PHILADELPHIA—Hotel Business has learned that industry veteran David McCaslin has joined Hersha Hotel Management (HHM) as EVP.
In his new role, McCaslin—who was most recently president of Northwood Hospitality—will lead the company’s private investment platform and spearhead the launch of its asset management business. The firm, which recently purchased the Sheraton Miami Airport, plans to acquire roughly half of a billion dollars in hotel assets in the next three years with a focus on full-service, value-add opportunities in the top 50 MSAs.
“Dave McCaslin coming on board is a game changer for HHM,” said Naveen Kakarla, HHM president and CEO. “His experience, insight and track record make him the ideal leader for this next phase of our investment efforts. With Dave’s addition to the team, we now have the right balance of experience, investment acumen, capital and asset management capability to take our rapidly growing investment platform to the next level.”
“I am excited about joining a company with such a strong culture of performance and collaboration.They understand the importance of aligning interests for capital investment and the impact of successful business plan execution on maximizing value,” said McCaslin, who reports directly to Kakarla.
Prior to Northwood, McCaslin was a cofounder of the original CapStar Hotel Company in 1987. In 2002, he became a partner and president at HEI Hotels and Resorts. McCaslin joins HHM’s existing investment team, which includes Shawn Tuli, VP, acquisitions & development, and Greg Winther, director of acquisitions.
HHM recently completed its acquisition of the Sheraton Miami Airport Hotel and Executive Meeting Center, which features 405 rooms, 17,000 sq. ft. of updated meeting space, an 1,800-sq.-ft. fitness facility, plus multiple food and beverage outlets.