Hersha Hospitality Trust announced 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 part of the planned succession, the Board has selected Chief Executive Officer Jay H. Shah to become Executive Chairman of the Board, and President and Chief Operating Officer Neil H. Shah to become President and join the Board of Trustees, both appointments to be effective as of January 1, 2023. The Company will be eliminating the role of Chief Operating Officer.

Hasu and Hersha Shah founded the Company with the purchase and renovation of the Riverfront Hotel in Harrisburg, Pennsylvania in 1984. With his sons and partners, Hasu grew the Company and took it public as a Real Estate Investment Trust (REIT) in 1998. 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.