Hersha Hospitality Trust (HT) 10-Q 2 Aug 23 2023 Q2 Quarterly report Financial data

Cover page

Cover page - shares	6 Months Ended
	Jun. 30, 2023	Aug. 02, 2023
Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-14765
Entity Registrant Name	HERSHA HOSPITALITY TRUST
Entity Incorporation, State	MD
Entity Tax Identification Number	25-1811499
Entity Address, Street	44 Hersha Drive
Entity Address, City	Harrisburg
Entity Address, State	PA
Entity Address, Postal Zip Code	17102
City Area Code	717
Local Phone Number	236-4400
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001063344
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Common Shares of Beneficial Interest, par value $.01 per share
Entity Information
Title of each class	Class A Common Shares of Beneficial Interest, par value $.01 per share
Trading Symbol(s)	HT
Name of each exchange on which registered	NYSE
Entity Common Stock, Shares Outstanding (in shares)		40,104,916
6.875% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest, par $.01 per share
Entity Information
Title of each class	6.875% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest, par $.01 per share
Trading Symbol(s)	HT-PC
Name of each exchange on which registered	NYSE
6.500% Series D Cumulative Redeemable Preferred Shares of Beneficial Interest, par $.01 per share
Entity Information
Title of each class	6.500% Series D Cumulative Redeemable Preferred Shares of Beneficial Interest, par $.01 per share
Trading Symbol(s)	HT-PD
Name of each exchange on which registered	NYSE
6.500% Series E Cumulative Redeemable Preferred Shares of Beneficial Interest, par $.01 per share
Entity Information
Title of each class	6.500% Series E Cumulative Redeemable Preferred Shares of Beneficial Interest, par $.01 per share
Trading Symbol(s)	HT-PE
Name of each exchange on which registered	NYSE
Class B Common Shares
Entity Information
Entity Common Stock, Shares Outstanding (in shares)		0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets:
Investment in Hotel Properties, Net of Accumulated Depreciation	$ 1,182,764	$ 1,189,239
Investment in Unconsolidated Joint Ventures	4,562	4,989
Cash and Cash Equivalents	142,391	224,955
Escrow Deposits	4,797	5,065
Hotel Accounts Receivable	6,201	8,922
Due from Related Parties	82	245
Intangible Assets, Net of Accumulated Amortization of $1,270 and $1,211	624	684
Right of Use Assets	16,774	16,226
Other Assets	35,584	38,552
Total Assets	1,393,779	1,488,877
Liabilities and Equity:
Term Loans, Net of Unamortized Deferred Financing Costs (Note 5)	346,336	370,636
Unsecured Notes Payable, Net of Unamortized Deferred Financing Costs (Note 5)	50,921	50,895
Mortgages Payable, Net of Unamortized Premium and Unamortized Deferred Financing Costs	184,941	208,354
Lease Liabilities	19,518	19,003
Accounts Payable, Accrued Expenses and Other Liabilities	35,855	44,148
Dividends and Distributions Payable	8,451	31,694
Other Liabilities	2,534	2,610
Total Liabilities	648,556	727,340
Redeemable Noncontrolling Interests - Consolidated Joint Venture (Note 1)	4,660	5,076
Shareholders' Equity:
Preferred Shares:  $.01 Par Value, 29,000,000 Shares Authorized, 3,000,000 Series C, 7,701,700 Series D and 4,001,514 Series E Shares Issued and Outstanding at June 30, 2023 and December 31, 2022, with Liquidation Preferences of $25.00 Per Share (Note 1)	147	147
Accumulated Other Comprehensive Income (Loss), Net of Tax	13,330	16,213
Additional Paid-in Capital	1,161,282	1,157,057
Distributions in Excess of Net Income	(508,449)	(490,815)
Total Shareholders' Equity	666,711	683,000
Noncontrolling Interests (Note 1)	73,852	73,461
Total Equity	740,563	756,461
Total Liabilities and Equity	$ 1,393,779	$ 1,488,877
Other Liability, Related Party, Type [Extensible Enumeration]	Affiliated Entity [Member]	Affiliated Entity [Member]
Related Party
Assets:
Due from Related Parties	$ 82	$ 245
Liabilities and Equity:
Other Liabilities	2,534	2,610
Class A Common Shares
Shareholders' Equity:
Common Shares	401	398
Class B Common Shares
Shareholders' Equity:
Common Shares	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets:
Intangible assets, accumulated amortization	$ 1,270	$ 1,211
