Hersha Hospitality Trust (HT) 10-Q28 Apr 152015 Q1 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2015	Apr. 27, 2015
Entity Registrant Name	HERSHA HOSPITALITY TRUST
Entity Central Index Key	1063344
Current Fiscal Year End Date	-19
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Class A Common Shares [Member]
Entity Common Stock, Shares Outstanding		196,316,523
Class B Common Shares [Member]
Entity Common Stock, Shares Outstanding		0

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Assets:
Investment in Hotel Properties, Net of Accumulated Depreciation, Including Consolidation of Variable Interest Entity Assets of $83,871 and $84,247	$1,732,736	$1,745,483
Investment in Unconsolidated Joint Ventures	10,742	11,150
Cash and Cash Equivalents	31,428	21,675
Escrow Deposits	17,912	16,941
Hotel Accounts Receivable, Net of Allowance for Doubtful Accounts of $81 and $39	10,129	9,363
Deferred Financing Costs, Net of Accumulated Amortization of $7,352 and $6,938	7,981	8,605
Due from Related Parties	6,415	6,580
Intangible Assets, Net of Accumulated Amortization of $3,622 and $3,514	7,212	7,316
Other Assets	29,745	28,426
Total Assets	1,854,300	1,855,539
Liabilities and Equity:
Line of Credit	34,500
Unsecured Term Loan	250,000	250,000
Unsecured Notes Payable	51,548	51,548
Mortgages Payable, including Net Unamortized Premium and Consolidation of Variable Interest Entity Debt of $53,721 and $54,132	613,840	617,375
Accounts Payable, Accrued Expenses and Other Liabilities	52,312	54,115
Dividends and Distributions Payable	17,810	17,909
Due to Related Parties	9,875	7,203
Total Liabilities	1,029,885	998,150
Shareholders' Equity:
Preferred Shares: $.01 Par Value, 29,000,000 Shares Authorized, 4,600,000 Series B and 3,000,000 Series C Shares Issued and Outstanding at March 31, 2015 and December 31, 2014, with Liquidation Preferences of $25 Per Share (Note 1)	76	76
Accumulated Other Comprehensive Loss	-914	-358
Additional Paid-in Capital	1,183,098	1,193,056
Distributions in Excess of Net Income	-389,040	-365,381
Total Shareholders' Equity	795,189	829,382
Noncontrolling Interests (Note 1):
Noncontrolling Interests - Common Units	30,465	29,082
Noncontrolling Interests - Consolidated Variable Interest Entity	-1,239	-1,075
Total Noncontrolling Interests	29,226	28,007
Total Equity	824,415	857,389
Total Liabilities and Equity	1,854,300	1,855,539
Class A Common Shares [Member]
Shareholders' Equity:
Common Shares	1,969	1,989
Class B Common Shares [Member]
Shareholders' Equity:
Common Shares

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Assets:
Consolidation of variable interest entity assets	$83,871	$84,247
Hotel Accounts Receivable, Allowance for Doubtful Accounts	81	39
Deferred Financing Costs, Accumulated Amortization	7,352	6,938
Intangible Assets, Accumulated Amortization	3,622	3,514
Liabilities and Equity:
Consolidation of variable interest entity debt	$53,721	$54,132
Shareholders' Equity:
Preferred Shares - Outstanding (in shares)	7,600,000	7,600,000
Series B and C Preferred Shares [Member]
Shareholders' Equity:
Preferred Shares - Par Value (in dollars per share)	$0.01	$0.01
Preferred Shares - Authorized (in shares)	29,000,000	29,000,000
Preferred Shares - Liquidation Preference Value (in dollars per share)	$25	$25
Series B Preferred Shares [Member]
Shareholders' Equity:
Preferred Shares - Issued (in shares)	4,600,000	4,600,000
Preferred Shares - Outstanding (in shares)	4,600,000	4,600,000
Series C Preferred Shares [Member]
Shareholders' Equity:
Preferred Shares - Issued (in shares)	3,000,000	3,000,000
Preferred Shares - Outstanding (in shares)	3,000,000	3,000,000
Class A Common Shares [Member]
Shareholders' Equity:
Common Shares - Par Value (in dollars per share)	$0.01	$0.01
Common Shares - Authorized (in shares)	300,000,000	300,000,000
Common Shares - Issued (in shares)	196,907,816	198,835,083
Common Shares - Outstanding (in shares)	196,907,816	198,835,083
Class B Common Shares [Member]
Shareholders' Equity:
Common Shares - Par Value (in dollars per share)	$0.01	$0.01
Common Shares - Authorized (in shares)	1,000,000	1,000,000
Common Shares - Issued (in shares)	0	0
Common Shares - Outstanding (in shares)	0	0

Consolidated_Statements_Of_Ope

Consolidated Statements Of Operations (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenue:
Hotel Operating Revenues	$95,688	$79,917
Other Revenues	24	33
Total Revenues	95,712	79,950
Operating Expenses:
Hotel Operating Expenses	57,355	48,776
Insurance Recoveries		-2,045
Hotel Ground Rent	728	410
Real Estate and Personal Property Taxes and Property Insurance	8,270	6,806
General and Administrative (including Share Based Payments of $1,539 and $1,112 for the three months ended March 31, 2015 and 2014, respectively)	4,347	3,902
Acquisition and Terminated Transaction Costs	118	134
Depreciation and Amortization	18,253	16,343
Total Operating Expenses	89,071	74,326
Operating Income	6,641	5,624
Interest Income	48	398
Interest Expense	-10,635	-10,048
Other Expense	-169	-198
Loss on Debt Extinguishment		-644
Loss Before Loss from Unconsolidated Joint Venture Investments, Income Taxes and Discontinued Operations	-4,115	-4,868
Loss from Unconsolidated Joint Venture Investments	-274	-420
Loss Before Income Taxes	-4,389	-5,288
Income Tax Benefit		108
Loss from Continuing Operations	-4,389	-5,180
Discontinued Operations (Note 11):
Gain on Disposition of Discontinued Assets		138
Impairment of Discontinued Assets		-1,800
Income from Discontinued Operations, Net of Income Taxes		329
Loss from Discontinued Operations		-1,333
Net Loss	-4,389	-6,513
Loss Allocated to Noncontrolling Interests	443	507
Preferred Distributions	-3,589	-3,589
Net Loss Applicable to Common Shareholders	($7,535)	($9,595)
BASIC
Loss from Continuing Operations Applicable to Common Shareholders	($0.04)	($0.04)
Loss from Discontinued Operations Applicable to Common Shareholders	$0	($0.01)
Net Loss Applicable to Common Shareholders	($0.04)	($0.05)
DILUTED
Loss from Continuing Operations Applicable to Common Shareholders	($0.04)	($0.04)
Loss from Discontinued Operations Applicable to Common Shareholders	$0	($0.01)
Net Loss Applicable to Common Shareholders	($0.04)	($0.05)
Weighted Average Common Shares Outstanding:
Basic	198,331,158	200,743,751
Diluted	198,331,158	200,743,751

Consolidated_Statements_Of_Ope1

Consolidated Statements Of Operations (Parenthetical) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Potentially dilutive securities that have been excluded from earnings per share:
Share Based Payments	$1,539	$1,112
Potentially Dilutive Securities Excluded from the Denominator	9,277,684	8,215,904
Common Units And Vested LTIP Units [Member]
Potentially dilutive securities that have been excluded from earnings per share:
Potentially Dilutive Securities Excluded from the Denominator	7,346,261	6,914,716
Unvested Stock Awards And LTIP Units Outstanding [Member]
Potentially dilutive securities that have been excluded from earnings per share:
Potentially Dilutive Securities Excluded from the Denominator	808,516	650,379
Contingently Issuable Share Awards [Member]
Potentially dilutive securities that have been excluded from earnings per share:
Potentially Dilutive Securities Excluded from the Denominator	1,122,907	650,809

Consolidated_Statements_Of_Com

Consolidated Statements Of Comprehensive Loss (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Consolidated Statements Of Comprehensive Loss [Abstract]
Net Loss	($4,389)	($6,513)
Other Comprehensive Loss
Change in Fair Value of Derivative Instruments	-217	256
Less: Reclassification Adjustment for Change in Fair Value of Derivative Instruments Included in Net Income	-339	-356
Comprehensive Loss	-4,945	-6,613
Less: Comprehensive Loss Attributable to Noncontrolling Interests	443	507
Less: Preferred Distributions	-3,589	-3,589
Comprehensive Loss Attributable to Common Shareholders	($8,091)	($9,695)

Consolidated_Statements_Of_Equ

Consolidated Statements Of Equity (USD $)	Common Shares [Member]	Common Shares [Member]	Preferred Shares [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Distributions in Excess of Net Earnings [Member]	Total Shareholders' Equity [Member]	Noncontrolling Interests Common Units [Member]	Noncontrolling Interests Consolidated Variable Interest Entity [Member]	Noncontrolling Interests [Member]	Total
In Thousands, except Share data, unless otherwise specified	Class A Common Shares [Member]		USD ($)	USD ($)	USD ($)	USD ($)	USD ($)	USD ($)	USD ($)	USD ($)	USD ($)
	USD ($)
Balance at Dec. 31, 2013	$2,028		$76	$1,200,798	($376)	($364,568)	$837,958	$29,523	($342)	$29,181	$867,139
Balance (in shares) at Dec. 31, 2013		202,759,419	7,600,000					6,914,716
Repurchase of Common Shares	-26			-13,637		-1,621	-15,284				-15,284
Repurchase of Common Shares (in shares)		-2,626,854
Dividends and Distributions declared:
Common Shares						-12,079	-12,079				-12,079
Preferred Shares						-3,589	-3,589				-3,589
Common Units								-415		-415	-415
Dividend Reinvestment Plan				11			11				11
Dividend Reinvestment Plan (in shares)		2,154
Share Based Compensation
Grants	4			-4
Grants (in shares)		487,989
Amortization				2,204			2,204				2,204
Change in Fair Value of Derivative Instruments					-100		-100				-100
Net Loss						-6,006	-6,006	-331	-176	-507	-6,513
Balance at Mar. 31, 2014	2,006		76	1,189,372	-476	-387,863	803,115	28,777	-518	28,259	831,374
Balance (in shares) at Mar. 31, 2014		200,622,708	7,600,000					6,914,716
Balance at Dec. 31, 2014	1,989		76	1,193,056	-358	-365,381	829,382	29,082	-1,075	28,007	857,389
Balance (in shares) at Dec. 31, 2014		198,835,083	7,600,000					8,797,736
Repurchase of Common Shares	-20			-10,267		-2,340	-12,627				-12,627
Repurchase of Common Shares (in shares)		-1,977,762									-1,977,762
Dividends and Distributions declared:
Common Shares						-13,784	-13,784				-13,784
Preferred Shares						-3,589	-3,589				-3,589
Common Units								-480		-480	-480
LTIP Units								-172		-172	-172
Dividend Reinvestment Plan				15			15				15
Dividend Reinvestment Plan (in shares)		2,371
Share Based Compensation
Grants (in shares)		48,124
Amortization				294			294	2,314		2,314	2,608
Change in Fair Value of Derivative Instruments					-556		-556				-556
Net Loss						-3,946	-3,946	-279	-164	-443	-4,389
Balance at Mar. 31, 2015	$1,969		$76	$1,183,098	($914)	($389,040)	$795,189	$30,465	($1,239)	$29,226	$824,415
Balance (in shares) at Mar. 31, 2015		196,907,816	7,600,000					8,797,736

Consolidated_Statements_Of_Equ1

Consolidated Statements Of Equity (Parenthetical) (USD $)	3 Months Ended
Consolidated Statements Of Equity (Parenthetical) (USD $)	Mar. 31, 2015	Mar. 31, 2014
Dividends and Distributions declared:
Common Stock, Dividends declared (in dollars per share)	$0.07	$0.06
Common Units, Distributions declared (in dollars per share)	$0.07	$0.06
Incentive Distribution, Distribution Per Unit	$0.07

Consolidated_Statements_Of_Cas

Consolidated Statements Of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Operating Activities:
Net Loss	($4,389)	($6,513)
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Gain on Hotel Acquisitions, Net		-138
Impairment of Hotel Assets		1,800
Deferred Taxes		-108
Depreciation	18,147	16,244
Amortization	494	622
Loss on Debt Extinguishment		552
Equity in Loss of Unconsolidated Joint Ventures	274	420
Distributions from Unconsolidated Joint Ventures	5
Loss Recognized on Change in Fair Value of Derivative Instrument	54	12
Share Based Compensation Expense	1,539	1,112
(Increase) Decrease in:
Hotel Accounts Receivable	-766	-1,846
Escrows	-2,701	-2,103
Other Assets	-1,221	3,299
Due from Related Parties	165	5,779
Increase (Decrease) in:
Due to Related Parties	2,672	2,210
Accounts Payable, Accrued Expenses and Other Liabilities	149	-2,400
Net Cash Provided by Operating Activities	14,422	18,942
Investing Activities:
Purchase of Hotel Property Assets		-16,500
Deposits on Hotel Acquisitions, Net	-500	-1,000
Capital Expenditures	-5,383	-11,092
Cash Paid for Hotel Development Projects	-992	-2,396
Proceeds from Disposition of Hotel Properties		13,397
Net Changes in Capital Expenditure Escrows	1,730	3,025
Proceeds from Insurance Claims		1,033
Distributions from Unconsolidated Joint Venture	130
Net Cash Used in Investing Activities	-5,015	-13,533
Financing Activities:
Proceeds from Borrowings Under Line of Credit, Net	34,500	23,000
Principal Repayment of Mortgages and Notes Payable	-28,319	-16,129
Proceeds from Mortgages and Notes Payable	25,000	9,500
Cash Paid for Deferred Financing Costs	-95	-2,239
Repurchase of Common Shares	-12,627	-15,284
Dividends Paid on Common Shares	-13,903	-12,154
Dividends Paid on Preferred Shares	-3,589	-3,589
Distributions Paid on Common Partnership Units	-621	-415
Net Cash Provided by (Used in) Financing Activities	346	-17,310
Net Increase (Decrease) in Cash and Cash Equivalents	9,753	-11,901
Cash and Cash Equivalents - Beginning of Period	21,675	36,213
Cash and Cash Equivalents - End of Period	$31,428	$24,312

Basis_Of_Presentation

Basis Of Presentation

3 Months Ended

Mar. 31, 2015

Basis Of Presentation [Abstract]

Basis Of Presentation

NOTE 1 – BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements of Hersha Hospitality Trust (“we,” “us,” “our” or the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”) for interim financial information and with the general instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by US GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals), considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 or any future period. Accordingly, readers of these consolidated interim financial statements should refer to the Company’s audited financial statements prepared in accordance with US GAAP, and the related notes thereto, for the year ended December 31, 2014, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014, as certain footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted from this report pursuant to the rules of the Securities and Exchange Commission.

