PHILADELPHIA—Hersha Hospitality Trust announced that the company was recognized with NAREIT’s 2015 Lodging & Resorts Leader in the Light Award. The award, presented annually by the National Association of Real Estate Investment Trusts (NAREIT), recognizes Hersha and its EarthView program for superior and sustainable portfolio-wide energy use practices and sustainability initiatives. Hersha has received the Leader in the Light Award in three out of the past four years and is this year’s co-winner, sharing the top spot with Maryland-based Host Hotels & Resorts.
Steven A. Wechsler, NAREIT’s President & Chief Executive Officer, recognized Hersha’s leadership in sustainability and presented Neil H. Shah, President and Chief Operating Officer of Hersha Hospitality Trust, with the Leader in the Light Award at REITWorld 2015, NAREIT’s Annual Convention, held last month in Las Vegas. The award recognizes NAREIT member companies across eight property sectors that best demonstrate superior sustainability practices. Hersha was distinguished as the leader within Lodging, alongside other sector winners, including AvalonBay Communities, Boston Properties, Prologis and Vornado Realty Trust.
Hersha’s internally-created EarthView program was launched in 2010 and is fully implemented across Hersha’s 53-hotel portfolio. The program provides value to the business and its guests by focusing on three core areas of sustainability—positive financial impact, environmental stewardship and community engagement. In 2014, EarthView reported a 13 percent reduction in carbon emissions, an 8 percent reduction in water consumption and a 42 percent reduction in waste sent to landfills across the portfolio.
“We are honored to be recognized as the 2015 NAREIT Lodging and Resorts Leader in the Light,” stated Jay H. Shah, Hersha’s Chief Executive Officer. “The success of EarthView positively impacts the community and environment while achieving measurable positive financial results for shareholders, thereby positioning Hersha as the leading institution for sustainable hospitality.”
Applicants to the 2015 Leader in the Light competition were required to complete the Global Real Estate Sustainability Benchmark (GRESB) survey, which takes a data-driven approach to evaluating the sustainability performance of real estate companies and measures the environmental performance of property portfolios around the world.
For more information about EarthView, view EarthView’s 2014 Sustainability Report here.