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 - outstanding (in shares)	14,703,214	14,703,214
Preferred shares - liquidation preference value (in dollars per share)	$ 25	$ 25
Series C
Shareholders' Equity:
Preferred shares - issued (in shares)	3,000,000	3,000,000
Preferred shares - outstanding (in shares)	3,000,000	3,000,000
Series D
Shareholders' Equity:
Preferred shares - issued (in shares)	7,701,700	7,701,700
Preferred shares - outstanding (in shares)	7,701,700	7,701,700
Series E
Shareholders' Equity:
Preferred shares - issued (in shares)	4,001,514	4,001,514
Preferred shares - outstanding (in shares)	4,001,514	4,001,514
Class A Common Shares
Shareholders' Equity:
Common shares - par value (in dollars per share)	$ 0.01	$ 0.01
Common shares - authorized (in shares)	104,000,000	104,000,000
Common shares - issued (in shares)	40,103,391	39,697,451
Common shares - outstanding (in shares)	40,103,391	39,697,451
Class B Common Shares
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 OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue:
Other Revenues		$ 84	$ 91	$ 143	$ 132
Total Revenues		97,814	123,290	172,964	205,158
Operating Expenses:
Insurance Recoveries in Excess of Property Losses		0	(987)	0	(962)
Hotel Ground Rent		611	1,531	929	2,621
Real Estate and Personal Property Taxes and Property Insurance		6,259	8,335	12,440	16,818
General and Administrative (including Share Based Payments of $2,697 and $3,299 and $4,749 and $5,840 for the three and six months ended June 30, 2023 and 2022, respectively)		5,770	6,491	10,702	11,809
Depreciation and Amortization		14,006	17,003	27,675	36,279
Total Operating Expenses		84,565	99,466	162,379	183,008
Operating Income		13,249	23,824	10,585	22,150
Interest Income		1,695	1	3,434	2
Interest Expense		(8,865)	(14,397)	(17,954)	(28,267)
Other Income (Expense)		73	(108)	986	(207)
Loss on Debt Extinguishment		(52)	0	(66)	0
Income (Loss) Before Results from Unconsolidated Joint Venture Investments and Income Taxes		6,100	9,320	(3,015)	(6,322)
(Loss) Income from Unconsolidated Joint Ventures		(74)	357	(426)	(579)
Income (Loss) Before Income Taxes		6,026	9,677	(3,441)	(6,901)
Income Tax Expense		(65)	(93)	(99)	(114)
Net Income (Loss)		5,961	9,584	(3,540)	(7,015)
(Income) Loss Allocated to Noncontrolling Interests - Common Units		(3)	(423)	1,993	2,258
Loss (Income) Allocated to Noncontrolling Interests - Consolidated Joint Venture		1,806	(691)	416	(2,964)
Preferred Distributions		(6,043)	(6,043)	(12,087)	(12,087)
Net Income (Loss) Applicable to Common Shareholders		$ 1,721	$ 2,427	$ (13,218)	$ (19,808)
BASIC
Income (Loss) from Continuing Operations Applicable to Common Shareholders (in dollars per share)		$ 0.04	$ 0.06	$ (0.34)	$ (0.50)
DILUTED
Income (Loss) from Continuing Operations Applicable to Common Shareholders (in dollars per share)		$ 0.04	$ 0.06	$ (0.34)	$ (0.50)
Weighted Average Common Shares Outstanding:
Basic (in shares)		39,849,859	39,277,269	39,738,662	39,254,536
Diluted (in shares)	[1]	41,287,468	40,453,785	39,738,662	39,254,536
Room
Revenue:
Hotel Operating Revenues:		$ 74,646	$ 98,242	$ 132,162	$ 163,374
Operating Expenses:
Hotel Operating Expenses:		15,538	19,447	30,007	34,037
Food & Beverage
Revenue:
Hotel Operating Revenues:		15,382	15,710	26,309	24,766
Operating Expenses:
Hotel Operating Expenses:		12,258	11,607	23,152	20,011
Other Operating Revenues
Revenue:
Hotel Operating Revenues:		7,702	9,247	14,350	16,886
Operating Expenses:
Hotel Operating Expenses:		$ 30,123	$ 36,039	$ 57,474	$ 62,395
[1]allocated to noncontrolling interest in Hersha Hospitality Limited Partnership (the “Operating Partnership” or “HHLP”) has been excluded from the numerator and the Class A common shares issuable upon any redemption of the Operating Partnership’s common units of limited partnership interest (“Common Units”) and the Operating Partnership’s vested LTIP units (“Vested LTIP Units”) have been omitted from the denominator for the purpose of computing diluted earnings per share because the effect of including these shares and units 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) applicable to common shareholders.

