The Company’s 30 hotels totaling 4,544 rooms are located in New York, Miami & Key West, Washington, DC, Boston, Philadelphia, and select markets on the West Coast. Hersha Hospitality Trust (HT) is a self-advised real estate investment trust in the hospitality sector, which owns and operates luxury and lifestyle hotels in coastal gateway and resort markets. 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.” 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. 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.
Shah commented: “It is a privilege to have the opportunity to follow in the footsteps of my father and brother and lead Hersha. 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.” Today’s announcement is the culmination of a thoughtful succession plan to ensure a smooth transition and Hersha’s continued success. 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. 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.
Under Hasu’s leadership, the Company has since developed, owned, or managed nearly 100 hotels across the U.S., and established itself as an industry leader in sustainability with the creation in 2010 of its award-winning EarthView program. With his sons and partners, Hasu grew the Company and took it public as a Real Estate Investment Trust (REIT) in 1998. Hasu and Hersha Shah founded the Company with the purchase and renovation of the Riverfront Hotel in Harrisburg, Pennsylvania in 1984. 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.”
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. The Company will be eliminating the role of Chief Operating Officer. Shah to become President and CEO and join the Board of Trustees, both appointments to be effective as of January 1, 2023. Shah to become Executive Chairman of the Board, and President and Chief Operating Officer Neil H. As part of the planned succession, the Board has selected Chief Executive Officer Jay H. Shah, intends to retire as Chairman of the Board of Trustees on December 31, 2022, after 38 years with the Company. 22, 2022 (GLOBE NEWSWIRE) - Hersha Hospitality Trust (NYSE: HT) (“Hersha” or the “Company”), owner of high-quality hotels in urban gateway markets and regional resort destinations, today announced that its Founder, Hasu P. Shah to become President and Chief Executive Officer –
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