We are a self-administered Maryland real estate investment trust that was organized in May 1998 and completed our initial public offering in January 1999. Our common shares are traded on the New York Stock Exchange (the “NYSE”) under the symbol “HT.” We own our hotels and our investments in joint ventures through our operating partnership, Hersha Hospitality Limited Partnership (“HHLP”), for which we serve as the sole general partner. As of March 31, 2015, we owned an approximate 95.5% partnership interest in HHLP, including a 1.0% general partnership interest.

Noncontrolling Interest

We classify the noncontrolling interests of our consolidated variable interest entity and common units of limited partnership interest in HHLP (“Common Units”) as equity. The noncontrolling interest of Common Units totaled $30,465 as of March 31, 2015 and $29,082 as of December 31, 2014. As of March 31, 2015, there were 9,313,063 Common Units outstanding with a fair market value of $60,256, based on the price per share of our common shares on the NYSE on such date. In accordance with the partnership agreement of HHLP, holders of these units may redeem them for cash unless we, in our sole and absolute discretion, elect to issue common shares on a one-for-one basis in lieu of paying cash.

Net income or loss attributed to Common Units, as well as the net income or loss related to the noncontrolling interests of our consolidated variable interest entity, is included in net income or loss in the consolidated statements of operations. Net income or loss attributed to the Common Units and the noncontrolling interests of our consolidated variable interest entity is excluded from net income or loss applicable to common shareholders in the consolidated statements of operations.

Shareholders’ Equity

Terms of the Series B and Series C Preferred Shares outstanding at March 31, 2015 and December 31, 2014 are summarized as follows:

Dividend Per Share

Shares Outstanding

Three Months Ended March 31,

Series

31-Mar-15

31-Dec-14

Aggregate Liquidation Preference

Distribution Rate

2015

2014

Series B

4,600,000

115,000

8.000%

0.5000

Series C

3,000,000

75,000

6.875%

0.4297

Total

7,600,000

NOTE 1 – BASIS OF PRESENTATION (CONTINUED)

In February 2015, our Board of Trustees authorized us to repurchase from time to time up to an aggregate of $100,000 of our outstanding common shares. The current share repurchase program will expire on December 31, 2015. For the three months ended March 31, 2015 the Company repurchased 1,977,762 common shares for an aggregate purchase price of $12,627. Upon repurchase by the Company, these common shares ceased to be outstanding and became authorized but unissued common shares.

In April 2015, subsequent to the end of the first quarter, we repurchased 593,890 common shares for an aggregate purchase price of $3,808. Upon repurchase by the Company, these common shares ceased to be outstanding and became authorized but unissued common shares.

New Accounting Pronouncements

On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU No. 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.

On February 18, 2015, the FASB issued ASU No. 2015-02, Consolidation – Amendments to the Consolidation Analysis, which amends the current consolidation guidance affecting both the variable interest entity (VIE) and voting interest entity (VOE) consolidation models. The standard does not add or remove any of the characteristics in determining if an entity is a VIE or VOE, but rather enhances the way the Company assesses some of these characteristics. The new standard is effective for the Company on January 1, 2016. The Company does not expect ASU No. 2015-02 to have a significant impact on its consolidated financial statements and related disclosures.

On April 17, 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. Currently, debt issuance costs are recorded as an asset and amortization of these deferred financing costs is recorded in interest expense. Under the new standard, debt issuance costs will continued to be amortized over the life of the debt instrument and amortization will continue to be recorded in interest expense. The new standard is effective for the Company on January 1, 2016 and will be applied on a retrospective basis. The Company is currently evaluating ASU 2015-03, and anticipates a change in our presentation only since the standard does not alter the accounting for debt issuance costs.

Investment_In_Hotel_Properties

Investment In Hotel Properties	3 Months Ended
Investment In Hotel Properties	Mar. 31, 2015
Investment In Hotel Properties [Abstract]
Investment In Hotel Properties	NOTE 2 – INVESTMENT IN HOTEL PROPERTIES

	Investment in hotel properties consists of the following at March 31, 2015 and December 31, 2014:





			31-Mar-15		31-Dec-14

	Land	$	439,540	$	439,540
	Buildings and Improvements		1,427,885		1,424,842
	Furniture, Fixtures and Equipment		205,549		203,275
			2,072,974		2,067,657

	Less Accumulated Depreciation		-340,238		-322,174

	Total Investment in Hotel Properties	$	1,732,736	$	1,745,483

	Acquisitions

	We had no acquisitions during the three months ended March 31, 2015.

	Pro Forma Results (Unaudited)

	The following condensed pro forma financial data for the three months ended March 31, 2014 are presented as if the hotels acquired by the Company in 2014 had been acquired as of January 1, 2013. The condensed pro forma financial data is not necessarily indicative of what actual results of operations of the Company would have been for the periods presented assuming the acquisitions had been consummated on January 1, 2014, nor do they purport to represent the results of operations for future periods.






		Three Months Ended March 31,
		2014
	Pro Forma Total Revenues	$	85,884

	Pro Forma Loss from Continuing Operations	$	-3,187
	Loss from Discontinued Operations		-1,333
	Pro Forma Net Loss		-4,520
	Loss Allocated to Noncontrolling Interest		441
	Preferred Distributions		-3,589
	Pro Forma Net Loss Applicable to Common Shareholders	$	-7,668

	Pro Forma Loss Applicable to Common Shareholders per Common Share
	Basic	$	-0.04
	Diluted	$	-0.04

	Weighted Average Common Shares Outstanding
	Basic		200,743,751
	Diluted		200,743,751

Investment_In_Unconsolidated_J

Investment In Unconsolidated Joint Ventures	3 Months Ended
Investment In Unconsolidated Joint Ventures	Mar. 31, 2015
Investment In Unconsolidated Joint Ventures [Abstract]
Investment In Unconsolidated Joint Ventures	NOTE 3 – INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

	As of March 31, 2015 and December 31, 2014, our investment in unconsolidated joint ventures consisted of the following:





					Percent		Preferred		March 31,		December 31,
	Joint Venture		Hotel Properties		Owned		Return		2015		2014

	SB Partners, LLC		Holiday Inn Express, South Boston, MA		50.0%		N/A	$	824	$	913
	Hiren Boston, LLC		Courtyard by Marriott, South Boston, MA		50.0%		N/A		4,571		4,680
	Mystic Partners, LLC		Hilton and Marriott branded hotels in CT		8.8%-66.7%		8.5% non-cumulative		5,347		5,556
								$	10,742	$	11,150

	Income or loss from our unconsolidated joint ventures is allocated to us and our joint venture partners consistent with the allocation of cash distributions in accordance with the joint venture agreements. Any difference between the carrying amount of these investments and the underlying equity in net assets is amortized over the expected useful lives of the properties and other intangible assets.

	Loss recognized during the three months ended March 31, 2015 and 2014, for our investments in unconsolidated joint ventures is as follows:



			Three Months Ended March 31,
				2015			2014
	SB Partners, LLC		$	-90		$	-121
	Hiren Boston, LLC			-109			-165
	Mystic Partners, LLC			-75			-134
	Loss from Unconsolidated Joint Venture Investments		$	-274		$	-420


	NOTE 3 – INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (CONTINUED)

	The following tables set forth the total assets, liabilities, equity and components of net income or loss, including the Company’s share, related to the unconsolidated joint ventures discussed above as of March 31, 2015 and December 31, 2014 and for the three months ended March 31, 2015 and 2014.





	Balance Sheets
				March 31,			December 31,
				2015			2014
	Assets
	Investment in Hotel Properties, Net		$	105,652		$	106,430
	Other Assets			19,285			19,032
	Total Assets		$	124,937		$	125,462

	Liabilities and Equity
	Mortgages and Notes Payable		$	115,042		$	115,446
	Other Liabilities			32,679			30,832
	Equity:
	Hersha Hospitality Trust			22,772			23,060
	Joint Venture Partner(s)			-45,556			-43,876
	Total Equity			-22,784			-20,816

	Total Liabilities and Equity		$	124,937		$	125,462





	Statements of Operations

			Three Months Ended March 31,
				2015			2014
Room Revenue		$	12,682		$	12,490
Other Revenue			5,069			4,785
Operating Expenses			-13,193			-12,955
Lease Expense			-276			-250
Property Taxes and Insurance			-755			-747
General and Administrative			-1,406			-1,405
Depreciation and Amortization			-1,566			-1,616
Interest Expense			-1,622			-6,828
Gain (Loss) allocated to Noncontrolling Interests			-24			229

Net Loss		$	-1,091		$	-6,297


NOTE 3 – INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (CONTINUED)

The following table is a reconciliation of the Company’s share in the unconsolidated joint ventures’ equity to the Company’s investment in the unconsolidated joint ventures as presented on the Company’s balance sheets as of March 31, 2015 and December 31, 2014.





			March 31,			December 31,
			2015			2014
Company's share of equity recorded on the joint ventures' financial statements		$	22,772		$	23,060
Adjustment to reconcile the Company's share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures(1)			-12,030			-11,910
Investment in Unconsolidated Joint Ventures		$	10,742		$	11,150

(1) Adjustment to reconcile the Company's share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures consists of the following:

	·		cumulative impairment of the Company’s investment in joint ventures not reflected on the joint ventures' financial statements;
	·		the Company’s basis in the investment in joint ventures not recorded on the joint ventures' financial statements; and
	·		accumulated amortization of the Company’s equity in joint ventures that reflects the Company’s portion of the excess of the fair value of joint ventures' assets on the date of our investment over the carrying value of the assets recorded on the joint ventures financial statements (this excess investment is amortized over the life of the properties, and the amortization is included in Income (Loss) from Unconsolidated Joint Venture Investments on the Company’s consolidated statement of operations).

Other_Assets

Other Assets	3 Months Ended
Other Assets	Mar. 31, 2015
Other Assets [Abstract]
Other Assets	NOTE 4 – OTHER ASSETS

	Other Assets

	Other Assets consisted of the following at March 31, 2015 and December 31, 2014:



		31-Mar-15		31-Dec-14

	Investment in Statutory Trusts		1,548		1,548
	Prepaid Expenses		9,306		7,883
	Deferred Tax Asset, Net of Valuation Allowance of $804		11,448		11,448
	Other		7,443		7,547
		$	29,745	$	28,426

	Investment in Statutory Trusts - We have an investment in the common stock of Hersha Statutory Trust I and Hersha Statutory Trust II. Our investment is accounted for under the equity method.

	Prepaid Expenses - Prepaid expenses include amounts paid for property tax, insurance and other expenditures that will be expensed in the next twelve months.

	Deferred Tax Asset - We have approximately $11,448 of net deferred tax assets as of March 31, 2015. We have considered various factors, including future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies in determining a valuation allowance for our deferred tax assets, and we believe that it is more likely than not that we will be able to realize the $11,448 of net deferred tax assets in the future.

Debt

Debt	3 Months Ended
	Mar. 31, 2015
Debt [Abstract]
Debt	NOTE 5 – DEBT

	Mortgages

	We had total mortgages payable at March 31, 2015 and December 31, 2014 of $613,840 and $617,375, respectively. These balances consisted of mortgages with fixed and variable interest rates, which ranged from 2.43% to 6.50% as of March 31, 2015. Included in these balances are net premiums of $1,369 and $1,584 as of March 31, 2015 and December 31, 2014, respectively, which are amortized over the remaining life of the loans. Aggregate interest expense incurred under the mortgage loans payable totaled $7,140 and $7,826 during the three months ended March 31, 2015 and 2014, respectively.

	Our mortgage indebtedness contains various financial and non-financial covenants customarily found in secured, non-recourse financing arrangements. Our mortgage loans payable typically require that specified debt service coverage ratios be maintained with respect to the financed properties before we can exercise certain rights under the loan agreements relating to such properties. If the specified criteria are not satisfied, the lender may be able to escrow cash flow generated by the property securing the applicable mortgage loan. We have determined that certain debt service coverage ratio covenants contained in the loan agreements securing three of our hotel properties were not met as of March 31, 2015. Pursuant to these loan agreements, the lender has elected to escrow the operating cash flow for a number of these properties. However, these covenants do not constitute an event of default for these loan agreements.

	As of March 31, 2015, the maturity dates for the outstanding mortgage loans ranged from April 2016 to April 2023. On April 10, 2015, we repaid $36,288 on our mortgage for the Courtyard by Marriott, Brookline, MA property. The loan was due to mature in July 2015, and we anticipate incurring approximately $4 in expense in unamortized deferred financing costs and fees during the second quarter of 2015.

	Subordinated Notes Payable

	We have two junior subordinated notes payable in the aggregate amount of $51,548 to the Hersha Statutory Trusts pursuant to indenture agreements which will mature on July 30, 2035, but may be redeemed at our option, in whole or in part, prior to maturity in accordance with the provisions of the indenture agreements. The $25,774 of notes issued to Hersha Statutory Trust I and Hersha Statutory Trust II bear interest at a variable rate of LIBOR plus 3% per annum. This rate resets two business days prior to each quarterly payment. The weighted average interest rate on our two junior subordinated notes payable was 3.25% and 3.24% during the three months ended March 31, 2015 and 2014, respectively. Interest expense in the amount of $419 and $417 was recorded for the three months ended March 31, 2015 and 2014, respectively.

	Credit Facilities

	On February 28, 2014, we entered into a senior unsecured credit agreement with Citigroup Global Markets Inc. and various other lenders. The credit agreement provides for a $500,000 senior unsecured credit facility consisting of a $250,000 senior unsecured revolving line of credit, and a $250,000 senior unsecured term loan. This new facility amended and restated the existing $400,000 senior unsecured credit facility. The $500,000 unsecured credit facility expires on February 28, 2018, and, provided no event of default has occurred, we may request that the lenders renew the credit facility for an additional one-year period. The credit facility is also expandable to $850,000 at our request, subject to the satisfaction of certain conditions.

	Prior to February 28, 2014, we maintained a senior unsecured credit agreement with Citigroup Global Markets Inc. and various other lenders. The credit agreement provided for a $400,000 senior unsecured credit facility consisting of a $250,000 senior unsecured revolving line of credit, and a $150,000 senior unsecured term loan.


