Hersha Hospitality Trust Announces Planned Leadership


– Founder and Chairman Hasu P. Shah to Retire –
– CEO Jay H. Shah to turn out to be Executive Chairman –
– COO Neil H. Shah to turn out to be President and Chief Executive Officer –

PHILADELPHIA, Sept. 22, 2022 (GLOBE NEWSWIRE) — Hersha Hospitality Trust (NYSE: HT) (“Hersha” or the “Company”), proprietor of high-quality motels in city gateway markets and regional resort locations, right now introduced that its Founder, Hasu P. Shah, intends to retire as Chairman of the Board of Trustees on December 31, 2022, after 38 years with the Company. As a part of the deliberate succession, the Board has chosen Chief Executive Officer Jay H. Shah to turn out to be Executive Chairman of the Board, and President and Chief Operating Officer Neil H. Shah to turn out to be President and CEO and be a part of the Board of Trustees, each appointments to be efficient as of January 1, 2023. The Company shall be eliminating the position of Chief Operating Officer.

Hasu P. Shah commented: “It has been a great honor to build this business from the ground up, first with my wife, and now with my two sons, alongside a talented and dedicated team. We founded the Company as a partnership with a single property, growing and transforming it into a publicly-traded REIT with a bi-coastal portfolio of luxury and lifestyle hotels in the most valuable urban and resort markets.”

Hasu and Hersha Shah based the Company with the acquisition and renovation of the Riverfront Hotel in Harrisburg, Pennsylvania in 1984. With his sons and companions, Hasu grew the Company and took it public as a Real Estate Investment Trust (REIT) in 1998. Under Hasu’s management, the Company has since developed, owned, or managed almost 100 motels throughout the U.S., and established itself as an business chief in sustainability with the creation in 2010 of its award-winning EarthView program.

See also  Investors Can Begin Filing I-526E Petitions in U.S. Immigration Fund's Project: The Wave Spa in New Jersey

Jay H. Shah commented: “On behalf of the Board and the entire Company, I’d like to thank and congratulate my father on his long career and invaluable contributions to Hersha. His unwavering determination and commitment to excellence will remain at the core of the business and we are grateful that he will continue on as honorary Chairman Emeritus to assist the Company by donating his time and wisdom. Today’s announcement is the culmination of a thoughtful succession plan to ensure a smooth transition and Hersha’s continued success. Neil has proven to be a thoughtful and dedicated leader, particularly in navigating the challenges presented by the pandemic, and the Board and I are confident he is the right person to lead the Company in this exciting next chapter.”

Neil H. Shah commented: “It is a privilege to have the opportunity to follow in the footsteps of my father and brother and lead Hersha. As a result of these changes, our shareholders will benefit from increased value from a streamlined structure commensurate with our smaller – but very high quality – portfolio. This is an exciting and critical moment for Hersha as the industry continues to recover from the pandemic, and as a result of the work we have done to strengthen and improve our portfolio, we are on a strong trajectory. I look forward to continuing to work with such a dedicated team across the Company as we continue our focus on further growing shareholder value.”

About Hersha Hospitality Trust

Hersha Hospitality Trust (HT) is a self-advised actual property funding belief within the hospitality sector, which owns and operates luxurious and life-style motels in coastal gateway and resort markets. The Company’s 30 motels totaling 4,544 rooms are situated in New York, Miami & Key West, Washington, DC, Boston, Philadelphia, and choose markets on the West Coast. The Company’s widespread shares are traded on The New York Stock Exchange underneath the ticker “HT.” For extra data on the Company, and the Company’s lodge portfolio, please go to the Company’s web site at www.hersha.com

See also  India Ratings Upgrades Capacit'e Infraprojects to 'IND BBB+'/Stable

Ashish Parikh, Chief Financial Officer
Phone: 215-238-1046

Source link


Please enter your comment!
Please enter your name here