In this newly created position, Gillespie will oversee the accounting, financial reporting and audit functions for the company's growing portfolio of properties.
Prior to joining Hersha, he was manager of financial policy & controls for Tyco Electronics Corporation, responsible for the development, enhancement and implementation of financial controls for the company. Previously, he served as a senior manager with the "Big Four" firms of Arthur Andersen LLP and KPMG LLP. Gillespie received his B.S.B.A in Accounting from Bloomsburg University of Pennsylvania.
"We have undergone phenomenal growth, more than doubling our portfolio of high-quality hotels in the past few months," said Jay H. Shah, Hersha's president and chief operating officer. "The timing is right to add Michael's strong public accounting background, which provides significant financial depth to our existing strong core of senior management.
"Hersha is assembling its portfolio of difficult-to-source hotels by means of sophisticated structured transactions," Shah added. "Michael's years of financial and accounting experience will help us to continue to execute and monitor creative transactions, while enhancing control of our day-to-day accounting activities. The reporting and compliance complexities of operating a business responsibly in the current environment makes the expertise that he brings to the table all the more important and timely."
Hersha Hospitality Trust is a self-advised real estate investment trust that owns mid-scale and upscale 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.
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