SPECIAL REPORT
Shah gets equally nostalgic and reverent when he talks about his mother , Hersha – who he calls the real hospitality person in the family , and the namesake of the publically traded REIT , Hersha Hospitality Trust , that he has led since 2006 as CEO . “ She ’ s the most gracious lady you ’ ll ever meet . She ’ s just lovely , and she ’ s got the EQ ( emotional intelligence ) of five people combined ,” he says .
Shah ’ s parents have a love story that started during their childhoods in India , before Hasu married Hersha and brought her to settle in the United States . It is the values they instilled in Shah and his brother that are honored and followed to this day out of respect and the knowledge that the plans set in motion so many years ago worked . They never take it for granted .
Those third-grade car rides eventually led to the acquisition of a few motels in tertiary markets of Pennsylvania , further instilling the values of hospitality and hard work when sixth grade-Jay was checking in guests and finding the perfect angle for guest room TV antennas .
“ I remember my dad telling me , ‘ I think we should buy a motel .’ I asked , ‘ Why , dad ?’ And he said , ‘ Because there ’ s cash flow coming from the business . The cash flow will pay the mortgage . That will amortize until you grow equity .’ That was very simple ,” Shah says . It didn ’ t hurt that after fixing up the first property , his mother won a contract with a truck-driving school that kept the motel 100 % occupied for nine months of the year .
“ It was a very happy time because we were accomplishing something ,” Shah says , adding that his younger brother , Neil , Hersha ’ s president and chief operating officer , still refers to an unattributed , often-cited family quote , “ A small group of people facing the same direction can change the world .”
Long story short , sticking to the plan led Shah , by then a lawyer , to join the family
WE ’ RE TOUGH ON OURSELVES AND OUR ACTIONS . WE ’ RE NOT TOUGH ON PEOPLE , BUT WE ’ RE TOUGH ON THINKING .
JAY SHAH
30 hotelsmag . com November 2018