New Orleans, HRI’s projects have included the $100 million Aloft hotel in the CBD, the $40 million Homewood Suites and residences on the edge of the French Quarter, and the 23 story Hibernia Bank building, among others.  HRI reportedly did over $170 million in revenue in 2014 and recently raised $150 million in equity for future projects.

Leonhard was named president in 2011, and will now lead the company as CEO though its next phase of growth.  Their current goal is $2 billion assets under management by 2018.  No word on how much they have at the current time.  Leonhard started at HRI Properties as an internet in 1988.

The company currently has seven projects worth $438 million under development in New Orleans, Nashville, Philadelphia, Minneapolis and Dallas.

HRI Properties new CEO Tom Leonhard.