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| Hersha Hospitality Trust                                                                             |   |
|------------------------------------------------------------------------------------------------------|--------|
| Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends             |   |
| (dollars in thousands)                                                                               |   |
|                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                 |   | Year Ended December 31, |   |
|                                                                                                 |   | 2010 |   |   | 2009 |   |   | 2008 |   |   | 2007 |   |   | 2006 |   |
| Earnings                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pre-tax (loss) income from continuing operations before income (loss) from equity investees          |   | $ | (19,930 | ) |   | $ | (53,576 | ) |   | $ | (13,004 | ) |   | $ | 11,911 |   |   | $ | 2,438 |   |
| Interest expensed and amortized premiums, discounts and capitalized expenses related to indebtedness |   |   | 45,868 |   |   |   | 45,183 |   |   |   | 43,306 |   |   |   | 41,980 |   |   |   | 24,183 |   |
| Distributed income of equity investees                                                               |   |   | - |   |   |   | 400 |   |   |   | 3,036 |   |   |   | 4,501 |   |   |   | 4,578 |   |
|                                                                                                 |   | $ | 25,938 |   |   | $ | (7,993 | ) |   | $ | 33,338 |   |   | $ | 58,392 |   |   | $ | 31,199 |   |
|                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Combined Fixed Charges and Preferred Share Dividends                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expensed and amortized premiums, discounts and capitalized expenses related to indebtedness |   | $ | 45,868 |   |   | $ | 45,183 |   |   | $ | 43,306 |   |   | $ | 41,980 |   |   | $ | 24,183 |   |
| Interest capitalized                                                                                 |   |   | 46 |   |   |   | 10 |   |   |   | 544 |   |   |   | 389 |   |   |   | - |   |
| Preferred share distributions                                                                        |   |   | 4,800 |   |   |   | 4,800 |   |   |   | 4,800 |   |   |   | 4,800 |   |   |   | 4,800 |   |
|                                                                                                 |   | $ | 50,714 |   |   | $ | 49,993 |   |   | $ | 48,650 |   |   | $ | 47,169 |   |   | $ | 28,983 |   |
|                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to combined fixed charges and preferred share dividends                            |   |   | * |   |   |   | * |   |   |   | * |   |   |   | 1.24 |   |   |   | 1.08 |   |

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