UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of The Securities Exchange Act of
1934
Date
of Report (Date of earliest event reported): December 8,
2005
HERSHA
HOSPITALITY TRUST
(Exact
name of registrant as specified in its charter)
Maryland
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001-14765
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251811499
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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510
Walnut Street, 9th
Floor
Philadelphia,
Pennsylvania 19106
(Address
and zip code of
principal
executive offices)
Registrant’s
telephone number, including area code: (215)
238-1046
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instructions A.2. below):
o
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e4(c) under the Exchange Act
(17 CFR
240.13e-4(c))
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Item
5.02 Departure
of Directors or Principal Officers; Election of Directors; Appointment of
Principal Officers
Hersha
Hospitality Trust (the “Company”) today announced certain changes in its
management team to be effective January 1, 2006, including:
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·
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the
retirement of Hasu P. Shah as Chief Executive Officer of the Company,
although Mr. Shah will continue as a Trustee and Chairman of the
Board of
Trustees of the Company;
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·
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the
appointment of Jay H. Shah (formerly President and Chief Operating
Officer) as Chief Executive Officer of the Company and his election
to the
Board of Trustees of the Company;
and
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·
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the
appointment of Neil H. Shah (formerly Executive Vice President)
as
President and Chief Operating Officer of the
Company.
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Jay
H.
Shah, age 37, will assume the position of CEO and Trustee effective January
1,
2006. Jay has been President and Chief Operating Officer of the Company since
September 3, 2003. Jay is involved in all areas of the business with a
particular emphasis on strategic relationships, capital transactions, asset
management and acquisitions. Prior to September 2003, Jay Shah was a principal
in the law firm of Shah & Byler, LLP, which he founded in 1997, and managing
director of the Hersha Group. Jay previously was a consultant with Coopers
&
Lybrand LLP, served the late Senator John Heinz on Capitol Hill, and was
employed by the Philadelphia District Attorney's office and two
Philadelphia-based law firms. Jay received a Bachelor of Science degree from
the
Cornell University School of Hotel Administration, an M.B.A. from the Temple
University School of Business Management and a Law degree from Temple University
School of Law. Jay will be a Class I member of the Board of Trustees and
as such
will stand for re-election at the Company’s 2006 annual shareholders meeting.
Jay is the son of Hasu P. Shah and the brother of Neil H. Shah.
Neil
H.
Shah, age 32, will assume the position as President and COO effective January
1,
2006. Neil has been Executive Vice President of the Company since January
2005
and was Director of Acquisitions and Development from May 2002 to January
2005.
During that time, Neil has lead Hersha's active hotel acquisitions program
and
new development projects. Prior to May 2002, Neil was a Principal with the
Hersha Group. Prior to joining the Hersha Group, Neil served as a Director
and
Consultant with The Advisory Board Company and the Corporate Executive Board,
strategy consulting firms based in Washington D.C. Neil has also worked with
the
Phipps Foundation in New York City contributing to urban renewal projects
in New
York City. Neil earned a Bachelor of Arts in Political Science and a Bachelor
of
Science in Management both with honors from the University of Pennsylvania
and
the Wharton School. He earned his MBA from the Harvard Business School. Neil
is
an active member of the Asia Society, the Wharton Real Estate Center, the
Urban
Land Institute and the Harvard Club of New York City. Neil is the son of
Hasu P.
Shah and the brother of Jay H. Shah.
The
Company anticipates that Hasu P. Shah will remain active in the affairs of
the
Company in his capacity as Chairman of the Board.
Certain
transactions between the Company and its subsidiaries, on one hand, and Hasu
P.
Shah, Jay H. Shah and Neil H. Shah, on the other hand, are described in the
Company’s Proxy Statement for its 2005 Annual Meeting of Shareholders under the
heading “Certain Relationships and Related Transactions,” which disclosure is
incorporated herein by reference. In addition, the terms of Change of Control
Agreements between each of Hasu P. Shah, Jay H. Shah and Neil H. Shah are
described in that certain Current Report on Form 8-K filed by the Company
on
January 26, 2005.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
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HERSHA
HOSPITALITY TRUST
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Date:
December 14,
2005
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By: |
/s/Ashish
R. Parikh
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Ashish
R. Parikh |
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Chief
Financial Officer |