Hersha Hospitality Trust (HT), owner of upscale hotels in urban gateway markets, announced today that two of its executives were promoted to senior vice presidents: Robert C. Hazard III was named Senior Vice President of Acquisitions & Development and William J. Walsh was named Senior Vice President of Asset Management. In addition, Charles Paloux was named Senior Director of Asset Management.
“The impact Rob and Bill have each had on the growth and performance of our company is impressive. Beyond their hard work and technical expertise, they demonstrate a very strong commitment to our vision for Hersha,” said HT President and COO Neil H. Shah. “Charles is making a tremendous difference in our company – not only for the precision and quality that he brings to his work, but more importantly for serving as an effective leader and mentor to our young team.”
As Senior Vice President of Acquisitions & Development, Hazard is responsible for sourcing and closing new business opportunities for HT. Since joining the company in 2005, he has overseen the acquisition of more than 40 hotels. Hazard has assembled one of the industry’s most effective underwriting and integration teams.
In his role as Senior Vice President of Asset Management, Walsh is responsible for developing strategic plans for each property, reviewing all budgets and expenditures, and working with HT’s operators and third party management companies to increase profitability and overall portfolio returns. In his time at the company, he has been instrumental in developing an industry leading asset management discipline.
As Senior Director of Asset Management, Paloux is significantly involved in HT’s disposition and refinancing strategies. He also directly oversees the Mid-Atlantic portfolio, including the Washington D.C. and Wilmington markets. Paloux joined HT in May of 2010 and has had dual responsibilities in the acquisitions and asset management departments.
About Hersha Hospitality Trust
Hersha Hospitality Trust is a self-advised real estate investment trust, which owns 64 hotels in major urban gateway markets including New York, Washington, Boston, Philadelphia, Los Angeles and Miami totaling 9,221 rooms. HT follows a highly selective investment approach and leverages operational advantage through rigorous and sustainable asset management practices. For further information on the Company visit our website at www.hersha.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to the expected timing of the transaction described above, 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 reflected in the forward-looking statement. For a description of these factors, please review the information under the heading “Risk Factors” included in Hersha Hospitality Trust’s Annual Report on Form 10-K for the year ended December 31, 2011, filed with the U.S. Securities Exchange Commission.