	NOTE 5 – DEBT (CONTINUED)

	The amount that we can borrow at any given time on our $500,000 unsecured credit facility is governed by certain operating metrics of designated unencumbered hotel properties known as borrowing base assets. As of March 31, 2015, the following hotel properties were borrowing base assets:





	- Holiday Inn Express, Cambridge, MA	- Hampton Inn, Philadelphia, PA
	- Holiday Inn, Wall Street, NY	- Hampton Inn, Washington, DC
	- Holiday Inn Express, Times Square, NY	- Hyatt Place, King of Prussia, PA
	- Residence Inn, Norwood, MA	- Nu Hotel, Brooklyn, NY
	- Residence Inn, Framingham, MA	- The Rittenhouse Hotel, Philadelphia, PA
	- Sheraton, Wilmington South, DE	- The Boxer, Boston, MA
	- Sheraton Hotel, JFK Airport, New York, NY	- Holiday Inn Express (Water Street), New York, NY
	- Candlewood Suites, Times Square, NY	- Courtyard, San Diego, CA
	- Hampton Inn, Times Square, NY	- Residence Inn, Coconut Grove, FL
	- Winter Haven, Miami, FL	- Blue Moon, Miami, FL
	- Hampton Inn, Pearl Street, NY	- Parrot Key Resort, Key West, FL
	- Residence Inn, Greenbelt, MD

	The interest rate for the $500,000 unsecured credit facility is based on a pricing grid with a range of one month U.S. LIBOR plus 1.70% to 2.45% for the revolving line of credit and 1.60% to 2.35% for the unsecured term loan. As noted above, we refinanced our credit facility during the three months ended March 31, 2014. Prior to this refinance, the pricing grid for the revolving line of credit and unsecured term loan was U.S. LIBOR plus 1.75% to 2.65%.

	As of March 31, 2015, we had borrowed $250,000 in unsecured term loans under the unsecured credit facility, $150,000 for which we had entered into interest rate swaps which effectively fix the interest rate on these term loans at a blended rate of 3.217%. See “Note 7 – Fair Value Measurements and Derivative Instruments” for more information.

	The credit agreement providing for the $500,000 unsecured credit facility includes certain financial covenants and requires that we maintain: (1) a minimum tangible net worth of $803,711, plus an amount equal to 75% of the net cash proceeds of all issuances and primary sales of equity interests of the parent guarantor or any of its subsidiaries consummated following the closing date; (2) annual distributions not to exceed 95% of adjusted funds from operations; and (3) certain financial ratios, including the following:

	·a fixed charge coverage ratio of not less than 1.45 to 1.00, which increases to 1.50 to 1.00 as of January 1, 2016;
	·a maximum leverage ratio of not more than 60%; and
	·a maximum secured debt leverage ratio of 50%, which decreases to 45% as of January 1, 2016.

	The Company is in compliance with each of the covenants listed above as of March 31, 2015. As of March 31, 2015, our remaining borrowing capacity under the $500,000 unsecured credit facility was $211,245, based on the borrowing base assets at March 31, 2015.

	As of March 31, 2015, the outstanding unsecured term loan balance under the $500,000 unsecured credit facility was $250,000 and we had outstanding borrowings of $34,500 on the revolving line of credit. As of December 31, 2014, the outstanding unsecured term loan under the $500,000 unsecured credit facility was $250,000 and the revolving line of credit had no balance outstanding.

	The Company recorded interest expense of $1,742 and $1,103 related to borrowings drawn on each of the aforementioned credit facilities for the three months ended March 31, 2015 and 2014, respectively. The weighted average interest rate on our credit facilities was 2.78% and 3.14% for the three months ended March 31, 2015 and 2014, respectively.



	NOTE 5 – DEBT (CONTINUED)

	Capitalized Interest

We utilize mortgage debt and our $500,000 unsecured credit facility to finance on-going capital improvement projects at our hotels. Interest incurred on mortgages and the unsecured credit facility that relates to our capital improvement projects is capitalized through the date when the assets are placed in service. For the three months ended March 31, 2015 and 2014, we capitalized $0 and $242, respectively, of interest expense related to these projects.

Deferred Financing Costs

Costs associated with entering into mortgages and notes payable and our credit facilities are deferred and amortized over the life of the debt instruments. Amortization of deferred financing costs is recorded in interest expense. As of March 31, 2015, deferred costs were $7,981, net of accumulated amortization of $7,352. Amortization of deferred costs for the three months ended March 31, 2015 and 2014 was $719 and $699, respectively.

New Debt/Refinance

On January 30, 2015, we repaid outstanding mortgage debt with an original principal balance of $27,500 secured by the Capitol Hill Hotel, Washington, DC and simultaneously entered into a new mortgage obligation of $25,000. The new mortgage debt bears interest at a variable rate of one month U.S. dollar LIBOR plus 2.25% and matures on January 30, 2018. The loan was due to mature in January 2015, and we incurred no loss on debt extinguishment in paying off the loan.

On February 28, 2014, we refinanced our previous $400,000 unsecured credit facility with a $500,000 unsecured credit facility with Citigroup Global Markets Inc. and various other lenders. As a result of this refinance, we expensed $579 in unamortized deferred financing costs and fees during the three months ended March 31, 2014.

On January 31, 2014, we paid down $5,175 of the outstanding debt and modified the mortgage loan on the Duane Street Hotel, New York, NY. In connection with this, we entered into a $9,500 mortgage loan with a maturity date of February 1, 2017. The modified mortgage loan bears interest at a variable rate of one month U.S. dollar LIBOR plus 4.50%. The modification also includes an interest rate swap, which effectively fixes the interest rate at 5.433%. See “Note 7 – Fair Value Measurements and Derivative Instruments” for more information on the interest rate swap. As a result of this modification, we expensed $65 in unamortized deferred financial costs and fees during the three months ended March 31, 2014.

Commitments_And_Contingencies_

Commitments And Contingencies And Related Party Transactions	3 Months Ended
	Mar. 31, 2015
Commitments And Contingencies And Related Party Transactions [Abstract]
Commitments And Contingencies And Related Party Transactions	NOTE 6 – COMMITMENTS AND CONTINGENCIES AND RELATED PARTY TRANSACTIONS

	Management Agreements

	Our wholly-owned taxable REIT subsidiary ("TRS"), 44 New England, engages eligible independent contractors in accordance with the requirements for qualification as a REIT under the internal revenue code of 1986, as amended, including HHMLP, as the property managers for hotels it leases from us pursuant to management agreements. HHMLP is owned, in part, by certain executives and trustees of the Company. Our management agreements with HHMLP provide for five-year terms and are subject to early termination upon the occurrence of defaults and certain other events described therein. As required under the REIT qualification rules, HHMLP must qualify as an “eligible independent contractor” during the term of the management agreements. Under the management agreements, HHMLP generally pays the operating expenses of our hotels. All operating expenses or other expenses incurred by HHMLP in performing its authorized duties are reimbursed or borne by our TRS to the extent the operating expenses or other expenses are incurred within the limits of the applicable approved hotel operating budget. HHMLP is not obligated to advance any of its own funds for operating expenses of a hotel or to incur any liability in connection with operating a hotel. Management agreements with other unaffiliated hotel management companies have similar terms.

	For its services, HHMLP receives a base management fee and, if a hotel exceeds certain thresholds, an incentive management fee. The base management fee for a hotel is due monthly and is equal to 3% of gross revenues associated with each hotel managed for the related month. The incentive management fee, if any, for a hotel is due annually in arrears on the ninetieth day following the end of each fiscal year and is based upon the financial performance of the hotels. For the three months ended March 31, 2015 and 2014, base management fees incurred totaled $2,670 and $2,462, respectively, and are recorded as Hotel Operating Expenses. For the three months ended March 31, 2015 and 2014, we did not incur incentive management fees.

	Franchise Agreements

	Our branded hotel properties are operated under franchise agreements assumed by the hotel property lessee. The franchise agreements have 10 to 20 year terms, but may be terminated by either the franchisee or franchisor on certain anniversary dates specified in the agreements. The franchise agreements require annual payments for franchise royalties, reservation, and advertising services, and such payments are based upon percentages of gross room revenue. These payments are paid by the hotels and charged to expense as incurred. Franchise fee expenses for the three months ended March 31, 2015 and 2014 were $5,590 and $5,068, respectively, and are recorded in Hotel Operating Expenses. The initial fees incurred to enter into the franchise agreements are amortized over the life of the franchise agreements.

	Accounting and Information Technology Fees

	Each of the wholly-owned hotels and consolidated joint venture hotel properties managed by HHMLP incurs a monthly accounting and information technology fee. Monthly fees for accounting services are between $2 and $3 per property and monthly information technology fees range from $1 to $2 per property. For the three months ended March 31, 2015 and 2014, the Company incurred accounting fees of $360 and $358, respectively. For the three months ended March 31, 2015 and 2014, the Company incurred information technology fees of $106 and $105, respectively. Accounting fees and information technology fees are included in Hotel Operating Expenses.

	Capital Expenditure Fees

	HHMLP charges a 5% fee on all capital expenditures and pending renovation projects at the properties as compensation for procurement services related to capital expenditures and for project management of renovation projects. For the three months ended March 31, 2015 and 2014, we incurred fees of $147 and $288, respectively, which were capitalized with the cost of fixed asset additions.

	NOTE 6 – COMMITMENTS AND CONTINGENCIES AND RELATED PARTY TRANSACTIONS (CONTINUED)

	Acquisitions from Affiliates

	We have entered into an option agreement with each of our officers and certain trustees such that we obtain a right of first refusal to purchase any hotel owned or developed in the future by these individuals or entities controlled by them at fair market value. This right of first refusal would apply to each party until one year after such party ceases to be an officer or trustee of the Company. Our Acquisition Committee of the Board of Trustees is comprised solely of independent trustees, and the purchase prices and all material terms of the purchase of hotels from related parties are approved by the Acquisition Committee.

	Hotel Supplies

	For the three months ended March 31, 2015 and 2014, we incurred charges for hotel supplies of $23 and $51, respectively. For the three months ended March 31, 2015 and 2014, we incurred charges for capital expenditure purchases of $1,360 and $4,516, respectively. These purchases were made from Hersha Purchasing and Design, a hotel supply company owned, in part, by certain executives and trustees of the Company. Hotel supplies are expensed and included in Hotel Operating Expenses on our consolidated statements of operations, and capital expenditure purchases are included in investment in hotel properties on our consolidated balance sheets. Approximately $3 and $2 is included in accounts payable at March 31, 2015 and December 31, 2014, respectively.

	Due From Related Parties

	The due from related parties balance as of March 31, 2015 and December 31, 2014 was approximately $6,415 and $6,580, respectively. The balances primarily consisted of working capital deposits made to Hersha affiliates.

	Due to Related Parties

	The balance due to related parties as of March 31, 2015 and December 31, 2014 was approximately $9,875 and $7,203, respectively. The balances consisted of amounts payable to HHMLP for administrative, management, and benefit related fees.

	Hotel Ground Rent

	For the three months ended March 31, 2015 and 2014, we incurred $728 and $410, respectively, of rent expense payable pursuant to ground leases related to certain hotel properties.

	Contingent Liability

	The purchase agreement for the acquisition of the Parrot Key Resort in Key West, FL in 2014 contains a provision that entitles the seller to additional consideration of $2,000 contingent upon the hotel achieving certain net operating income thresholds within twelve months of acquisition. At the time of acquisition, no liability was recorded as the fair market value of the contingent consideration was determined to be $0 and upon remeasurement at March 31, 2015, the liability of the contingent consideration was determined to be $2,000. The maximum cash payment under this arrangement is $2,000 and such amount is payable during 2015.

Fair_Value_Measurements_And_De

Fair Value Measurements And Derivative Instruments

3 Months Ended

Mar. 31, 2015

Fair Value Measurements And Derivative Instruments [Abstract]

Fair Value Measurements And Derivative Instruments

NOTE 7 – FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS

Fair Value Measurements

Our determination of fair value measurements are based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, we utilize a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liabilities, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

As of March 31, 2015, the Company’s derivative instruments represented the only financial instruments measured at fair value. Currently, the Company uses derivative instruments, such as interest rate swaps and caps, to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs.

We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees.

Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by us and the counterparties. However, as of March 31, 2015 we have assessed the significance of the effect of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

NOTE 7 – FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS (CONTINUED)

Derivative Instruments

Estimated Fair Value

Hedged Debt

Type

Strike Rate

Index

Effective Date

Maturity Date

Notional Amount

31-Mar-15

31-Dec-14

Courtyard, LA Westside, Culver City, LA

Swap

1.097%

1-Month LIBOR + 3.85%

29-Sep-11

29-Sep-15

$ 29,500

-121

-174

Capitol Hill Hotel, Washington, DC*

Swap

0.540%

1-Month LIBOR + 3.25%

1-Feb-12

1-Feb-15

-8

Courtyard, Miami, FL

Swap

0.820%

1-Month LIBOR + 3.50%

2-Jul-12

1-Jul-16

60,000

-262

-218

Subordinated Notes Payable

Cap

2.000%

1-Month LIBOR + 3.00%

30-Jul-12

30-Jul-14

51,548

Unsecured Term Loan

Swap

0.545%

1-Month LIBOR + 2.40%

5-Nov-12

5-Nov-16

100,000

272

Unsecured Term Loan

Swap

0.600%

1-Month LIBOR + 2.40%

18-Dec-12

5-Nov-16

50,000

-41

Hyatt, Union Square, New York, NY

Cap

2.000%

1-Month LIBOR + 4.19%

9-Apr-13

9-Apr-16

55,000

Duane Street Hotel, New York, NY

Swap

0.933%

1-Month LIBOR + 4.50%

1-Feb-14

1-Feb-17

9,305

-52

-29

Hilton Garden Inn 52nd Street, New York, NY

Cap

1.100%

1-Month LIBOR + 2.90%

27-May-14

1-Jun-15

45,000

Hilton Garden Inn 52nd Street, New York, NY

Swap

1.152%

1-Month LIBOR + 2.90%

1-Jun-15

21-Feb-17

45,000

-356

-149

-824

-212

*On February 1, 2015, the interest rate swap associated with Capitol Hill Hotel matured, and we refinanced the debt on this property. See Note 5 – Debt for more information regarding this refinance.

The fair value of certain swaps and our interest rate caps is included in other assets at March 31, 2015 and December 31, 2014 and the fair value of certain of our interest rate swaps is included in accounts payable, accrued expenses and other liabilities at March 31, 2015 and December 31, 2014.

