Robert Hazard Named VP of Acquisitions and Development,
William J. Walsh Named VP of Asset Management
|PHILADELPHIA, Pa., August 17, 2005—Hersha Hospitality Trust (AMEX:
HT), a real estate investment trust (REIT) and owner of nationally franchised,
upscale and mid-scale hotels, today announced that it has hired two
new vice presidents to add depth to its management team during a period
of rapid expansion. Robert Hazard has been named vice president of
acquisitions and development. William J. Walsh has been named vice
president of asset management.
“As we continue our aggressive growth program, it becomes increasingly important to add bench strength to our core management team,” said Jay H. Shah, Hersha president and COO of Hersha Hospitality Trust. “Robert and William bring with them a combined nearly 50 years of hospitality experience. We believe their strong backgrounds will help Hersha further achieve its goals moving forward.”
In his new position, Robert Hazard will be responsible for sourcing and closing new business opportunities for the company. Prior to Hersha, he was the chief executive at MetroVision Community Development, an advisory firm specializing in assisting government in the development and management of its tourism infrastructure. He also has held development and acquisition positions at Starwood Hotels & Resorts, Interstate Hotels and has over a decade of industry consulting experience with top hospitality and tourism consulting firms including Pannell Kerr Forster and Kenneth Leventhal & Company. Hazard holds a Bachelor of Science Degree in Marketing from Arizona State University.
Prior to joining Hersha, William J. Walsh was an asset manager for the Lubert Adler Funds hotel group, GF Management, Inc., where he was responsible for re-focusing the company’s portfolio direction towards tighter internal controls and procedures. As vice president of asset management, he will develop strategic growth plans for each property, review all budgets and expenditures, and work with Hersha’s operators to increase revenues and margins. He has held a number of accounting positions specifically within the hospitality industry, including controller at such properties as PGA National Resort & Spa and numerous Radisson hotels. Walsh received his Bachelor of Science in Accounting from Drexel University.
Hersha Hospitality Trust is a self-advised real estate investment trust that owns mid-scale and upscale hotels in the eastern United States with strong, national franchise affiliations. The company focuses on acquisition and joint venture opportunities of high quality assets in high barrier to entry markets. For more information, please visit the Company’s website at www.hersha.com.
Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statement.
Hersha Hospitality Trust
|Also See:||Hersha Hospitality Acquires the 188 room Marriott Courtyard-Boston/Brookline for $54.5 million / June 2005|
|Hersha Hospitality Trust to Acquire Five-Hotel Portfolio in Philadelphia and Wilmington Metros; 480 Limited Service Rooms for $48.9 million / May 2005|