Penn State to honor Leland Pillsbury, Ira Lubert with hospitality awards

UNIVERSITY PARK, Pa. — The Penn State Hotel and Restaurant Society (PSHRS) and Penn State School of Hospitality Management will honor Leland Pillsbury, chairman of Thayer Lodging Group Investment Partners and co-founder and partner of Thayer Investment Partners, and Ira Lubert, founder of Belgravia Management, at the 2027 PSHRS Industry Awards and Reception. The event will take place at 4:30 p.m. on April 13, 2027, at Penn State University Park.

Pillsbury will receive the society’s Lifetime Achievement Award, and Lubert will receive the Hospitality Executive of the Year Award.

“It is my distinct pleasure to congratulate both Leland Pillsbury and Ira Lubert on being bestowed the Lifetime Achievement Award and Hospitality Executive of the Year Award, respectively,” said Adam Tegge, senior vice president of acquisitions at Ashford Inc., who graduated in 1993 with a degree in HRIM and is the current president of PSHRS. “As the oldest academic program group within Penn State’s tremendous pantheon of alumni, these honors are among the most prestigious in hospitality higher education. Along with the hospitality management community, alumni and industry partners, we look forward to celebrating their accomplishments.” 

“In the School of Hospitality Management’s landmark 90th year of 2027, we celebrate the achievement of two individuals whose early college and career choices accelerated their decades of professional success,” said Donna Quadri-Felitti, Marvin Ashner Endowed Director of the Penn State School of Hospitality Management. “Both have devoted considerable effort to supporting higher education opportunities for subsequent generations. We are inspired by Lee and Ira on so many levels and look forward to their presence on campus when they will further inspire our Penn State community, especially our students.”

Leland Pillsbury 

Pillsbury is an entrepreneur and investor whose work has helped shape the modern global hospitality and travel industry. He has founded or co-founded more than 15 companies and started a leading venture capital firm in travel technology.

“It is a tremendous honor to receive the Lifetime Achievement Award from the Penn State School of Hospitality Management as the school celebrates its 90th anniversary,” Pillsbury said. “Penn State has played such an important role in shaping the hospitality industry and, more importantly, in preparing generations of leaders who have made a lasting difference in our profession. I am deeply grateful to be part of that legacy and to be recognized alongside so many outstanding individuals who have contributed to the industry.

“I also want to extend my warmest congratulations to Ira Lubert on being named Hospitality Executive of the Year. Ira has been an extraordinary leader and a true champion of hospitality, and this recognition is richly deserved. It is especially meaningful to share this occasion with him as we celebrate the remarkable 90-year history of the Penn State School of Hospitality Management.”

Pillsbury co-founded Thayer Lodging Group, one of the most successful hotel real estate investment platforms in the industry, before co-founding Thayer Ventures, a venture capital firm focused on travel and technology innovation, backing companies that are redefining how people experience and move through the world.

Thayer Lodging Group sponsored six large equity funds, investing in hotels branded by Marriott, Hilton, Weston, Sheraton, Wyndham and DoubleTree. During its 25+ years, Thayer Lodging’s funds achieved a 26.2% internal rate of return, ranking it one of the most successful real estate funds. Its properties included the development of the Grand Lakes Resort in Orlando, renovation of the Ritz Carlton San Francisco, renovation and conversion of Marriott Wardman Park in Washington D.C., and renovation and conversion of the Diplomat Hotel by Curio in Hollywood, Florida. The company was sold to Brookfield Asset Management in 2015. 

Prior to co-founding Thayer Lodging Group, Pillsbury spent 19 years at Marriott International, rising to become an executive vice president and corporate officer. Pillsbury and his team introduced many innovations at Marriott, including the first revenue management system for hotels and the first large scale guest loyalty program in the industry, developing Marriott’s multi-brand strategy and leading Marriott’s entry into the time share industry. 

Across his career, Pillsbury has combined operational expertise with a forward-looking investment strategy, helping to shape hospitality as a service industry and a global asset class. He said he is deeply committed to higher education and the development of the next generation of leaders through initiatives that foster entrepreneurship, innovation and long-term impact. 

Pillsbury graduated from Northwestern University with an MBA and from Cornell University with a bachelor of science in hotel administration. He is a former Penn State School of Hospitality Management Conti Professor and 2017 Hospitality Executive of the Year honoree.

Ira Lubert

Lubert has more than 40 years of experience in private equity and real estate investing. He has co-founded several highly successful private fund advisory firms, including Lubert-Adler Management Co. L.P.; LLR Management L.P.; Quaker Partners Management L.P.; LEM Capital L.P.; LBC Credit Management L.P.; Patriot Financial Partners L.P.; and Versa Capital.

“I am honored that the Penn State Hotel and Restaurant Society and the Penn State School of Hospitality Management have considered me for this significant recognition, especially during the milestone year of its 90th anniversary and alongside Leland Pillsbury accepting the Lifetime Achievement Award,” Lubert said. “My Penn State experience, both athletically and academically, has had a profoundly positive effect on my life and career. I am proud that the School of Hospitality Management continues to positively influence so many Penn State students destined to be leaders in their field.”

Lubert began his private equity career with Safeguard Scientifics Inc. In 1986, he founded Radnor Venture Partners, Safeguard's first venture capital fund. From 1986 to 1997, he served as Managing Director and Co-Founder of TL Ventures, the successor family of Safeguard-affiliated early-stage venture funds, where he provided leadership in venture capital investing, fund management, marketing and transaction execution.

Prior to his private equity career, Lubert served as chairman of the board and president of CompuCom Systems, a leading microcomputer reseller with more than $2 billion in annual revenue. Earlier, he joined IBM in 1973 in mid-range computer sales. During his nine-year tenure at IBM, he received numerous awards and distinctions for excellence in sales and marketing management, including multiple selections to IBM's prestigious “100% Club.”

In addition to his business accomplishments, Lubert has demonstrated a longstanding commitment to education, health care and civic leadership. He served on Penn State's Board of Trustees, including as chairman of the board, and has also served on the boards of Thomas Jefferson University Hospital, the Franklin Institute, the National Constitution Center and several other nonprofit organizations.

Lubert graduated from the Penn State School of Hospitality Management with a bachelor of science degree in 1973 while a member of the Penn State wrestling team.

About PSHRS

PSHRS was founded to strengthen all hospitality professions and enhance the reputation of the Hospitality Management program. PSHRS is an affiliate program group of the Penn State Alumni Association and the College of Health and Human Development Alumni Society. PSHRS provides a means for achieving closer fellowship among alumni, faculty and students. PSHRS serves those who are currently attending Penn State in hospitality management or who are graduates of the program, as well as those who work within the hospitality management industries and have attended Penn State or are friends of the program.

About the School of Hospitality Management

Established in 1937, the Penn State School of Hospitality Management is one of the nation’s oldest and most respected schools of hospitality management. Its top-ranked undergraduate and doctoral programs prepare global leaders with a rigorous, diverse curriculum focused on engaged scholarship, featuring partnerships with Penn State's Hospitality Services, Housing and Food Services, and top global hospitality brands. It is home to the oldest Penn State alumni program group, the Penn State Hotel and Restaurant Society. The school’s portfolio also features an innovative and focused master's degree. The program was rated No. 1 in Pennsylvania, No. 3 in the United States and No. 20 in the world by the 2026 QS World University Rankings by Subject for hospitality and leisure management programs.

For more information about the school, contact Ben Jellison, director of industry and alumni relations, at [email protected] or 814-865-6728.