Stephen Zsigray will take over as CEO of hotel-focused real estate investment trust Ashford Hospitality after Rob Hays steps down at the end of June.
After a 20-year tenure, Hays will depart the Dallas-based REIT on June 30 to pursue an opportunity outside of real estate, Ashford Hospitality announced Thursday.
Zsigray is currently the REIT’s senior vice president of corporate finance and strategy. He and Hays will work together through June to accomplish a smooth leadership transition, Ashford Hospitality said.
The incoming CEO has been with Ashford since 2014 when he joined as a trader and portfolio manager for the investment management division. He subsequently served as president and chief operating officer of Ashford-affiliated hospitality technology company OpenKey.
Zsigray was appointed to his SVP role in May 2020. He also heads Ashford Inc.’s cash management platform and oversees corporate hedging strategy. Most recently, in November, Zsigray assumed the role of CFO and treasurer of Ashford Inc.’s Stirling Hotels & Resorts.
Monty Bennett, chairman of the board of directors, said in a statement that Zsigray “played a major role” in Ashford’s success over the past decade and is “a perfect fit” as Hays’ successor.
Hays called Zsigray “an exceptional leader” with “great vision and a deep understanding of our business and the industry,” adding that he will bolster “long-term success” for the company.
Earlier this month, Ashford Hospitality finalized its $171 million sale of the 390-key Hilton Boston Back Bay hotel to Certares to pay off strategic financing. In March, the REIT sold off a Residence Inn in Salt Lake City in another deleveraging play.