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share Based Compensation Expense	$ 2,697	$ 3,299	$ 4,749	$ 5,840
Antidilutive securities excluded from computation of earnings per share (in shares)	5,773,844	5,262,313	7,382,805	6,375,209
Common Units and Vested LTIP Units
Antidilutive securities excluded from computation of earnings per share (in shares)	5,773,844	5,262,313	5,806,837	5,264,772
Unvested Stock Awards and LTIP Units Outstanding
Antidilutive securities excluded from computation of earnings per share (in shares)	0	0	648,667	791,544
Contingently Issuable Share Awards
Antidilutive securities excluded from computation of earnings per share (in shares)	0	0	927,301	318,893

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net Income (Loss)	$ 5,961	$ 9,584	$ (3,540)	$ (7,015)
Other Comprehensive Income
Change in Fair Value of Derivative Instruments	623	5,353	(3,356)	20,842
Reclassification Adjustment for Change in Fair Value of Derivative Instruments Included in Net Income (Loss)	45	(372)	52	(739)
Total Other Comprehensive Income (Loss)	668	4,981	(3,304)	20,103
Comprehensive Income (Loss)	6,629	14,565	(6,844)	13,088
Less:  Comprehensive (Income) Loss Attributable to Noncontrolling Interests - Common Units	(92)	(1,011)	2,414	(121)
Less:  Comprehensive Loss (Income) Attributable to Noncontrolling Interests - Consolidated Joint Venture	1,806	(691)	416	(2,964)
Less:  Preferred Distributions	(6,043)	(6,043)	(12,087)	(12,087)
Comprehensive Income (Loss) Attributable to Common Shareholders	$ 2,300	$ 6,820	$ (16,101)	$ (2,084)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Class A Common Shares	Class B Common Shares	Total Equity	Total Shareholders' Equity	Common Shares	Common Shares Class A Common Shares	Common Shares Class B Common Shares	Preferred Shares	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Distributions in Excess of Net Income	Noncontrolling Interest	Noncontrolling Interest Common Shares
Beginning balance at Dec. 31, 2021	$ 2,310
Increase (Decrease) in Temporary Equity
Adjustment to Record Noncontrolling Interest at Redemption Value	2,964
Ending balance at Jun. 30, 2022	5,274
Balance at the beginning at Dec. 31, 2021				$ 608,296	$ 557,050		$ 394	$ 0	$ 147	$ 1,155,034	$ (6,211)	$ (592,314)		$ 51,246
Balance at the beginning (in shares) at Dec. 31, 2021						39,325,025
Balance at the beginning (in shares) at Dec. 31, 2021									14,703,214
Balance at the beginning (in shares) at Dec. 31, 2021														6,926,253
Increase (Decrease) in Stockholders' Equity
Issuance Costs/Other	(49)				(49)					(48)
Unit Conversion				0	426		1			425				$ (426)
Unit Conversion (in shares)						50,000								(50,000)
Dividends and Distributions declared:
Preferred Shares				(12,087)	(12,087)							(12,087)
LTIP units														$ (629)
Share Based Compensation:
Grants (in shares)						139,636								194,427
Grants							1			(1)
Amortization				5,840	1,921					1,921				$ 3,919
Change in Fair Value of Derivative Instruments	20,103			20,103	17,637						17,637			2,466
Adjustment to Record Noncontrolling Interest at Redemption Value				(2,964)	(2,964)					(2,964)
Net Income (Loss)	(7,015)			(7,015)	(4,757)							(4,757)		(2,258)
Balance at the ending at Jun. 30, 2022				612,124	557,177		396	0	$ 147	1,154,367	11,426	(609,159)		$ 54,947
Balance at the ending (in shares) at Jun. 30, 2022						39,514,661
Balance at the ending (in shares) at Jun. 30, 2022									14,703,214
Balance at the ending (in shares) at Jun. 30, 2022														7,070,680
Beginning balance at Mar. 31, 2022	4,583
Increase (Decrease) in Temporary Equity
Adjustment to Record Noncontrolling Interest at Redemption Value	691
Ending balance at Jun. 30, 2022	5,274
Balance at the beginning at Mar. 31, 2022				601,004	548,828		394	0	$ 147	1,153,486	7,077	(612,276)		$ 52,176
Balance at the beginning (in shares) at Mar. 31, 2022						39,354,893
Balance at the beginning (in shares) at Mar. 31, 2022									14,703,214
Balance at the beginning (in shares) at Mar. 31, 2022														6,926,253
Increase (Decrease) in Stockholders' Equity
Issuance Costs/Other				(10)	(10)					(10)
Unit Conversion	0				426		1			425				$ (426)
Unit Conversion (in shares)						50,000								(50,000)
Dividends and Distributions declared:
Preferred Shares				(6,044)	(6,044)							(6,044)
Share Based Compensation:
Grants (in shares)						109,768								194,427
Grants				1	1		1
Amortization				3,299	1,157					1,157				$ 2,142
Change in Fair Value of Derivative Instruments	(3,304)			4,981	4,349						4,349			632
Adjustment to Record Noncontrolling Interest at Redemption Value				(691)	(691)					(691)
Net Income (Loss)	9,584			9,584	9,161							9,161		423
Balance at the ending at Jun. 30, 2022				612,124	557,177		396	0	$ 147	1,154,367	11,426	(609,159)		$ 54,947
Balance at the ending (in shares) at Jun. 30, 2022						39,514,661
Balance at the ending (in shares) at Jun. 30, 2022									14,703,214
Balance at the ending (in shares) at Jun. 30, 2022														7,070,680
Beginning balance at Dec. 31, 2022	5,076
Increase (Decrease) in Temporary Equity
Adjustment to Record Noncontrolling Interest at Redemption Value	(416)
Ending balance at Jun. 30, 2023	4,660
Balance at the beginning at Dec. 31, 2022	$ 756,461			756,461	683,000		398	0	$ 147	1,157,057	16,213	(490,815)		$ 73,461
Balance at the beginning (in shares) at Dec. 31, 2022		39,697,451	0			39,697,451
Balance at the beginning (in shares) at Dec. 31, 2022	14,703,214								14,703,214
Balance at the beginning (in shares) at Dec. 31, 2022														6,940,053
Increase (Decrease) in Stockholders' Equity
Issuance Costs/Other	$ (107)				(107)					(106)
Unit Conversion				0	1,814		2			1,812				$ (1,814)
Unit Conversion (in shares)						200,000								(200,000)