The net change in fair value of derivative instruments designated as cash flow hedges was a loss of $556 and $100 for the three months ended March 31, 2015 and 2014, respectively. These unrealized losses were reflected on our consolidated balance sheet in accumulated other comprehensive loss.

Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate derivative. The change in net unrealized gains/losses on cash flow hedges reflects a reclassification of $339 of net unrealized gains/losses from accumulated other comprehensive income as an increase to interest expense for the three months ended March 31, 2015. For the next twelve months ending March 31, 2016, the Company estimates that an additional $1,144 will be reclassified as an increase to interest expense.

Fair Value of Debt

The Company estimates the fair value of its fixed rate debt and the credit spreads over variable market rates on its variable rate debt by discounting the future cash flows of each instrument at estimated market rates or credit spreads consistent with the maturity of the debt obligation with similar credit policies. Credit spreads take into consideration general market conditions and maturity. The inputs utilized in estimating the fair value of debt are classified in Level 2 of the fair value hierarchy. As of March 31, 2015, the carrying value and estimated fair value of the Company’s debt were $949,888 and $947,111, respectively. As of December 31, 2014, the carrying value and estimated fair value of the Company’s debt was $918,923 and $916,877, respectively.

Share_Based_Payments

Share Based Payments	3 Months Ended
Share Based Payments	Mar. 31, 2015
Share Based Payments [Abstract]
Share Based Payments	NOTE 8 – SHARE BASED PAYMENTS

	In May 2011, the Company established and our shareholders approved the Hersha Hospitality Trust 2012 Equity Incentive Plan (the “2012 Plan”) for the purpose of attracting and retaining executive officers, employees, trustees and other persons and entities that provide services to the Company.

	Executives & Employees

	Annual Long Term Equity Incentive Programs

	To further align the interests of the Company’s executives with those of shareholders, the Compensation Committee grants annual long term equity incentive awards that are both “performance based” and “time based.”

	On March 18, 2015, the Compensation Committee approved the 2015 Annual Long Term Equity Incentive Program (“2015 Annual EIP”) for the executive officers, pursuant to which the executive officers are eligible to earn equity awards in the form of stock awards or performance share awards issuable pursuant to the 2012 Plan (“LTIP Units”). LTIP Units are earned under the 2015 Annual EIP based on achieving a threshold, target or maximum level of performance in the performance of RevPAR growth in certain defined areas. The Company accounts for these grants as performance awards for which the Company assesses the probable achievement of the performance conditions at the end of each period. No stock based compensation expense was recorded for the three months ended March 31, 2015 under this program. As of March 31, 2015, no shares or LTIP Units have been issued in accordance with the 2012 Plan to the executive officers in settlement of 2015 Annual EIP awards.

	The following table is a summary of all unvested LTIP Units issued to executives:



									Units Vested (1)				Unearned Compensation (2)
	Issuance Date		LTIP Units Issued		Vesting Period		Vesting Schedule		31-Mar-15		31-Dec-14			31-Mar-15			31-Dec-14
	30-Mar-15
	(2014 Annual EIP)		515,327		3 years		25%/year (1)		128,831		-		$	1,520		$	-
	23-Dec-14
	(2013 Annual EIP) (3)		335,972		3 years		25%/year (1)		223,979		111,991			480			582
	23-Dec-14
	(2012 Annual EIP) (3)		389,524		3 years		25%/year (1)		584,282		194,761			232			309
	December 23, 2014 (3)		1,035,595		5 years		33% Year 3, 4, 5 (2)		-		-			2,376			2,650
			2,276,418						937,092		306,752		$	4,608		$	3,541


		-1		25% of the issued shares or LTIP Units vested immediately upon issuance. In general, the remaining shares or LTIP Units vest 25% on the first through third anniversaries of the end of the performance period (subject to continuous employment through the applicable vesting date).
		-2		On April 18, 2012, the Company entered into amended and restated employment agreements with the Company’s executive officers. To induce the executives to agree to the substantial reduction in benefits upon certain terminations following a change of control as described in the agreements, the Company awarded an aggregate of 1,035,595 restricted common shares to the executives pursuant to the 2012 Plan, which were subsequently forfeited and replaced with LTIP Units. None of these LTIP Units will vest prior to the third anniversary of the date of issuance. Thereafter, 33.3% of each award of LTIP Units will vest on each of the third, fourth and fifth anniversaries of the date of issuance. Vesting will accelerate upon a change of control or if the relevant executive’s employment with the Company were to terminate for any reason other than for cause (as defined in the agreements).
		-3		On December 23, 2014, the 2012 Plan was amended and restated to add LTIP Units as a type of award available under the 2012 Plan. On this date, the Compensation Committee approved an aggregate of 1,948,324 LTIP Units to certain executive officers. These executive officers forfeited an aggregate of 1,948,324 Class A Common Shares, all of which were unvested as of the grant date of the LTIP Units and previously awarded to the executive officers under the 2012 Plan as restricted stock awards. These LTIP Units are subject to the same time-based vesting conditions that applied to the forfeited restricted stock awards.

	NOTE 8 – SHARE BASED PAYMENTS (CONTINUED)

	Stock based compensation expense related to the Annual Long Term Equity Incentive Program of $1,195 and $808 was incurred during the three months ended March 31, 2015 and 2014, respectively. Unearned compensation related to the Annual Long Term Equity Incentive Program as of March 31, 2015 and December 31, 2014 was $4,608 and $3,541, respectively.

	Compensation related to the LTIP Units is included in Noncontrolling Interests on the Company’s Consolidated Balance Sheets and Consolidated Statements of Equity.

	Multi-Year Long Term Equity Incentive Program

	On March 18, 2015, the Compensation Committee approved the 2015 Multi-Year Long Term Equity Incentive Program (“2015 Multi-Year EIP”). The shares or LTIP Units issuable under this program are based on the Company’s achievement of a certain level of (1) absolute total shareholder return (37.50% of the award), (2) relative total shareholder return as compared to the Company’s peer group (37.50% of the award), and (3) relative growth in revenue per available room compared to the Company’s peer group (25% of the award). This program has a three-year performance period which commenced on January 1, 2015 and ends December 31, 2017. As of March 31, 2015, no shares or LTIP Units have been issued to the executive officers in settlement of 2015 Multi-Year EIP awards. Stock based compensation expense for the three months ended March 31, 2015 under this program was not material.

	On April 11, 2014, the Compensation Committee approved the 2014 Multi-Year Long Term Equity Incentive Program (“2014 Multi-Year EIP”). The common shares issuable under this program are based on the Company’s achievement of a certain level of (1) absolute total shareholder return (37.50% of the award), (2) relative total shareholder return as compared to the Company’s peer group (37.50% of the award), and (3) relative growth in revenue per available room compared to the Company’s peer group (25% of the award). This program has a three-year performance period which commenced on January 1, 2014 and ends December 31, 2016. As of March 31, 2015, no common shares have been issued to the executive officers in settlement of 2014 Multi-Year EIP awards.

	On April 15, 2013, the Compensation Committee approved the 2013 Multi-Year Long Term Equity Incentive Plan (“2013 Multi-Year EIP”). The common shares issuable under this program are based on the Company’s achievement of a certain level of (1) absolute total shareholder return (50% of the award), (2) relative total shareholder return as compared to the Company’s peer group (25% of the award), and (3) relative growth in revenue per available room compared to the Company’s peer group (25% of the award). This program has a three-year performance period which commenced on January 1, 2013 and ends December 31, 2015. As of March 31, 2015, no common shares have been issued to the executive officers in settlement of 2013 Multi-Year EIP awards.

	The Company accounts for the total shareholder return components of these grants as market based awards where the Company estimates unearned compensation at the grant date fair value which is then amortized into compensation cost over the vesting period of each individual plan. The Company accounts for the RevPAR component of the grants as performance-based awards for which the Company assesses the probable achievement of the performance conditions at the end of the reporting period.

	Stock based compensation expense of $167 and $96 was recorded for the three months ended March 31, 2015 and 2014, respectively, for the Multi-Year Long Term Equity Incentive Programs. Unearned compensation related to the multi-year program as of March 31, 2015 and December 31, 2014, respectively, was $1,454 and $1,621.

	Restricted Share Awards

	In addition to stock based compensation expense related to awards to executives under the Multi-Year and Annual Long Term Equity Incentive Programs, stock based compensation expense related to restricted common shares issued to employees of the Company of $88 and $84 was incurred during the three months ended March 31, 2015 and 2014, respectively. Unearned compensation related to the restricted share awards as of March 31, 2015 and December 31, 2014 was $352 and $322, respectively. The following table is a summary of all unvested share awards issued to executives under the 2012 Plan and prior to equity incentive plans:

	NOTE 8 – SHARE BASED PAYMENTS (CONTINUED)


											Shares Vested					Unearned Compensation
	Original Issuance Date		Shares Issued		Share Price on Date of Grant		Vesting Period		Vesting Schedule		31-Mar-15		31-Dec-14			31-Mar-15			31-Dec-14
	27-Mar-15		20,831		6.47		2 years		50% /year		-		-			123			-
	15-Jul-14		52,077		6.75		2 years		50% /year		6,126		6,126			139			177
	23-Jun-14		4,411		6.50		2 years		50% /year		-		-			17			20
	24-Mar-14		8,184		5.69		2 years		50% /year		4,091		4,091			4			10
	13-Feb-14		1,846		5.44		2 years		50% /year		923		923			-			2
28-Jun-13		48,600		5.64		2-4 years		25-50% /year		22,895		22,895			36			69
29-Jun-12		52,703		5.28		2-4 years		25-50% /year		44,967		44,967			30			36
30-Jun-11		17,692		5.57		2-4 years		25-50% /year		13,804		13,804			3			8
Total		185,513								92,806		92,806		$	352		$	322

Trustees

Annual Retainer

The Compensation Committee approved a program that allows the Company’s trustees to make a voluntary election to receive any portion of the annual cash retainer in the form of common equity valued at a 25% premium to the cash that would have been received. On December 30, 2014, we issued 12,860 shares which do not fully vest until December 31, 2015. Compensation expense incurred for the three months ended March 31, 2015 and 2014, respectively, was $23 and $55. The following table is a summary of all unvested share awards issued to trustees in lieu of annual cash retainer:


											Unearned Compensation
Original Issuance Date		Shares Issued			Share Price on Date of Grant		Vesting Period		Vesting Schedule			31-Mar-15			31-Dec-14
30-Dec-14		12,860		$	7.25		1 year		100%		$	70		$	93

Multi-Year Long-Term Equity Incentives

Compensation expense for the multi-year long term incentive plans for the Company’s trustees incurred for the three months ended March 31, 2015 and 2014, respectively, was $15 and $15. Unearned compensation related to the multi-year long term equity incentives was $111 and $127 as of March 31, 2015 and December 31, 2014, respectively.

The following table is a summary of all unvested share awards issued to trustees under the 2012 Plan and prior to equity incentive plans:


									Shares Vested				Unearned Compensation
Original Issuance Date		Shares Issued			Vesting Period		Vesting Schedule		31-Mar-15		31-Dec-14			31-Mar-15			31-Dec-14
30-Dec-14		10,000			3 years		33% /year		-		-		$	66		$	73
27-Dec-13		12,000			3 years		33% /year		5,335		5,335			33			38
28-Dec-12		12,000			3 years		33% /year		8,670		8,670			12			16
									14,005		14,005		$	111		$	127



NOTE 8 – SHARE BASED PAYMENTS (CONTINUED)

Non-employees

The Company issues share based awards as compensation to non-employees for services provided to the Company consisting primarily of restricted common shares. The Company recorded stock based compensation expense of $51 and $54 for the three months ended March 31, 2015 and 2014, respectively. Unearned compensation related to the restricted share awards as of March 31, 2015 and December 31, 2014 was $273 and $81, respectively. The following table is a summary of all unvested share awards issued to non-employees under the Company’s 2008 Equity Incentive Plan and the 2012 Plan:














											Shares Vested					Unearned Compensation
Original Issuance Date		Shares Issued			Share Price on Date of Grant		Vesting Period		Vesting Schedule		31-Mar-15		31-Dec-14			31-Mar-15			31-Dec-14
27-Mar-15		30,000		$	6.47		2 years		50% /year		-		-		$	194		$	-
24-Mar-14		30,000		$	5.69		2 years		50% /year		15,000		15,000			79			81
Total		60,000									15,000		15,000		$	273		$	81

Earnings_Per_Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 9 – EARNINGS PER SHARE

	The following table is a reconciliation of the income or loss (numerator) and the weighted average shares (denominator) used in the calculation of basic and diluted earnings per common share. The computation of basic and diluted earnings per share is presented below.




		Three Months Ended March 31,
			2015			2014
	NUMERATOR:
	Basic and Diluted*
	Loss from Continuing Operations	$	-4,389		$	-5,180
	Loss from Continuing Operations allocated to Noncontrolling Interests		443			462
	Distributions to Preferred Shareholders		-3,589			-3,589
	Dividends Paid on Unvested Restricted Shares and LTIP Units		-141			-130
	Loss from Continuing Operations attributable to Common Shareholders		-7,676			-8,437

	Discontinued Operations
	Loss from Discontinued Operations		-			-1,333
	Loss from Discontinued Operations allocated to Noncontrolling Interests		-			45
	Loss from Discontinued Operations attributable to Common Shareholders		-			-1,288

	Net Loss attributable to Common Shareholders	$	-7,676		$	-9,725

	DENOMINATOR:
	Weighted average number of common shares - basic		198,331,158			200,743,751
	Effect of dilutive securities:
	Restricted Stock Awards and LTIP Units (unvested)		-	*		-	*
	Contingently Issued Shares		-	*		-	*
	Weighted average number of common shares - diluted		198,331,158			200,743,751

	*Income (loss) allocated to noncontrolling interest in HHLP has been excluded from the numerator and units of limited partnership interest in HHLP have been omitted from the denominator for the purpose of computing diluted earnings per share since including these amounts in the numerator and denominator would have no impact. In addition, potentially dilutive common shares, if any, have been excluded from the denominator if they are anti-dilutive to income (loss) from continuing operations applicable to common shareholders.

