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HERSHA HOSPITALITY TRUST
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148 Sheraton Drive
New Cumberland, PA 17070
Phone: 717-770-2406
Fax: 717-774-0461
www.hersha.com
Hersha Hospitality Trust Announces New Board Member
Harrisburg, PA., July 9, 2003 -Hersha Hospitality Trust (AMEX: HT) announced
today that Mr. John M. Sabin has been appointed to the Company's Board of
Trustees. Mr. Sabin will also serve on the Company's Audit Committee as an
independent trustee.
"We enthusiastically welcome John Sabin to our Board of Trustees," said Hasu P.
Shah, Chairman and Chief Executive Officer of Hersha Hospitality Trust. "His
understanding of hotel capital markets and experience with mergers and
acquisitions positions John to make significant strategic contributions for
Hersha and its shareholders."
Mr. Sabin has had a distinguished twenty-year career in the lodging and
hospitality industry, serving in senior executive positions with Marriott
Corporation, Vistana, Inc. (now owned by Starwood), Choice Hotels International,
and Hudson Hotels. Mr. Sabin is currently the Chief Financial Officer, General
Counsel and Secretary for Novascreen Biosciences Corporation, a private
bioinformatics and contract research biotech company. Mr. Sabin earned his B.S.
and Masters in Accounting, MBA in Finance and Juris Doctorate degrees, each with
distinction, from Brigham Young University. Mr. Sabin also serves as a director
on the board of Competitive Technologies, Inc., (AMEX: CTT).
Mr. Sabin will be filling a vacancy on the board created by the resignation of
Mr. L. McCarthy Downs, who has served on the Board of Trustees since its initial
public offering in 1999 and resigned his position as of June 30, 2003. Mr. Downs
has decided to commit his time to other professional activities. Mr. Downs
commented, "I have worked with Hersha since before its inception as a public
company to where it is today. I have a great deal of confidence in the Company's
management and my fellow trustees that they will maintain HT's position as one
of the nation's leading hospitality REITs and continue to deliver superior
returns to its shareholders." On Mr. Downs' departure Mr. Shah said, "Mac has
worked with this company for five years since we began planning for our IPO. His
insight and guidance were critical to our early success, and we will certainly
miss him. We wish him the best of luck in his future endeavors."
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Hersha Hospitality Trust is a self advised real estate investment trust that
owns premium limited and full service hotels in the eastern United States with
strong, national franchise affiliations. The Company focuses on acquisition and
joint venture opportunities in primary and secondary markets near major
metropolitan markets. The Company currently owns 18 hotels in New York,
Pennsylvania, Maryland and Georgia.
Further inquiries regarding Hersha Hospitality Trust should be directed to
Ashish Parikh, CFO, at (717) 770-2405.
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.