Dividends and Distributions declared:
Preferred Shares				(12,087)	(12,087)							(12,087)
Common Shares				(3,999)	(3,999)							(3,999)
Common units				(176)
LTIP units				(629)										$ (176)
Dividend Reinvestment Plan				81	81					81
Dividend Reinvestment Plan (in shares)						10,382
Share Based Compensation:
Grants (in shares)						195,558								1,297,419
Grants							1			(1)
Amortization				7,447	2,023					2,023				$ 5,424
Change in Fair Value of Derivative Instruments	4,981			(3,304)	(2,883)						(2,883)			(421)
Adjustment to Record Noncontrolling Interest at Redemption Value				416	416					416
Net Income (Loss)	(3,540)			(3,540)	(1,547)							(1,547)		(1,993)
Balance at the ending at Jun. 30, 2023	$ 740,563			740,563	666,711		401	0	$ 147	1,161,282	13,330	(508,449)		$ 73,852
Balance at the ending (in shares) at Jun. 30, 2023		40,103,391	0			40,103,391
Balance at the ending (in shares) at Jun. 30, 2023	14,703,214								14,703,214
Balance at the ending (in shares) at Jun. 30, 2023														8,037,472
Beginning balance at Mar. 31, 2023	$ 6,466
Increase (Decrease) in Temporary Equity
Adjustment to Record Noncontrolling Interest at Redemption Value	(1,806)
Ending balance at Jun. 30, 2023	4,660
Balance at the beginning at Mar. 31, 2023				737,977	663,954		399	0	$ 147	1,157,015	12,751	(506,358)		$ 74,023
Balance at the beginning (in shares) at Mar. 31, 2023						39,874,899
Balance at the beginning (in shares) at Mar. 31, 2023									14,703,214
Balance at the beginning (in shares) at Mar. 31, 2023														8,044,927
Increase (Decrease) in Stockholders' Equity
Issuance Costs/Other				(105)	(105)					(104)		(1)
Unit Conversion				0	1,814		2			1,812				$ (1,814)
Unit Conversion (in shares)						200,000								(200,000)
Dividends and Distributions declared:
Preferred Shares				(6,043)	(6,043)							(6,043)
Common Shares				(2,005)	(2,005)							(2,005)
Common units				(88)									$ (88)
LTIP units				(314)									$ (314)
Dividend Reinvestment Plan				9	9					9
Dividend Reinvestment Plan (in shares)						1,407
Share Based Compensation:
Grants (in shares)						27,085								192,545
Amortization				2,697	744					744				$ 1,953
Change in Fair Value of Derivative Instruments	668			668	579						579			89
Adjustment to Record Noncontrolling Interest at Redemption Value				1,806	1,806					1,806
Net Income (Loss)	5,961			5,961	5,958							5,958		3
Balance at the ending at Jun. 30, 2023	$ 740,563			$ 740,563	$ 666,711		$ 401	$ 0	$ 147	$ 1,161,282	$ 13,330	$ (508,449)		$ 73,852
Balance at the ending (in shares) at Jun. 30, 2023		40,103,391	0			40,103,391
Balance at the ending (in shares) at Jun. 30, 2023	14,703,214								14,703,214
Balance at the ending (in shares) at Jun. 30, 2023														8,037,472

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Dividends [Abstract]
Common shares, dividends declared (in dollars per share)	$ 0.05	$ 0.10
Common units, distributions declared (in dollars per share)	0.05	0.10
LTIP units, distribution per unit (in dollars per share)	$ 0.05	$ 0.10

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating Activities:
Net Income (Loss)	$ (3,540)	$ (7,015)
Adjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities:
Insurance Recoveries in Excess of Property Loss	0	(962)
Junior Note PIK Interest Added to Principal	0	1,855
Depreciation	27,615	36,117
Amortization	1,337	3,017
Loss on Debt Extinguishment	66	0
Equity in Loss of Unconsolidated Joint Ventures	426	579
Loss (Gain) Recognized on Change in Fair Value of Derivative Instrument	52	(739)
Share Based Compensation Expense	4,749	5,840
(Increase) Decrease in:
Hotel Accounts Receivable	2,721	249
Other Assets	(885)	(4,057)
Due from Related Parties	163	1,961
Increase (Decrease) in:
Due to Related Parties	(76)	(1,241)
Accounts Payable, Accrued Expenses and Other Liabilities	(6,011)	4,882
Net Cash Provided by Operating Activities	26,617	40,486
Investing Activities:
Capital Expenditures	(20,681)	(12,041)
Contributions to Unconsolidated Joint Ventures	0	(485)
Proceeds from Insurance Claims	0	1,294
Net Cash Used in Investing Activities	(20,681)	(11,232)
Financing Activities:
Payments on Term Loans	(25,000)	0
Principal Repayment of Mortgages	(23,618)	(1,221)
Deferred Financing Costs	(99)	(209)
Dividends Paid on Common Shares	(23,746)	0
Dividends Paid on Preferred Shares	(12,087)	(12,087)
Distributions Paid on Common Units and LTIP Units	(4,218)	0
Net Cash Used in Financing Activities	(88,768)	(13,517)
Net (Decrease) Increase in Cash, Cash Equivalents, and Restricted Cash	(82,832)	15,737
Cash, Cash Equivalents, and Restricted Cash - Beginning of Period	230,020	84,945
Cash, Cash Equivalents, and Restricted Cash - End of Period	$ 147,188	$ 100,682

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	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 and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023 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, 2022, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, 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” or “the Partnership”), for which we serve as the sole general partner. As of June 30, 2023, we owned an approximate 83.3% partnership interest in HHLP, including a 1.0% general partnership interest. Principles of Consolidation and Presentation The accompanying consolidated financial statements have been prepared in accordance with US GAAP and include all of our accounts as well as accounts of the Partnership, subsidiary partnerships and our wholly owned Taxable REIT Subsidiary Lessee (“TRS Lessee”), 44 New England Management Company. All significant inter-company amounts have been eliminated. Consolidated properties are either wholly owned or owned less than 100% by the Partnership and