	The following table summarizes potentially dilutive securities that have been excluded from the denominator for the purpose of computing diluted earnings per share:

















		Three Months Ended March 31,
		2015		2014

	Common Units and Vested LTIP Units	7,346,261		6,914,716
	Unvested Stock Awards and LTIP Units Outstanding	808,516		650,379
	Contingently Issuable Share Awards	1,122,907		650,809
	Total potentially dilutive securities	9,277,684		8,215,904
	excluded from the denominator	9,277,684		8,215,904

Cash_Flow_Disclosures_And_Non_

Cash Flow Disclosures And Non Cash Investing And Financing Activities	3 Months Ended
	Mar. 31, 2015
Cash Flow Disclosures And Non Cash Investing And Financing Activities [Abstract]
Cash Flow Disclosures And Non Cash Investing And Financing Activities	NOTE 10 – CASH FLOW DISCLOSURES AND NON CASH INVESTING AND FINANCING ACTIVITIES

	Interest paid during the three months ended March 31, 2015 and 2014 totaled $9,766 and $10,133, respectively. The following non-cash investing and financing activities occurred during 2015 and 2014:




		2015		2014
	Common Shares issued as part of the Dividend Reinvestment Plan	$	15	$	11
	Acquisition of hotel properties:
	Debt assumed		-		24,924

Hotel_Dispositions

Hotel Dispositions	3 Months Ended
Hotel Dispositions	Mar. 31, 2015
Hotel Dispositions [Abstract]
Hotel Dispositions	NOTE 11 – HOTEL DISPOSITIONS

	Effective January 1, 2014, we adopted ASU Update No. 2014-08 concerning the classification and reporting of discontinued operations. This amendment defines discontinued operations as a component of an entity that represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. As a result of the adoption of ASU Update No. 2014-08, we anticipate that most of our hotel dispositions will not be classified as discontinued operations as most will not fit this definition.

	For transactions that have been classified as held for sale or as discontinued operations for periods prior to our adoption of ASU Update No. 2014-08, we continued to present the operating results as discontinued operations in the statements of operations for all applicable periods presented.

	Disposed Assets

	On September 20, 2013, the Company entered into a purchase and sale agreement to dispose of a portfolio of 16 non-core hotel properties, for an aggregate purchase price of approximately $217,000. In September 2013, our Board of Trustees authorized management of the Company to sell this portfolio. The 16 non-core hotel properties in the portfolio were acquired by the Company between 1999 and 2010. On December 20, 2013, the Company closed on the sale of 12 of these non-core hotel properties and closed on the remaining four properties in February 2014. The operating results for these four assets were reclassified to discontinued operations in the statement of operations for three months ended March 31, 2014. As we entered into a purchase and sale agreement for this portfolio prior to the adoption of ASU Update No. 2014-08, we recorded $329 of income for discontinued operations during the three months ended March 31, 2014. In addition, we recorded an impairment loss of $1,800 in the first quarter of 2014, as the proceeds did not exceed the carrying value for certain of these properties. Lastly, we recorded a gain of $138 during the three months ended March 31, 2014 in connection with the closing of these four hotels.

	As of March 31, 2015 and December 31, 2014, we had no assets or liabilities related to assets held for sale.

	The following table sets forth the components of discontinued operations for the three months ended March 31, 2014:


			Three Ended March 31,
			2014
	Revenue:
	Hotel Operating Revenues	$	1,937
	Total Revenues		1,937
	Expenses:
	Hotel Operating Expenses		1,154
	Gain on Insurance Settlements		23
	Real Estate and Personal Property Taxes and Property Insurance		90
	General and Administrative		-15
	Interest Expense		356
	Total Expenses		1,608

	Income from Discontinued Operations	$	329

	We allocate to income or loss from discontinued operations interest expense related to debt that is to be assumed or that is required to be repaid as a result of the disposal transaction.

Basis_Of_Presentation_Policies

Basis Of Presentation (Policies)

3 Months Ended

Mar. 31, 2015

Basis Of Presentation [Abstract]

Noncontrolling Interest

Shareholders' Equity

Shareholders’ Equity

Terms of the Series B and Series C Preferred Shares outstanding at March 31, 2015 and December 31, 2014 are summarized as follows:

Dividend Per Share

Shares Outstanding

Three Months Ended March 31,

Series

31-Mar-15

31-Dec-14

Aggregate Liquidation Preference

Distribution Rate

2015

2014

Series B

4,600,000

115,000

8.000%

0.5000

Series C

3,000,000

75,000

6.875%

0.4297

Total

7,600,000

NOTE 1 – BASIS OF PRESENTATION (CONTINUED)

New Accounting Pronouncements

Basis_Of_Presentation_Tables

Basis Of Presentation (Tables)	3 Months Ended
Basis Of Presentation (Tables)	Mar. 31, 2015
Basis Of Presentation [Abstract]
Schedule Of Preferred Stock

								Dividend Per Share
		Shares Outstanding						Three Months Ended March 31,
	Series	31-Mar-15	31-Dec-14		Aggregate Liquidation Preference	Distribution Rate		2015		2014

	Series B	4,600,000	4,600,000	$	115,000	8.000%	$	0.5000	$	0.5000
	Series C	3,000,000	3,000,000		75,000	6.875%		0.4297		0.4297
	Total	7,600,000	7,600,000

Investment_In_Hotel_Properties1

Investment In Hotel Properties (Tables)	3 Months Ended
Investment In Hotel Properties (Tables)	Mar. 31, 2015
Investment In Hotel Properties [Abstract]
Investment In Hotel Properties

			31-Mar-15		31-Dec-14

	Land	$	439,540	$	439,540
	Buildings and Improvements		1,427,885		1,424,842
	Furniture, Fixtures and Equipment		205,549		203,275
			2,072,974		2,067,657

	Less Accumulated Depreciation		-340,238		-322,174

	Total Investment in Hotel Properties	$	1,732,736	$	1,745,483


Condensed Pro Forma Financial Data

		Three Months Ended March 31,
		2014
	Pro Forma Total Revenues	$	85,884

	Pro Forma Loss from Continuing Operations	$	-3,187
	Loss from Discontinued Operations		-1,333
	Pro Forma Net Loss		-4,520
	Loss Allocated to Noncontrolling Interest		441
	Preferred Distributions		-3,589
	Pro Forma Net Loss Applicable to Common Shareholders	$	-7,668

	Pro Forma Loss Applicable to Common Shareholders per Common Share
	Basic	$	-0.04
	Diluted	$	-0.04

	Weighted Average Common Shares Outstanding
	Basic		200,743,751
	Diluted		200,743,751

Investment_In_Unconsolidated_J1

Investment In Unconsolidated Joint Ventures (Tables)	3 Months Ended
Investment In Unconsolidated Joint Ventures (Tables)	Mar. 31, 2015
Investment In Unconsolidated Joint Ventures [Abstract]
Investment In Unconsolidated Joint Ventures

					Percent		Preferred		March 31,		December 31,
	Joint Venture		Hotel Properties		Owned		Return		2015		2014

	SB Partners, LLC		Holiday Inn Express, South Boston, MA		50.0%		N/A	$	824	$	913
	Hiren Boston, LLC		Courtyard by Marriott, South Boston, MA		50.0%		N/A		4,571		4,680
	Mystic Partners, LLC		Hilton and Marriott branded hotels in CT		8.8%-66.7%		8.5% non-cumulative		5,347		5,556
								$	10,742	$	11,150


Income Or Loss From Unconsolidated Joint Ventures


			Three Months Ended March 31,
				2015			2014
	SB Partners, LLC		$	-90		$	-121
	Hiren Boston, LLC			-109			-165
	Mystic Partners, LLC			-75			-134
	Loss from Unconsolidated Joint Venture Investments		$	-274		$	-420


Summary Financial Information Related To Unconsolidated Joint Ventures

	Balance Sheets
				March 31,			December 31,
				2015			2014
	Assets
	Investment in Hotel Properties, Net		$	105,652		$	106,430
	Other Assets			19,285			19,032
	Total Assets		$	124,937		$	125,462

	Liabilities and Equity
	Mortgages and Notes Payable		$	115,042		$	115,446
	Other Liabilities			32,679			30,832
	Equity:
	Hersha Hospitality Trust			22,772			23,060
	Joint Venture Partner(s)			-45,556			-43,876
	Total Equity			-22,784			-20,816

	Total Liabilities and Equity		$	124,937		$	125,462





	Statements of Operations

			Three Months Ended March 31,
				2015			2014
	Room Revenue		$	12,682		$	12,490
	Other Revenue			5,069			4,785
	Operating Expenses			-13,193			-12,955
	Lease Expense			-276			-250
	Property Taxes and Insurance			-755			-747
	General and Administrative			-1,406			-1,405
	Depreciation and Amortization			-1,566			-1,616
	Interest Expense			-1,622			-6,828
	Gain (Loss) allocated to Noncontrolling Interests			-24			229

	Net Loss		$	-1,091		$	-6,297


Reconciliation Of Share In Unconsolidated Joint Ventures' Equity In Investment In Unconsolidated Joint Ventures


				March 31,			December 31,
				2015			2014
	Company's share of equity recorded on the joint ventures' financial statements		$	22,772		$	23,060
	Adjustment to reconcile the Company's share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures(1)			-12,030			-11,910
	Investment in Unconsolidated Joint Ventures		$	10,742		$	11,150

	(1) Adjustment to reconcile the Company's share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures consists of the following:

		·		cumulative impairment of the Company’s investment in joint ventures not reflected on the joint ventures' financial statements;
		·		the Company’s basis in the investment in joint ventures not recorded on the joint ventures' financial statements; and
	accumulated amortization of the Company’s equity in joint ventures that reflects the Company’s portion of the excess of the fair value of joint ventures' assets on the date of our investment over the carrying value of the assets recorded on the joint ventures financial statements (this excess investment is amortized over the life of the properties, and the amortization is included in Income (Loss) from Unconsolidated Joint Venture Investments on the Company’s consolidated statement of operations).

Other_Assets_Tables

Other Assets (Tables)	3 Months Ended
Other Assets (Tables)	Mar. 31, 2015
Other Assets [Abstract]
Other Assets

		31-Mar-15		31-Dec-14

	Investment in Statutory Trusts		1,548		1,548
	Prepaid Expenses		9,306		7,883
	Deferred Tax Asset, Net of Valuation Allowance of $804		11,448		11,448
	Other		7,443		7,547
		$	29,745	$	28,426

Fair_Value_Measurements_And_De1

Fair Value Measurements And Derivative Instruments (Tables)	3 Months Ended
Fair Value Measurements And Derivative Instruments (Tables)	Mar. 31, 2015
Fair Value Measurements And Derivative Instruments [Abstract]
Fair Value Of Interest Rate Swaps And Caps

								Estimated Fair Value
	Hedged Debt	Type	Strike Rate	Index	Effective Date	Maturity Date	Notional Amount		31-Mar-15		31-Dec-14

	Courtyard, LA Westside, Culver City, LA	Swap	1.097%	1-Month LIBOR + 3.85%	29-Sep-11	29-Sep-15	$ 29,500	$	-121	$	-174
	Capitol Hill Hotel, Washington, DC*	Swap	0.540%	1-Month LIBOR + 3.25%	1-Feb-12	1-Feb-15	-		-		-8
	Courtyard, Miami, FL	Swap	0.820%	1-Month LIBOR + 3.50%	2-Jul-12	1-Jul-16	60,000		-262		-218
	Subordinated Notes Payable	Cap	2.000%	1-Month LIBOR + 3.00%	30-Jul-12	30-Jul-14	51,548		-		-
	Unsecured Term Loan	Swap	0.545%	1-Month LIBOR + 2.40%	5-Nov-12	5-Nov-16	100,000		7		272
	Unsecured Term Loan	Swap	0.600%	1-Month LIBOR + 2.40%	18-Dec-12	5-Nov-16	50,000		-41		85
	Hyatt, Union Square, New York, NY	Cap	2.000%	1-Month LIBOR + 4.19%	9-Apr-13	9-Apr-16	55,000		1		9
	Duane Street Hotel, New York, NY	Swap	0.933%	1-Month LIBOR + 4.50%	1-Feb-14	1-Feb-17	9,305		-52		-29
	Hilton Garden Inn 52nd Street, New York, NY	Cap	1.100%	1-Month LIBOR + 2.90%	27-May-14	1-Jun-15	45,000		-		-
	Hilton Garden Inn 52nd Street, New York, NY	Swap	1.152%	1-Month LIBOR + 2.90%	1-Jun-15	21-Feb-17	45,000		-356		-149
								$	-824	$	-212

	*On February 1, 2015, the interest rate swap associated with Capitol Hill Hotel matured, and we refinanced the debt on this property. See Note 5 – Debt for more information regarding this refinance.

Share_Based_Payments_Tables

Share Based Payments (Tables)	3 Months Ended
Share Based Payments (Tables)	Mar. 31, 2015
Summary Of Unvested Share Awards Issued To Nonemployees

												Shares Vested					Unearned Compensation
	Original Issuance Date		Shares Issued			Share Price on Date of Grant		Vesting Period		Vesting Schedule		31-Mar-15		31-Dec-14			31-Mar-15			31-Dec-14
	27-Mar-15		30,000		$	6.47		2 years		50% /year		-		-		$	194		$	-
	24-Mar-14		30,000		$	5.69		2 years		50% /year		15,000		15,000			79			81
	Total		60,000									15,000		15,000		$	273		$	81


Annual LTIP Plans [Member]
Summary Of Unvested Share Awards Issued To Executives	The following table is a summary of all unvested LTIP Units issued to executives:



									Units Vested (1)				Unearned Compensation (2)
	Issuance Date		LTIP Units Issued		Vesting Period		Vesting Schedule		31-Mar-15		31-Dec-14			31-Mar-15			31-Dec-14
	30-Mar-15
	(2014 Annual EIP)		515,327		3 years		25%/year (1)		128,831		-		$	1,520		$	-
	23-Dec-14
	(2013 Annual EIP) (3)		335,972		3 years		25%/year (1)		223,979		111,991			480			582
	23-Dec-14
	(2012 Annual EIP) (3)		389,524		3 years		25%/year (1)		584,282		194,761			232			309
	December 23, 2014 (3)		1,035,595		5 years		33% Year 3, 4, 5 (2)		-		-			2,376			2,650
			2,276,418						937,092		306,752		$	4,608		$	3,541


		-1		25% of the issued shares or LTIP Units vested immediately upon issuance. In general, the remaining shares or LTIP Units vest 25% on the first through third anniversaries of the end of the performance period (subject to continuous employment through the applicable vesting date).
		-2		On April 18, 2012, the Company entered into amended and restated employment agreements with the Company’s executive officers. To induce the executives to agree to the substantial reduction in benefits upon certain terminations following a change of control as described in the agreements, the Company awarded an aggregate of 1,035,595 restricted common shares to the executives pursuant to the 2012 Plan, which were subsequently forfeited and replaced with LTIP Units. None of these LTIP Units will vest prior to the third anniversary of the date of issuance. Thereafter, 33.3% of each award of LTIP Units will vest on each of the third, fourth and fifth anniversaries of the date of issuance. Vesting will accelerate upon a change of control or if the relevant executive’s employment with the Company were to terminate for any reason other than for cause (as defined in the agreements).
		-3		On December 23, 2014, the 2012 Plan was amended and restated to add LTIP Units as a type of award available under the 2012 Plan. On this date, the Compensation Committee approved an aggregate of 1,948,324 LTIP Units to certain executive officers. These executive officers forfeited an aggregate of 1,948,324 Class A Common Shares, all of which were unvested as of the grant date of the LTIP Units and previously awarded to the executive officers under the 2012 Plan as restricted stock awards. These LTIP Units are subject to the same time-based vesting conditions that applied to the forfeited restricted stock awards.


