DALLAS—Archie Bennett Jr. will retire January 18 as chairman of lodging REIT Ashford Hospitality Trust, Inc. Monty Bennett, his son and director/CEO of the company since its formation in 2003, will succeed him.
In addition, the REIT’s board of directors appointed W. Michael Murphy its lead director, replacing Martin Edelman. Murphy, the head of lodging and leisure capital markets for First Fidelity Companies, has been a director since Ashford’s formation.
The board also increased in size from seven to nine members.. On January 19, Douglas Kessler, Ashford’s president, and Kamal Jafarnia, an attorney in the financial services and products group and a member of the REIT practice group in the New York office of Alston & Bird, LLP, will join the board.
Kessler will continue to serve as president.
Upon his retirement from Ashford, Bennett Jr. will assume the role of chairman emeritus and advisor to the company.