are controlled by the Company as general partner of the Partnership. Properties owned in joint ventures are also consolidated if the determination is made that we are the primary beneficiary in a variable interest entity (“VIE”) or we maintain control of the asset through our voting interest in the entity. Variable Interest Entities We evaluate each of our investments and contractual relationships to determine whether they meet the guidelines for consolidation. To determine if we are the primary beneficiary of a VIE, we evaluate whether we have a controlling financial interest in that VIE. An enterprise is deemed to have a controlling financial interest if it has i) the power to direct the activities of a variable interest entity that most significantly impact the entity’s economic performance, and ii) the obligation to absorb losses of the VIE that could be significant to the VIE or the rights to receive benefits from the VIE that could be significant to the VIE. Control can also be demonstrated by the ability of a member to manage day-to-day operations, refinance debt and sell the assets of the partnerships without the consent of the other member and the inability of the members to replace the managing member. Based on our examination, there have been no changes to the operating structure of our legal entities during the three and six months ended June 30, 2023 and, therefore, there are no changes to our evaluation of VIE's as presented within our annual report presented on Form 10-K for the year ended December 31, 2022. NOTE 1 - BASIS OF PRESENTATION (CONTINUED) Noncontrolling Interest We classify the noncontrolling interests of our common units of limited partnership interest in HHLP (“Common Units”), and Long Term Incentive Plan Units (“LTIP Units”) as equity. LTIP Units are a separate class of limited partnership interest in the Operating Partnership that are convertible into Common Units under certain circumstances. The noncontrolling interest of Common Units and LTIP Units totaled $73,852 as of June 30, 2023 and $73,461 as of December 31, 2022. As of June 30, 2023, there w ere 8,037,472 Common Units and LTIP Units outstanding with a fair market value of $48,948 , 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 Common 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 and LTIP Units is included in net income or loss but excluded from net income or loss applicable to common shareholders in the consolidated statements of operations. We are party to a joint venture that owns the Ritz-Carlton Coconut Grove, FL, in which our joint venture partner has a noncontrolling equity interest of 15% in the property. Hersha Holding RC Owner, LLC, the owner entity of the Ritz-Carlton Coconut Grove joint venture ("Ritz Coconut Grove"), will distribute income based on cash available for distribution which will be distributed as follows: (1) to us until we receive a cumulative return on our contributed senior common equity interest, currently at 8%, and (2) then to the owner of the noncontrolling interest until they receive a cumulative return on their contributed junior common equity interest, currently at 8%, and (3) then 75% to us and 25% to the owner of the noncontrolling interest until we both receive a cumulative return on our contributed senior common equity interest, currently at 12%, and (4) finally, any remaining operating profit shall be distributed 70% to us and 30% to the owner of the noncontrolling interest. Additionally, the noncontrolling interest in the Ritz Coconut Grove has the right to put their ownership interest to us for cash consideration at any time during the life of the venture. The balance sheets and financial results of the Ritz Coconut Grove are included in our consolidated financial statements and the book value of the noncontrolling interest in the Ritz Coconut Grove is classified as temporary equity within our Consolidated Balance Sheets. For Ritz Coconut Grove, income or loss is allocated using Hypothetical Liquidation at Book Value ("HLBV method") as the liquidation rights and priorities, as defined by the venture's governing agreement, differs from the underlying percentage ownership in the venture. The Company applies the HLBV method using a balance sheet approach. A calculation is prepared at each balance sheet date to determine the amount that we would receive if the venture entity were to liquidate all of its assets at carrying value and distribute that cash to the joint venture based on the contractually defined liquidation priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is our share of the earnings or losses and the remainder is allocated to noncontrolling interest. The noncontrolling interest in the Ritz Coconut Grove is measured at the greater of historical cost or the put option redemption value, and is recorded as part of the (Income) Loss Allocated to Noncontrolling Interests - Consolidated Joint Venture line item within the Consolidated Statements of Operations. The value of the noncontrolling interest at the put option redemption value was $4,660 as of June 30, 2023. As such, we reclassified $(1,806) from Additional Paid in Capital to Redeemable Noncontrolling Interests - Consolidated Joint Venture during the six months ended June 30, 2023 to record the noncontrolling interest at the estimated value of the put option. NOTE 1 - BASIS OF PRESENTATION (CONTINUED) Shareholders’ Equity Terms of the Series C, Series D, and Series E Preferred Shares outstanding at June 30, 2023 and December 31, 2022 are summarized as follows: Dividend Per Share Shares Outstanding Six Months Ended June 30, Series June 30, 2023 December 31, 2022 Aggregate Liquidation Preference Distribution Rate 2023 2022 Series