Restricted Share Awards [Member]
Summary Of Unvested Share Awards Issued To Executives
											Shares Vested					Unearned Compensation
	Original Issuance Date		Shares Issued		Share Price on Date of Grant		Vesting Period		Vesting Schedule		31-Mar-15		31-Dec-14			31-Mar-15			31-Dec-14
	27-Mar-15		20,831		6.47		2 years		50% /year		-		-			123			-
	15-Jul-14		52,077		6.75		2 years		50% /year		6,126		6,126			139			177
	23-Jun-14		4,411		6.50		2 years		50% /year		-		-			17			20
	24-Mar-14		8,184		5.69		2 years		50% /year		4,091		4,091			4			10
	13-Feb-14		1,846		5.44		2 years		50% /year		923		923			-			2
	28-Jun-13		48,600		5.64		2-4 years		25-50% /year		22,895		22,895			36			69
	29-Jun-12		52,703		5.28		2-4 years		25-50% /year		44,967		44,967			30			36
	30-Jun-11		17,692		5.57		2-4 years		25-50% /year		13,804		13,804			3			8
	Total		185,513								92,806		92,806		$	352		$	322


Annual Retainer [Member]
Summary Of Unvested Share Awards Issued To Trustees

												Unearned Compensation
	Original Issuance Date		Shares Issued			Share Price on Date of Grant		Vesting Period		Vesting Schedule			31-Mar-15			31-Dec-14
	30-Dec-14		12,860		$	7.25		1 year		100%		$	70		$	93


Multi-year LTIP Trustee [Member]
Summary Of Unvested Share Awards Issued To Trustees
										Shares Vested				Unearned Compensation
	Original Issuance Date		Shares Issued			Vesting Period		Vesting Schedule		31-Mar-15		31-Dec-14			31-Mar-15			31-Dec-14
	30-Dec-14		10,000			3 years		33% /year		-		-		$	66		$	73
	27-Dec-13		12,000			3 years		33% /year		5,335		5,335			33			38
	28-Dec-12		12,000			3 years		33% /year		8,670		8,670			12			16
										14,005		14,005		$	111		$	127

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2015
Earnings Per Share [Abstract]
Reconciliation Of Earnings Per Share


		Three Months Ended March 31,
			2015			2014
	NUMERATOR:
	Basic and Diluted*
	Loss from Continuing Operations	$	-4,389		$	-5,180
	Loss from Continuing Operations allocated to Noncontrolling Interests		443			462
	Distributions to Preferred Shareholders		-3,589			-3,589
	Dividends Paid on Unvested Restricted Shares and LTIP Units		-141			-130
	Loss from Continuing Operations attributable to Common Shareholders		-7,676			-8,437

	Discontinued Operations
	Loss from Discontinued Operations		-			-1,333
	Loss from Discontinued Operations allocated to Noncontrolling Interests		-			45
	Loss from Discontinued Operations attributable to Common Shareholders		-			-1,288

	Net Loss attributable to Common Shareholders	$	-7,676		$	-9,725

	DENOMINATOR:
	Weighted average number of common shares - basic		198,331,158			200,743,751
	Effect of dilutive securities:
	Restricted Stock Awards and LTIP Units (unvested)		-	*		-	*
	Contingently Issued Shares		-	*		-	*
	Weighted average number of common shares - diluted		198,331,158			200,743,751

	*Income (loss) allocated to noncontrolling interest in HHLP has been excluded from the numerator and units of limited partnership interest in HHLP have been omitted from the denominator for the purpose of computing diluted earnings per share since including these amounts in the numerator and denominator would have no impact. In addition, potentially dilutive common shares, if any, have been excluded from the denominator if they are anti-dilutive to income (loss) from continuing operations applicable to common shareholders.

Potentially Dilutive Shares Excluded From The Denominator For The Purpose Of Computing Diluted Earnings Per Share

		Three Months Ended March 31,
		2015		2014

	Common Units and Vested LTIP Units	7,346,261		6,914,716
	Unvested Stock Awards and LTIP Units Outstanding	808,516		650,379
	Contingently Issuable Share Awards	1,122,907		650,809
	Total potentially dilutive securities	9,277,684		8,215,904
	excluded from the denominator	9,277,684		8,215,904

Cash_Flow_Disclosures_And_Non_1

Cash Flow Disclosures And Non Cash Investing And Financing Activities (Tables)	3 Months Ended
	Mar. 31, 2015
Cash Flow Disclosures And Non Cash Investing And Financing Activities [Abstract]
Non-cash Investing And Financing Activities

		2015		2014
	Common Shares issued as part of the Dividend Reinvestment Plan	$	15	$	11
	Acquisition of hotel properties:
	Debt assumed		-		24,924

Basis_Of_Presentation_Narrativ

Basis Of Presentation (Narrative) (Details) (USD $)	3 Months Ended		0 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Apr. 15, 2015	Feb. 28, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Approximate ownership percentage in the Partnership (in hundredths)	95.50%
General partnership interest (in hundredths)	1.00%
Noncontrolling Interest [Abstract]
Noncontrolling interests in Nonredeemable Common Units	$30,465				$29,082
Shareholders' Equity [Abstract]
Stock Repurchase Program, Authorized Amount				100,000
Repurchase of Common Shares	12,627	15,284
Repurchase of Common Stock (in shares)	1,977,762
Preferred Shares - Outstanding (in shares)	7,600,000				7,600,000
Subsequent Event [Member]
Shareholders' Equity [Abstract]
Repurchase of Common Shares			3,808
Repurchase of Common Stock (in shares)			593,890
Noncontrolling Interests Common Units [Member]
Noncontrolling Interest [Abstract]
Noncontrolling interests in Nonredeemable Common Units	30,465				29,082
Nonredeemable common units outstanding (in shares)	9,313,063
Fair market value of nonredeemable common units	60,256
Series C Preferred Shares [Member]
Shareholders' Equity [Abstract]
Aggregate Liquidation Preference	$75,000
Preferred Shares - Outstanding (in shares)	3,000,000				3,000,000
Distribution Rate	6.88%

Basis_Of_Presentation_Schedule

Basis Of Presentation (Schedule Of Preferred Stock) (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Class of Stock [Line Items]
Shares Outstanding	7,600,000		7,600,000
Series B Preferred Shares [Member]
Class of Stock [Line Items]
Shares Outstanding	4,600,000		4,600,000
Aggregate Liquidation Preference	$115,000
Distribution Rate	8.00%
Dividend Per Share	$0.50	$0.50
Series C Preferred Shares [Member]
Class of Stock [Line Items]
Shares Outstanding	3,000,000		3,000,000
Aggregate Liquidation Preference	$75,000
Distribution Rate	6.88%
Dividend Per Share	$0.43	$0.43

Investment_In_Hotel_Properties2

Investment In Hotel Properties (Investment In Hotel Properties) (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Total investment in hotel properties, gross	$2,072,974	$2,067,657
Less accumulated depreciation	-340,238	-322,174
Total investment in hotel properties, net	1,732,736	1,745,483
Land [Member]
Business Acquisition [Line Items]
Total investment in hotel properties, gross	439,540	439,540
Building and Improvements [Member]
Business Acquisition [Line Items]
Total investment in hotel properties, gross	1,427,885	1,424,842
Furniture, Fixtures And Equipment [Member]
Business Acquisition [Line Items]
Total investment in hotel properties, gross	$205,549	$203,275

Investment_In_Hotel_Properties3

Investment In Hotel Properties (Condensed Pro Forma Financial Data) (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Investment In Hotel Properties [Abstract]
Pro Forma Total Revenues		$85,884
Pro Forma Loss from Continuing Operations		-3,187
Loss from Discontinued Operations		-1,333
Pro Forma Net Loss		-4,520
Loss Allocated to Noncontrolling Interest		441
Preferred Distributions	-3,589	-3,589
Pro Forma Net Loss Applicable to Common Shareholders		($7,668)
Pro Forma Loss Applicable to Common Shareholders per Common Share: Basic		($0.04)
Pro Forma Loss Applicable to Common Shareholders per Common Share: Diluted		($0.04)
Weighted Average Common Shares Outstanding: Basic	198,331,158	200,743,751
Weighted Average Common Shares Outstanding: Diluted	198,331,158	200,743,751

Investment_In_Unconsolidated_J2

Investment In Unconsolidated Joint Ventures (Investment In Unconsolidated Joint Ventures) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Investments in Unconsolidated Joint Ventures [Line Items]
Investment in unconsolidated joint ventures	$10,742	$11,150
SB Partners, LLC [Member] \| Holiday Inn Express, Boston, MA [Member]
Investments in Unconsolidated Joint Ventures [Line Items]
Percent Owned	50.00%
Investment in unconsolidated joint ventures	824	913
Hiren Boston, LLC [Member] \| Courtyard by Marriott, Boston, MA [Member]
Investments in Unconsolidated Joint Ventures [Line Items]
Percent Owned	50.00%
Investment in unconsolidated joint ventures	4,571	4,680
Mystic Partners, LLC [Member] \| Hilton and Marriott branded hotels in CT and RI [Member]
Investments in Unconsolidated Joint Ventures [Line Items]
Preferred Return	8.50%
Investment in unconsolidated joint ventures	$5,347	$5,556
Mystic Partners, LLC [Member] \| Hilton and Marriott branded hotels in CT and RI [Member] \| Minimum [Member]
Investments in Unconsolidated Joint Ventures [Line Items]
Percent Owned	8.80%
Mystic Partners, LLC [Member] \| Hilton and Marriott branded hotels in CT and RI [Member] \| Maximum [Member]
Investments in Unconsolidated Joint Ventures [Line Items]
Percent Owned	66.70%

Investment_In_Unconsolidated_J3

Investment In Unconsolidated Joint Ventures (Income Or Loss From Unconsolidated Joint Ventures) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Investments in Unconsolidated Joint Ventures [Line Items]
Loss from Unconsolidated Joint Venture Investments	($274)	($420)
SB Partners, LLC [Member]
Investments in Unconsolidated Joint Ventures [Line Items]
Loss from Unconsolidated Joint Venture Investments	-90	-121
Hiren Boston, LLC [Member]
Investments in Unconsolidated Joint Ventures [Line Items]
Loss from Unconsolidated Joint Venture Investments	-109	-165
Mystic Partners, LLC [Member]
Investments in Unconsolidated Joint Ventures [Line Items]
Loss from Unconsolidated Joint Venture Investments	($75)	($134)

Investment_In_Unconsolidated_J4

Investment In Unconsolidated Joint Ventures (Summary Financial Information Related To Unconsolidated Joint Ventures) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Assets
Investment in Hotel Properties, Net	$105,652		$106,430
Other Assets	19,285		19,032
Total Assets	124,937		125,462
Liabilities and Equity
Mortgages and Notes Payable	115,042		115,446
Other Liabilities	32,679		30,832
Equity:
Hersha Hospitality Trust	22,772		23,060
Joint Venture Partner(s)	-45,556		-43,876
Total Equity	-22,784		-20,816
Total Liabilities and Equity	124,937		125,462
Statements of Operations
Room Revenue	12,682	12,490
Other Revenue	5,069	4,785
Operating Expenses	-13,193	-12,955
Lease Expense	-276	-250
Property Taxes and Insurance	-755	-747
General and Administrative	-1,406	-1,405
Depreciation and Amortization	-1,566	-1,616
Interest Expense	-1,622	-6,828
Gain (Loss) allocated to Noncontrolling Interests	-24	229
Net Loss	($1,091)	($6,297)

Investment_In_Unconsolidated_J5

Investment In Unconsolidated Joint Ventures (Reconciliation Of Share In Unconsolidated Joint Ventures' Equity In Investment In Unconsolidated Joint Ventures) (Details) (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Investment In Unconsolidated Joint Ventures [Abstract]
Company's share of equity recorded on the joint ventures' financial statements	$22,772		$23,060
Adjustment to reconcile the Company's share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures	-12,030	[1]	-11,910	[1]
Investment in Unconsolidated Joint Ventures	$10,742		$11,150

[1]	Adjustment to reconcile the Company's share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures consists of the following:cumulative impairment of the Companybs investment in joint ventures not reflected on the joint ventures' financial statements;the Companybs basis in the investment in joint ventures not recorded on the joint ventures' financial statements; andaccumulated amortization of the Companybs equity in joint ventures that reflects the Companybs portion of the excess of the fair value of joint ventures' assets on the date of our investment over the carrying value of the assets recorded on the joint ventures financial statements (this excess investment is amortized over the life of the properties, and the amortization is included in Income (Loss) from Unconsolidated Joint Venture Investments on the Companybs consolidated statement of operations).

