Area Companies Staff Up as Activity Heightens

In the wake of an 84% increase in the Hersha portfolio this year alone, primarily in second quarter, the hospitality REIT adds two new VPs. Robert Hazard is named VP of acquisitions and development; William J. Walsh becomes VP of asset management.

Hazard is the former CEO of MetroVision Community Development, an advisory firm that specializes in assisting government in development and management of its tourism infrastructure, and he previously held positions at Starwood Hotels & Resorts and Interstate Hotels. At Hersha, he will be responsible for sourcing and closing new business opportunities.

Walsh is a former asset manger with Lubert Adler Fund's hotel group, GF Management Inc., and held previous accounting posts at PGA National Resort & Spa and at several Radisson hotels. In his Hersha position he is charged with developing strategic growth plans for each property, reviewing all budgets and expenditures and working with operators to increase revenues and margins.

As VP of government relations at Penn National Gaming, Richard J. Klemp will represent the company's interests on legislative matters at the local, state and federal levels. He is a former regional VP of government relations for Las Vegas-based Harrah's Entertainment Inc. where he headed legislative and regulatory activities in several states.

Penn National's $2.2-billion acquisition of Alton, IL-based Argosy Gaming Co., announced in Nov. 2004, is expected to close Sept. 1. The deal has obtained conditional approval from the Federal Trade Commission and overcome regulatory hurdles in some, but not all of the states in which either company has a property. The Argosy acquisition is expected to approximately double Penn National's revenues.

Binswanger names Robert A. Fogarasi project manager, charged with hands-on responsibility for key properties. Fogarasi is the former facilities manager for Quest Diagnostics. Mike Mullen, formerly with CBRE's research group here, joins Pat Green, who heads the company's area industrial group. Mullen will specialize in the lease and sale of land and industrial and special-use facilities primarily in Bucks, Montgomery and Philadelphia counties.