C 3,000,000 3,000,000 $ 75,000 6.875 % $ 0.8594 $ 0.8594 Series D 7,701,700 7,701,700 $ 192,500 6.500 % $ 0.8125 $ 0.8125 Series E 4,001,514 4,001,514 $ 100,000 6.500 % $ 0.8125 $ 0.8125 Total 14,703,214 14,703,214 Investment in Hotel Properties Investments in hotel properties are recorded at cost. Improvements and replacements are capitalized when they extend the useful life of the asset. Costs of repairs and maintenance are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful life of up to 40 years for buildings and improvements, and two These assessments have a direct impact on our net income because if we were to shorten the expected useful lives of our investments in hotel properties we would depreciate these investments over fewer years, resulting in more depreciation expense and lower net income on an annual basis. Identifiable assets, liabilities, and noncontrolling interests related to hotel properties acquired are recorded at fair value. Estimating techniques and assumptions used in determining fair values involve significant estimates and judgments. These estimates and judgments have a direct impact on the carrying value of our assets and liabilities which can directly impact the amount of depreciation expense recorded on an annual basis and could have an impact on our assessment of potential impairment of our investment in hotel properties. We consider a hotel to be held for sale when management and our independent trustees commit to a plan to sell the property, the property is available for sale, management engages in an active program to locate a buyer for the property and it is probable the sale will be completed within a year of the initiation of the plan to sell. We evaluate each disposition to determine whether we need to classify the disposition as discontinued operations. We generally include the operations of a hotel that was sold or a hotel that has been classified as held for sale in continuing operations unless the sale represents a strategic shift that will have a major impact on our future operations and financial results. We anticipate that most of our hotel dispositions will not be classified as discontinued operations as most will not fit this definition. NOTE 1 - BASIS OF PRESENTATION (CONTINUED) Based on the occurrence of certain events or changes in circumstances, we review the recoverability of the property’s carrying value. Such events or changes in circumstances include the following: • a significant decrease in the market price of a long-lived asset; • a significant adverse change in the extent or manner in which a long-lived asset is being used or in its physical condition; • a significant adverse change in legal factors or in the business climate that could affect the value of a long-lived asset, including an adverse action or assessment by a regulator; • an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset; • a current-period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset; and • a current expectation that, it is more likely than not that, a long-lived asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. We review our portfolio on an ongoing basis to evaluate the existence of any of the aforementioned events or changes in circumstances that would require us to test for recoverability. In general, our review of recoverability is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value expected, as well as the effects of hotel demand, competition and other factors. Other assumptions used in the review of recoverability include the holding period and expected terminal capitalization rate. If impairment exists due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property. We are required to make subjective assessments as to whether there are impairments in the values of our investments in hotel properties. Revision of Prior Period Financial Statements During the third quarter of 2022, the Company identified immaterial errors in its previously issued financial statements resulting from the incorrect amortization of accumulated other comprehensive income related to interest rate hedges. This occurred over the periods from 2019 through 2021, thereby overstating interest expense in those periods as well as impacting certain captions in the equity section of the consolidated balance sheet, including accumulated other comprehensive income, distributions in excess of net income, and noncontrolling interests. In accordance with Staff Accounting Bulletin (“SAB”) No. 99, “Materiality,” and SAB No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” the Company assessed the materiality of these misstatements both quantitatively and qualitatively and determined that these errors and the related impact did not, either individually or in the aggregate, materially misstate previously issued consolidated financial statements. To reflect the correction of these immaterial errors, the Company is revising the previously issued consolidated financial statements for the three and six months ended June 30, 2022 in this Form 10-Q. As a result, the Company has corrected the immaterial misstatements as disclosed in the following tables for all impacted financial statement line items in prior periods. For the Three Months Ended For the Six Months Ended June 30, 2022 June 30, 2022 As Previously Reported Adjustment As Revised As Previously Reported Adjustment As Revised Consolidated Statement of Operations: Interest Expense $ (14,769) $ 372 $ (14,397) $ (29,006) $ 739 $ (28,267) Income (Loss) Before Results from Unconsolidated Joint Venture Investments and Income Taxes 8,948 372 9,320 (7,061) 739 (6,322) Income (Loss) Before Income taxes 9,305 372 9,677 (7,640) 739 (6,901) Net Income (Loss) 9,212 372 9,584 (7,754) 739 (7,015) (Income) Loss Allocated to Noncontrolling Interests - Common Units (379) (44) (423) 2,345 (87) 2,258 Net Income (Loss) Applicable to Common Shareholders 2,099 328 2,427 (20,460) 652 (19,808) Net Income (Loss) Per Share: Basic - Income (Loss) from Continuing Operations Applicable to Common Shareholders $ 0.05 $ 0.01 $ 0.06 $ (0.52) $ 0.02 $ (0.50) Diluted - Income (Loss) from Continuing Operations Applicable to Common Shareholders $ 0.05 $ 0.01 $ 0.06 $ (0.52) $ 0.02 $ (0.50) Consolidated Statement of Comprehensive Income (Loss): Net Income (Loss) $ 9,212 $ 372 $ 9,584 $ (7,754) $ 739 $ (7,015) Reclassification Adjustment for Change in Fair Value of Derivative Instruments Included in Net Income (Loss) — (372) (372) — (739) (739) Total Other Comprehensive Income 5,353 (372) 4,981 20,842 (739) 20,103 Consolidated Statement of Cash Flows: Operating Activities: Net Loss (7,754) 739 (7,015) Gain Recognized on Change in Fair Value of Derivative Instrument — (739) (739)

INVESTMENT IN HOTEL PROPERTIES

INVESTMENT IN HOTEL PROPERTIES	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
INVESTMENT IN HOTEL PROPERTIES	INVESTMENT IN HOTEL PROPERTIES Investment in hotel properties consists of the following at June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 Land $ 390,532 $ 390,532 Buildings and Improvements 1,106,216 1,093,575 Furniture, Fixtures and Equipment 214,339 203,369 Construction in Progress 4,515 7,105 1,715,602 1,694,581 Less Accumulated Depreciation (532,838) (505,342) Total Investment in Hotel Properties * $ 1,182,764 $ 1,189,239 * The net book value of investment in hotel property at Ritz Coconut Grove, which is a variable interest entity, is $36,638 and $37,303 at June 30, 2023 and December 31, 2022, respectively. Acquisitions For the six months ended June 30, 2023 and 2022, we acquired no hotel properties. Hotel Dispositions During the year ended December 31, 2022 , we had the following hotel dispositions: Hotel Acquisition Disposition Consideration Gain on Urban Select Service (7 hotels) June 2005 - October 2016 8/4/2022, 10/26/22 $ 505,000 $ 170,193 Hotel Milo Santa Barbara 02/28/2014 10/06/2022 55,000 25,784 Pan Pacific Seattle 02/21/2017 10/19/2022 70,000 1,532 Gate hotel JFK Airport 06/13/2008 11/02/2022 11,000 — 2022 Total $ 197,509

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	INVESTMENT IN UNCONSOLIDATED JOINT VENTURES As of June 30, 2023 and December 31, 2022, our investment in unconsolidated joint ventures consisted of the following: Joint Venture Hotel Properties Percent Owned June 30, 2023 December 31, 2022 SB Partners, LLC Holiday Inn Express, South Boston, MA 50 % $ — $ — SB Partners Three, LLC Home2 Suites, South Boston, MA 50 % 4,562 4,989 $ 4,562 $ 4,989 Income/Loss Allocation Income or loss is allocated to us and our joint venture partners consistent with the allocation of cash distributions in accordance with the joint venture agreements. This results in an income allocation consistent with our percentage of ownership interests. When we absorb cumulative losses equal to our accounting basis in the joint venture, our investment balance is $0 as presented in the table above. Any difference between the carrying amount of any of our investments noted above and the underlying equity in net assets is amortized over the expected useful lives of the properties and other intangible assets. Income (Loss) recognized during the three and six months ended June 30, 2023 and 2022 for our investments in unconsolidated joint ventures is as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Hiren Boston, LLC* $ — $ 301 $ — $ 42 SB Partners, LLC — — — (310) SB Partners Three, LLC (74) 56 (426) (311) (Loss) Income from Unconsolidated Joint Venture Investments $ (74) $ 357 $ (426) $ (579) *On November 30, 2022, we sold our 50% membership interest in Hiren Boston, LLC. 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 June 30, 2023 and December 31, 2022 and for the three and six months ended June 30, 2023 and 2022. Balance Sheets June 30, 2023 December 31, 2022 Assets Investment in Hotel Properties, Net $ 45,241 $ 47,356 Other Assets 12,238 11,803 Total Assets $ 57,479 $ 59,159 Liabilities and Equity Mortgages $ 49,727 $ 50,236 Other Liabilities 10,294 10,012 Equity: Hersha Hospitality Trust 1,903 2,630 Joint Venture Partner(s) (4,445) (3,719) Total Equity (2,542) (1,089) Total Liabilities and Equity $ 57,479 $ 59,159 Statements of Operations Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Room Revenue $ 5,037 $ 6,848 $ 7,335 $ 9,495 Other Revenue 196 318 323 504 Operating Expenses (2,693) (3,630) (4,328) (6,083) Lease Expense (184) (257) (319) (514) Property Taxes and Insurance (379) (572) (753) (1,144) General and Administrative 82 (15) 72 (35) Depreciation and Amortization (1,072) (1,248) (2,144) (2,502) Interest Expense (836) (773) (1,639) (1,442) Income Tax (Expense) Benefit (98) (74) — 51 Net Income (Loss) $ 53 $ 597 $ (1,453) $ (1,670) The following table is a reconciliation of our share in the unconsolidated joint ventures’ equity to our investment in the unconsolidated joint ventures as presented on our balance sheets as of June 30, 2023 and December 31, 2022. June 30, 2023 December 31, 2022 Our share of equity recorded on the joint ventures' financial statements $ 1,903 $ 2,630 Adjustment to reconcile our share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures (1) 2,659 2,359 Investment in Unconsolidated Joint Ventures $ 4,562 $ 4,989 (1) Adjustment to reconcile our share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures consists of the difference between our basis in the investment in joint ventures and the equity recorded on the joint ventures' financial statements.