Other_Assets_Narrative_Details

Other Assets (Narrative) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2015	Dec. 31, 2014
Other Assets [Abstract]
Final claim payment	$1,033
Deferred tax assets		$11,448	$11,448

Other_Assets_Other_Assets_Deta

Other Assets (Other Assets) (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Other Assets [Abstract]
Investment in Statutory Trusts	$1,548	$1,548
Prepaid Expenses	9,306	7,883
Deferred Tax Asset, Net of Valuation Allowance of $804	11,448	11,448
Other	7,443	7,547
Total Other Assets	29,745	28,426
Valuation allowance	$804	$804

Debt_Narrative_Details

Debt (Narrative) (Details) (USD $)	3 Months Ended		1 Months Ended		0 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Jan. 31, 2014	Jan. 31, 2015	Apr. 10, 2015	Dec. 31, 2014
Mortgages and Notes Payable [Abstract]
Principal Repayment of Mortgages and Notes Payable	$28,319	$16,129
Capitalized Interest [Abstract]
Capitalized interest	0	242
Deferred Financing Costs [Abstract]
Deferred costs, net of accumulated amortization	7,981					8,605
Accumulated amortization	7,352					6,938
Amortization of deferred costs	719	699
New Debt/Refinance and Payoffs [Abstract]
Unamortized deferred costs and defeasance premiums expensed		644
Unsecured Term Loan	250,000					250,000
Duane Street Hotel, New York, NY [Member]
Subordinated Notes Payable [Abstract]
Maturity date			1-Feb-17
Debt instrument, basis spread on variable rate (in hundredths)			4.50%
New Debt/Refinance and Payoffs [Abstract]
Mortgage loan extinguishment			5,175
Mortgage loan			9,500
Fixed interest rate			5.43%
Unamortized deferred costs and defeasance premiums expensed			65
Capitol Hill Hotel, Washington, DC [Member]
Mortgages and Notes Payable [Abstract]
Principal Repayment of Mortgages and Notes Payable				27,500
Subordinated Notes Payable [Abstract]
Debt instrument, basis spread on variable rate (in hundredths)				2.25%
New Debt/Refinance and Payoffs [Abstract]
Mortgage loan				25,000
Courtyard by Marriott, Brookline, MA [Member] \| Subsequent Event [Member]
Mortgages and Notes Payable [Abstract]
Principal Repayment of Mortgages and Notes Payable					36,288
Unamortized deferred financing costs and fees					4
Citigroup Global Markets Inc. [Member]
New Debt/Refinance and Payoffs [Abstract]
Unamortized deferred costs and defeasance premiums expensed	579
Mortgages [Member]
Mortgages and Notes Payable [Abstract]
Long-term debt	613,840					617,375
Interest rate range, minimum (in hundredths)	2.43%
Interest rate range, maximum (in hundredths)	6.50%
Net unamortizaed premiums	1,369					1,584
Interest expense	7,140	7,826
Debt covenant compliance status	We have determined that certain debt service coverage ratio covenants contained in the loan agreements securing three of our hotel properties were not met as of March 31, 2015. Pursuant to these loan agreements, the lender has elected to escrow the operating cash flow for a number of these properties. However, these covenants do not constitute an event of default for these loan agreements.
Number of properties with unmet debt service coverage ratio convenants	3
Maturity date range, end	1-Apr-23
Junior Subordinated Debt [Member] \| Hersha Statutory Trust I and Hersha Statutory Trust II [Member]
Mortgages and Notes Payable [Abstract]
Interest expense	419	41
Subordinated Notes Payable [Abstract]
Number of debt instruments	2
Subordinated notes payable	51,548
Maturity date	30-Jul-35
Number of business days prior to quarterly interest payments for resetting rates	2 days
Debt instrument, interest rate during period (in hundredths)	3.25%	3.24%
Junior Subordinated Debt [Member] \| Hersha Statutory Trust I [Member]
Subordinated Notes Payable [Abstract]
Subordinated notes payable	25,774
Debt instrument, description of variable rate basis	LIBOR
Debt instrument, basis spread on variable rate (in hundredths)	3.00%
Junior Subordinated Debt [Member] \| Hersha Statutory Trust II [Member]
Subordinated Notes Payable [Abstract]
Subordinated notes payable	$25,774
Debt instrument, description of variable rate basis	LIBOR
Debt instrument, basis spread on variable rate (in hundredths)	3.00%

Debt_Continued_Narrative_Detai

Debt, Continued (Narrative) (Details) (USD $)	3 Months Ended		2 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Feb. 27, 2014	Dec. 31, 2014
Revolving Line of Credit [Abstract]
Line of credit facility covenant minimum tangible net worth	$803,711
Line of credit facility covenant percentage of net cash proceeds of issuances and sales of equity interests (in hundredths)	75.00%
Line of credit facility covenant maximum annual distributions (in hundredths)	95.00%
Line of credit facility covenant maximum leverage ratio (in hundredths)	60.00%
Outstanding borrowings on revoloving line of credit	34,500
Minimum [Member]
Revolving Line of Credit [Abstract]
Line of credit facility covenant fixed charge coverage ratio	1.45
Line of credit facility covenant maximum secured debt leverage ratio (in hundredths)	45.00%
Maximum [Member]
Revolving Line of Credit [Abstract]
Line of credit facility covenant fixed charge coverage ratio	1.5
Line of credit facility covenant maximum secured debt leverage ratio (in hundredths)	50.00%
Senior Unsecured Credit Agreement [Member]
Revolving Line of Credit [Abstract]
Revolving line of credit, current borrowing capacity	500,000		400,000
Revolving line of credit, maximum borrowing capacity	850,000
Line of credit, expiration date	28-Feb-18
Renewal period of line of credit	1 year
Unsecured Term Loan [Member]
Revolving Line of Credit [Abstract]
Revolving line of credit, current borrowing capacity	250,000		150,000
Outstanding borrowings on revoloving line of credit	250,000			250,000
Unsecured Term Loan [Member] \| Minimum [Member]
Revolving Line of Credit [Abstract]
Basis spread on variable rate (in hundredths)	1.60%
Unsecured Term Loan [Member] \| Maximum [Member]
Revolving Line of Credit [Abstract]
Basis spread on variable rate (in hundredths)	2.35%
Revolving Line Of Credit [Member]
Revolving Line of Credit [Abstract]
Revolving line of credit, current borrowing capacity	250,000		250,000
Interest rate on loans provided under line of credit	The interest rate for the $500,000 unsecured credit facility is based on a pricing grid with a range of one month U.S. LIBOR plus 1.70% to 2.45% for the revolving line of credit and 1.60% to 2.35% for the unsecured term loan.
Description of variable rate basis	one month U.S. LIBOR
Line of credit, financial covenant terms	The credit agreement providing for the $500,000 unsecured credit facility includes certain financial covenants and requires that we maintain: (1) a minimum tangible net worth of $803,711, plus an amount equal to 75% of the net cash proceeds of all issuances and primary sales of equity interests of the parent guarantor or any of its subsidiaries consummated following the closing date; (2) annual distributions not to exceed 95% of adjusted funds from operations; and (3) certain financial ratios, including the following:B7 a fixed charge coverage ratio of not less than 1.45 to 1.00, which increases to 1.50 to 1.00 as of January 1, 2016;B7 a maximum leverage ratio of not more than 60%; andB7 a maximum secured debt leverage ratio of 50%, which decreases to 45% as of January 1, 2016.The Company is in compliance with each of the covenants listed above as of March 31, 2015.
Line of credit, remaining borrowing capacity	211,245
Outstanding borrowings on revoloving line of credit				0
Interest Expense, on credit facilities	$1,742	$1,103
Line of credit, weighted average interest rate (in hundredths)	2.78%	3.14%
Revolving Line Of Credit [Member] \| Minimum [Member]
Revolving Line of Credit [Abstract]
Fixed interest rate	3.22%
Basis spread on variable rate (in hundredths)	1.70%		1.75%
Revolving Line Of Credit [Member] \| Maximum [Member]
Revolving Line of Credit [Abstract]
Basis spread on variable rate (in hundredths)	2.45%		2.65%

Commitments_And_Contingencies_1

Commitments And Contingencies And Related Party Transactions (Narrative) (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Management Agreements [Abstract]
Term of management agreements with HHMLP	5 years
Base management fee as percentage of gross revenues (in hundredths)	3.00%
Base management fees incurred	$2,670	$2,462
Franchise Agreements [Abstract]
Terms of franchise agreements, minimum	10 years
Terms of franchise agreements, maximum	20 years
Franchise fee expense	5,590	5,068
Accounting and Information Technology Fees [Abstract]
Monthly fees for accounting services per property for hotels managed by HHMLP, minimum	2
Monthly fees for accounting services per property for hotels managed by HHMLP, maximum	3
Monthly information technology fees per property for hotels managed by HHMLP, minimum	1
Monthly information technology fees per property for hotels managed by HHMLP, maximum	2
Accounting fees	360	358
Information technology fees	106	105
Capital Expenditure Fees [Abstract]
Fee on all capital expenditures and pending renovation projects at the properties (in hundredths)	5.00%
Fees incurred on capital expenditures	147	288
Acquisitions From Affiliates [Abstract]
Period of right of first refusal per option agreement with officers and affiliated trustees after termination	1 year
Hotel Supplies [Abstract]
Hotel supplies	23	51
Charges for capital expenditure purchases	1,360	4,516
Capital expenditures included in accounts payable	3		2
Due From Related Parties [Abstract]
Due from related parties	6,415		6,580
Due to Related Parties [Abstract]
Due to related parties	9,875		7,203
Hotel Ground Rent [Abstract]
Rent expense related to ground leases	728	410
Parrot Key Hotel And Resort, Key West, FL [Member]
Contingent Liability [Abstract]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	2,000
Business Combination, Contingent Consideration, Liability	$2,000		$0

Fair_Value_Measurements_And_De2

Fair Value Measurements And Derivative Instruments (Narrative) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Unrealized gain (loss) recognized in accumulated other comprehensive income	($556)	($100)
Unrealized gain (loss) reclassified from accumulated other comprehensive income to interest expense	339
Gain (loss) to be reclassified to interest expense during next 12 months	1,144
Interest Rate Cap: Hyatt Union Square, New York, NY [Member]
Derivatives, Fair Value [Line Items]
Fixed interest payment, percentage	2.00%
Interest Rate Swap: Duane Street Hotel, New York, NY [Member]
Derivatives, Fair Value [Line Items]
Fixed interest payment, percentage	0.93%
Interest Rate Swap: Hilton Garden Inn 52nd Street, New York, NY [Member]
Derivatives, Fair Value [Line Items]
Fixed interest payment, percentage	1.15%
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Derivatives, Fair Value [Line Items]
Carrying value and estimated fair value of debt	949,888		918,923
Estimate of Fair Value, Fair Value Disclosure [Member]
Derivatives, Fair Value [Line Items]
Carrying value and estimated fair value of debt	$947,111		$916,877

Fair_Value_Measurements_And_De3

Fair Value Measurements And Derivative Instruments (Fair Value Of Interest Rate Swaps And Caps) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Estimated Fair Value	($824)	($212)
Interest Rate Swap: CY Westside, Culver City, LA [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	1.10%
Index: Variable interest rate basis	3.85%
Effective Date	29-Sep-11
Maturity Date	29-Sep-15
Notional amount	29,500
Estimated Fair Value	-121	-174
Interest Rate Swap: Capitol Hill Suites, Washington, DC [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	0.54%
Index: Variable interest rate basis	3.25%
Effective Date	1-Feb-12
Maturity Date	1-Feb-15
Estimated Fair Value		-8
Interest Rate Courtyard by Marriott, Miami, FL [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	0.82%
Index: Variable interest rate basis	3.50%
Effective Date	2-Jul-12
Maturity Date	1-Jul-16
Notional amount	60,000
Estimated Fair Value	-262	-218
Subordinated Notes Payable [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	2.00%
Index: Variable interest rate basis	3.00%
Effective Date	30-Jul-12
Maturity Date	30-Jul-14
Notional amount	51,548
Corporate Credit Facility - I [Member] \| Unsecured Term Loan [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	0.55%
Index: Variable interest rate basis	2.40%
Effective Date	5-Nov-12
Maturity Date	5-Nov-16
Notional amount	100,000
Estimated Fair Value	7	272
Corporate Credit Facility - II [Member] \| Unsecured Term Loan [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	0.60%
Index: Variable interest rate basis	2.40%
Effective Date	18-Dec-12
Maturity Date	5-Nov-16
Notional amount	50,000
Estimated Fair Value	-41	85
Interest Rate Cap: Hyatt Union Square, New York, NY [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	2.00%
Index: Variable interest rate basis	4.19%
Effective Date	9-Apr-13
Maturity Date	9-Apr-16
Notional amount	55,000
Estimated Fair Value	1	9
Interest Rate Swap: Duane Street Hotel, New York, NY [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	0.93%
Index: Variable interest rate basis	4.50%
Effective Date	1-Feb-14
Maturity Date	1-Feb-17
Notional amount	9,305
Estimated Fair Value	-52	-29
Interest Rate Cap: Hilton Garden Inn 52nd Street, New York, NY [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	1.10%
Index: Variable interest rate basis	2.90%
Effective Date	27-May-14
Maturity Date	1-Jun-15
Notional amount	45,000
Interest Rate Swap: Hilton Garden Inn 52nd Street, New York, NY [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	1.15%
Index: Variable interest rate basis	2.90%
Effective Date	1-Jun-15
Maturity Date	21-Feb-17
Notional amount	45,000
Estimated Fair Value	($356)	($149)

