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Hersha Promotes Jay Shah; BPG Renames Management Arm

PHILADELPHIA-Jay Shah's promotion to president and COO of the hotel REIT heads a list of appointments and other administrative changes at companies here. In addition, Berwind adds the BPG moniker to property management and RAIT names a new VP.

By Marita Thomas | Updated on September 22, 2003

PHILADELPHIA-The promotion of Jay H. Shah to president and COO of Harrisburg, PA-based Hersha Hospitality Trust heads a list of administrative news at real estate companies in this region. In his new post, Shah oversees management of the hospitality REIT’s portfolio and will play a key role in acquisitions.

The acquisitions program concentrates on institutional grade, three- and four-star assets in selected markets between metropolitan Boston and Washington, DC. Shah is the previous managing director of locally based Hersha Group, a hotel development, ownership and management organization with 20 hotels in the Northeast.

In other news, locally based RAIT Investment Trust named Robert W. Cade VP and director of originations. He was previously a senior underwriter in the large loan CMBS Group at Merrill Lynch. In his new post, Cade is responsible for generating lending opportunities for RAIT, a specialty finance company focused on the mid-size commercial real estate market.

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