Share_Based_Payments_Narrative

Share Based Payments (Narrative) (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$1,539	$1,112
LTIP Units Issued	0
Unearned Compensation	4,608		3,541
Shares Issued (in shares)	2,276,418
Shares Vested (in shares)	937,092		306,752
2015 Annual LTIP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	0
Annual LTIP Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	1,195	808
2015 Multi Year LTIP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years
Shareholders return as percentage of award for achievement level one (in hundredths)	37.50%
Shareholders return as percentage of award for achievement level two (in hundredths)	37.50%
Shareholders return as percentage of award for achievement level three (in hundredths)	25.00%
2014 Multi Year LTIP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Terms of Share-based payment awards	On March 18, 2015, the Compensation Committee approved the 2015 Multi-Year Long Term Equity Incentive Program ("2015 Multi-Year EIP"). The shares or LTIP Units issuable under this program are based on the Company's achievement of a certain level of (1) absolute total shareholder return (37.50% of the award), (2) relative total shareholder return as compared to the Company's peer group (37.50% of the award), and (3) relative growth in revenue per available room compared to the Company's peer group (25% of the award). This program has a three-year performance period which commenced on January 1, 2015 and ends December 31, 2017. As of March 31, 2015, no shares or LTIP Units have been issued to the executive officers in settlement of 2015 Multi-Year EIP awards. Stock based compensation expense for the three months ended March 31, 2015 under this program was not material.On April 11, 2014, the Compensation Committee approved the 2014 Multi-Year Long Term Equity Incentive Program ("2014 Multi-Year EIP"). The common shares issuable under this program are based on the Company's achievement of a certain level of (1) absolute total shareholder return (37.50% of the award), (2) relative total shareholder return as compared to the Company's peer group (37.50% of the award), and (3) relative growth in revenue per available room compared to the Company's peer group (25% of the award). This program has a three-year performance period which commenced on January 1, 2014 and ends December 31, 2016. As of March 31, 2015, no common shares have been issued to the executive officers in settlement of 2014 Multi-Year EIP awards.
Performance period	3 years
Shareholders return as percentage of award for achievement level one (in hundredths)	37.50%
Shareholders return as percentage of award for achievement level two (in hundredths)	37.50%
Shareholders return as percentage of award for achievement level three (in hundredths)	25.00%
2013 Multi Year LTIP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Terms of Share-based payment awards	On April 15, 2013, the Compensation Committee approved the 2013 Multi-Year Long Term Equity Incentive Plan ("2013 Multi-Year EIP"). The common shares issuable under this program are based on the Company's achievement of a certain level of (1) absolute total shareholder return (50% of the award), (2) relative total shareholder return as compared to the Company's peer group (25% of the award), and (3) relative growth in revenue per available room compared to the Company's peer group (25% of the award). This program has a three-year performance period which commenced on January 1, 2013 and ends December 31, 2015. As of March 31, 2015, no common shares have been issued to the executive officers in settlement of 2013 Multi-Year EIP awards.
Performance period	3 years
Shareholders return as percentage of award for achievement level one (in hundredths)	50.00%
Shareholders return as percentage of award for achievement level two (in hundredths)	25.00%
Shareholders return as percentage of award for achievement level three (in hundredths)	25.00%
Multi-Year LTIP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	167	96
Unearned Compensation	1,454		1,621
Multi-Year LTIP [Member] \| Annual Retainer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense		55
Restricted Common Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	88	84
Restricted Share Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unearned Compensation	352		322
Shares Issued (in shares)	185,513
Shares Vested (in shares)	92,806		92,806
Restricted Share Awards [Member] \| Issued 06-23-2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unearned Compensation	17		20
Shares Issued (in shares)	4,411
Share Price on date of grant (in dollars per share)	$6.50
Unvested Share Awards [Abstract]
Vesting Period	2 years
Vesting Schedule (in hundredths)	50.00%
Multi-year LTIP Trustee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	15	15
Unearned Compensation	111		127
Shares Vested (in shares)	14,005		14,005
Percentage premium on retainer equity option (in hundredths)	25.00%
Multi-year LTIP Trustee [Member] \| Annual Retainer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	23
Non-employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	51	54
Unearned Compensation	$273		$81
Shares Issued (in shares)	60,000
Shares Vested (in shares)	15,000		15,000

Share_Based_Payments_Summary_O

Share Based Payments (Summary Of Unvested Share Awards Issued To Executives) (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Unvested Share Awards [Abstract]
Shares Issued (in shares)	2,276,418
Shares Vested (in shares)	937,092	306,752
Unearned Compensation	$4,608	$3,541
Approved aggregate number of LTIP units to certain officers		1,948,324
Issued 12-23-2014 [Member]
Unvested Share Awards [Abstract]
Shares Issued (in shares)	1,035,595
Vesting Period	5 years
Unearned Compensation	2,376	2,650
2014 Annual EIP [Member] \| Issued 03-30-2015 [Member]
Unvested Share Awards [Abstract]
Shares Issued (in shares)	515,327
Vesting Period	3 years
Vesting Schedule (in hundredths)	25.00%
Shares Vested (in shares)	128,831
Unearned Compensation	1,520
2013 Annual EIP [Member] \| Issued 12-23-2014 [Member]
Unvested Share Awards [Abstract]
Shares Issued (in shares)	335,972
Vesting Period	3 years
Vesting Schedule (in hundredths)	25.00%
Shares Vested (in shares)	223,979	111,991
Unearned Compensation	480	582
2012 Annual EIP [Member] \| Issued 12-23-2014 [Member]
Unvested Share Awards [Abstract]
Shares Issued (in shares)	389,524
Vesting Period	3 years
Vesting Schedule (in hundredths)	25.00%
Shares Vested (in shares)	584,282	194,761
Unearned Compensation	232	309
Restricted Share Awards [Member]
Unvested Share Awards [Abstract]
Shares Issued (in shares)	185,513
Shares Vested (in shares)	92,806	92,806
Unearned Compensation	352	322
Restricted Share Awards [Member] \| Issued 12-23-2014 [Member]
Unvested Share Awards [Abstract]
Vesting Schedule (in hundredths)	33.30%
Restricted Share Awards [Member] \| Issued 03-27-2015 [Member]
Unvested Share Awards [Abstract]
Shares Issued (in shares)	20,831
Share Price on date of grant (in dollars per share)	$6.47
Vesting Period	2 years
Vesting Schedule (in hundredths)	50.00%
Unearned Compensation	123
Restricted Share Awards [Member] \| Issued 07-15-2014 [Member]
Unvested Share Awards [Abstract]
Shares Issued (in shares)	52,077
Share Price on date of grant (in dollars per share)	$6.75
Vesting Period	2 years
Vesting Schedule (in hundredths)	50.00%
Shares Vested (in shares)	6,126	6,126
Unearned Compensation	139	177
Restricted Share Awards [Member] \| Issued 06-23-2014 [Member]
Unvested Share Awards [Abstract]
Shares Issued (in shares)	4,411
Share Price on date of grant (in dollars per share)	$6.50
Vesting Period	2 years
Vesting Schedule (in hundredths)	50.00%
Unearned Compensation	17	20
Restricted Share Awards [Member] \| Issued 03-24-2014 [Member]
Unvested Share Awards [Abstract]
Shares Issued (in shares)	8,184
Share Price on date of grant (in dollars per share)	$5.69
Vesting Period	2 years
Vesting Schedule (in hundredths)	50.00%
Shares Vested (in shares)	4,091	4,091
Unearned Compensation	4	10
Restricted Share Awards [Member] \| Issued 02-13-2014 [Member]
Unvested Share Awards [Abstract]
Shares Issued (in shares)	1,846
Share Price on date of grant (in dollars per share)	$5.44
Vesting Period	2 years
Vesting Schedule (in hundredths)	50.00%
Shares Vested (in shares)	923	923
Unearned Compensation		2
Restricted Share Awards [Member] \| Issued 06-28-2013 [Member]
Unvested Share Awards [Abstract]
Shares Issued (in shares)	48,600
Share Price on date of grant (in dollars per share)	$5.64
Shares Vested (in shares)	22,895	22,895
Unearned Compensation	36	69
Restricted Share Awards [Member] \| Issued 06-29-2012 [Member]
Unvested Share Awards [Abstract]
Shares Issued (in shares)	52,703
Share Price on date of grant (in dollars per share)	$5.28
Shares Vested (in shares)	44,967	44,967
Unearned Compensation	30	36
Restricted Share Awards [Member] \| Issued 06-30-2011 [Member]
Unvested Share Awards [Abstract]
Shares Issued (in shares)	17,692
Share Price on date of grant (in dollars per share)	$5.57
Shares Vested (in shares)	13,804	13,804
Unearned Compensation	$3	$8
Minimum [Member] \| Restricted Share Awards [Member] \| Issued 06-28-2013 [Member]
Unvested Share Awards [Abstract]
Vesting Period	2 years
Vesting Schedule (in hundredths)	25.00%
Minimum [Member] \| Restricted Share Awards [Member] \| Issued 06-29-2012 [Member]
Unvested Share Awards [Abstract]
Vesting Period	2 years
Vesting Schedule (in hundredths)	25.00%
Minimum [Member] \| Restricted Share Awards [Member] \| Issued 06-30-2011 [Member]
Unvested Share Awards [Abstract]
Vesting Period	2 years
Vesting Schedule (in hundredths)	25.00%
Maximum [Member] \| Restricted Share Awards [Member] \| Issued 06-28-2013 [Member]
Unvested Share Awards [Abstract]
Vesting Period	4 years
Vesting Schedule (in hundredths)	50.00%
Maximum [Member] \| Restricted Share Awards [Member] \| Issued 06-29-2012 [Member]
Unvested Share Awards [Abstract]
Vesting Period	4 years
Vesting Schedule (in hundredths)	50.00%
Maximum [Member] \| Restricted Share Awards [Member] \| Issued 06-30-2011 [Member]
Unvested Share Awards [Abstract]
Vesting Period	4 years
Vesting Schedule (in hundredths)	50.00%

Share_Based_Payments_Summary_O1

Share Based Payments (Summary Of Unvested Share Awards Issued To Trustees) (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Unvested Share Awards [Abstract]
Shares Issued (in shares)	2,276,418
Shares Vested (in shares)	937,092	306,752
Unearned Compensation	$4,608	$3,541
Multi-year LTIP Trustee [Member]
Unvested Share Awards [Abstract]
Shares Vested (in shares)	14,005	14,005
Unearned Compensation	111	127
Multi-year LTIP Trustee [Member] \| Issued 12-30-2014 [Member]
Unvested Share Awards [Abstract]
Shares Issued (in shares)	10,000
Vesting Period	3 years
Vesting Schedule (in hundredths)	33.00%
Unearned Compensation	66	73
Multi-year LTIP Trustee [Member] \| Issued 12-27-2013 [Member]
Unvested Share Awards [Abstract]
Shares Issued (in shares)	12,000
Vesting Period	3 years
Vesting Schedule (in hundredths)	33.00%
Shares Vested (in shares)	5,335	5,335
Unearned Compensation	33	38
Multi-year LTIP Trustee [Member] \| Issued 12-28-2012 [Member]
Unvested Share Awards [Abstract]
Shares Issued (in shares)	12,000
Vesting Period	3 years
Vesting Schedule (in hundredths)	33.00%
Shares Vested (in shares)	8,670	8,670
Unearned Compensation	12	16
Annual Retainer [Member] \| Issued 12-30-2014 [Member]
Unvested Share Awards [Abstract]
Shares Issued (in shares)	12,860
Share Price on date of grant (in dollars per share)	$7.25
Vesting Period	1 year
Vesting Schedule (in hundredths)	100.00%
Unearned Compensation	$70	$93

Share_Based_Payments_Summary_O2

Share Based Payments (Summary Of Unvested Share Awards Issued To Nonemployees) (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Unvested Share Awards [Abstract]
Shares Issued (in shares)	2,276,418
Shares Vested (in shares)	937,092	306,752
Unearned Compensation	$4,608	$3,541
Non-employees [Member]
Unvested Share Awards [Abstract]
Shares Issued (in shares)	60,000
Shares Vested (in shares)	15,000	15,000
Unearned Compensation	273	81
Non-employees [Member] \| Issued 03-27-2015 [Member]
Unvested Share Awards [Abstract]
Shares Issued (in shares)	30,000
Share Price on date of grant (in dollars per share)	$6.47
Vesting Period	2 years
Vesting Schedule (in hundredths)	50.00%
Unearned Compensation	194
Non-employees [Member] \| Issued 03-24-2014 [Member]
Unvested Share Awards [Abstract]
Shares Issued (in shares)	30,000
Share Price on date of grant (in dollars per share)	$5.69
Vesting Period	2 years
Vesting Schedule (in hundredths)	50.00%
Shares Vested (in shares)	15,000	15,000
Unearned Compensation	$79	$81

Earnings_Per_Share_Reconciliat

Earnings Per Share (Reconciliation Of Earnings Per Share) (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
BASIC AND DILUTED [Abstract]
Loss from Continuing Operations	($4,389)	($5,180)
Loss from Continuing Operations allocated to Noncontrolling Interests	443	462
Distributions to Preferred Shareholders	-3,589	-3,589
Dividends Paid on Unvested Restricted Shares and LTIP Units	-141	-130
Loss from Continuing Operations attributable to Common Shareholders	-7,676	-8,437
Discontinued Operations [Abstract]
Loss from Discontinued Operations		-1,333
Loss from Discontinued Operations allocated to Noncontrolling Interests		45
Loss from Discontinued Operations attributable to Common Shareholders		-1,288
Net Loss attributable to Common Shareholders	($7,676)	($9,725)
Denominator [Abstract]
Weighted average number of common shares - basic (in shares)	198,331,158	200,743,751
Effect of dilutive securities [Abstract]
Restricted Stock Awards and LTIP Units (unvested) (in shares)
Contingently Issued Shares (in shares)
Weighted average number of common shares - diluted (in shares)	198,331,158	200,743,751

Earnings_Per_Share_Potentially

Earnings Per Share (Potentially Dilutive Shares Excluded From The Denominator For The Purpose Of Computing Diluted Earnings Per Share) (Details)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially Dilutive Securities Excluded from the Denominator	9,277,684	8,215,904
Common Units And Vested LTIP Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially Dilutive Securities Excluded from the Denominator	7,346,261	6,914,716
Unvested Stock Awards And LTIP Units Outstanding [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially Dilutive Securities Excluded from the Denominator	808,516	650,379
Contingently Issuable Share Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially Dilutive Securities Excluded from the Denominator	1,122,907	650,809

Cash_Flow_Disclosures_And_Non_2

Cash Flow Disclosures And Non Cash Investing And Financing Activities (Narrative) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash Flow Disclosures And Non Cash Investing And Financing Activities [Abstract]
Interest paid	$9,766	$10,133

Cash_Flow_Disclosures_And_Non_3

Cash Flow Disclosures And Non Cash Investing And Financing Activities (Non-cash Investing And Financing Activities) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Non-cash Investing and Financing Activities [Abstract]
Common Shares issued as part of the Dividend Reinvestment Plan	$15	$11
Debt assumed		$24,924

Hotel_Dispositions_Narrative_D

Hotel Dispositions (Narrative) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Feb. 28, 2014	Dec. 20, 2013	Sep. 20, 2013
	Mar. 31, 2015	Mar. 31, 2014	property	property	property
Assets Held for Sale [Abstract]
Gain on Disposition of Discontinued Assets		$138
Operating Income (Loss)	6,641	5,624
Impairment of Discontinued Assets		1,800
Income from Discontinued Operations, Net of Income Taxes		329
Non-core Hotel Properties [Member]
Assets Held for Sale [Abstract]
Gain on Disposition of Discontinued Assets		138
Number of hotel properties sold			4	12
Impairment of Discontinued Assets		1,800
Non-core Hotel Properties II [Member]
Assets Held for Sale [Abstract]
Disposal of portfolio, aggregate purchase price					$217,000
Number of Real Estate Properties					16

Hotel_Dispositions_Components_

Hotel Dispositions (Components Of Discontinued Operations) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Revenue [Abstract]
Hotel Operating Revenues	$1,937
Total Revenues	1,937
Expenses [Abstract]
Hotel Operating Expenses	1,154
Gain on Insurance Settlements	23
Real Estate and Personal Property Taxes and Property Insurance	90
General and Administrative	-15
Interest Expense	356
Total Expenses	1,608
Income from Discontinued Operations	$329