OTHER ASSETS

OTHER ASSETS	6 Months Ended
	Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS Other Assets Other Assets consisted of the following at June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 Derivative Asset $ 15,353 $ 18,709 Deferred Financing Costs 819 1,197 Prepaid Expenses 10,745 10,481 Investment in Statutory Trusts 1,548 1,548 Investment in Non-Hotel Property and Inventories 1,903 2,026 Deposits with Unaffiliated Third Parties 525 597 Deferred Tax Asset, Net of Valuation Allowance of $14,320 and $14,414, respectively — — Swap Interest Receivable 1,150 932 Other 3,541 3,062 $ 35,584 $ 38,552 Derivative Asset - This category represents the Company’s gross asset fair value of interest rate swaps and interest rate caps. Any swaps and caps resulting in a liability to the Company are accounted for separately within Other Liabilities on the Balance Sheet. Deferred Financing Costs – This category represents financing costs paid by the Company to establish our Line of Credit. These costs have been capitalized and will amortize to interest expense over the term of the Line of Credit. Prepaid Expenses – Prepaid expenses include amounts paid for property tax, insurance and other expenditures that will be expensed in the next twelve months. Investment in Statutory Trusts – We have an investment in the common stock of Hersha Statutory Trust I and Hersha Statutory Trust II. Investment in Non-Hotel Property and Inventories – This category represents the costs paid and capitalized by the Company for items such as office leasehold improvements, furniture and equipment, and property inventories. Deposits with Unaffiliated Third Parties – These deposits represent deposits made by the Company with unaffiliated third parties for items such as lease security deposits, utility deposits, and deposits with unaffiliated third party management companies. Deferred Tax Asset – We have $0 of net deferred tax assets as of June 30, 2023. 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 at the current time, we believe that it is more likely than not that we will not be able to realize the net deferred tax assets in the future, and a valuation allowance for the entire deferred tax asset has been recorded.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
DEBT	DEBT Mortgages Mortgages payable at June 30, 2023 and December 31, 2022 consisted of the following: June 30, 2023 December 31, 2022 Mortgage Indebtedness $ 185,262 $ 208,880 Net Unamortized Premium 4 7 Net Unamortized Deferred Financing Costs (325) (533) Mortgages Payable $ 184,941 $ 208,354 On May 1, 2023, we repaid in full the outstanding mortgage debt of $23,000 secured by the St. Gregory hotel, D.C., and incurred debt extinguishment expense of $52. On June 7, 2023 we refinanced the outstanding mortgage debt with an original principal balance of $56,000 secured by the Hyatt Union Square, New York, NY, which extended the maturity date to June 7, 2024. Contemporaneous with the mortgage refinance, we entered into an interest rate swap that matures June 7, 2024 that fixes the interest rate at 7.39% until maturity. Net Unamortized Deferred Financing Costs associated with entering into mortgage indebtedness are deferred and amortized over the life of the mortgages. Net Unamortized Premiums are also amortized over the remaining life of the loans. Mortgage indebtedness balances are subject to fixed and variable interest rates, which ranged from 4.02% to 7.83% as of June 30, 2023. 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, or require an additional principal payment to achieve the desired threshold. We have determined that all debt covenants contained in the loan agreements securing our consolidated hotel properties were met as of June 30, 2023 . As of June 30, 2023, the maturity dates for the outstanding mortgage loans ranged from December 2023 to July 2024. For mortgages with maturity dates within the next twelve months, we plan to refinance each mortgage before their maturities, or use available cash on hand or capacity under our revolving line of credit to pay the obligation. Credit Facilities On August 4, 2022, we entered into a credit agreement (the "Credit Agreement"), which provided for a secured term loan of $400,000 and secured revolving line of credit with capacity of $100,000, both of which mature on August 4, 2024. Borrowings under the Credit Agreement bear interest at a rate of Term Secured Overnight Financing Rate ("SOFR") plus a 250 basis point spread. The following table summarizes the secured term loan balances outstanding as of June 30, 2023 and December 31, 2022: Outstanding Balance June 30, 2023 December 31, 2022 Principal $ 347,853 $ 372,853 Deferred Loan Costs (1,517) (2,217) Total Secured Term Loan $ 346,336 $ 370,636 Immediately upon entering into the Credit Agreement, proceeds from the $400,000 new term loan, along with a portion of the proceeds from the dispositions discussed in Note 2 – Investment in Hotel Properties, were used to pay off and terminate all borrowings under our previous credit facility agreement ("the Prior Facilities"), which consisted of three secured credit arrangements which had an aggregate principal balance of $497,481. The Credit Agreement contains financial covenants, including a fixed charge coverage ratio of not less than 1.50 to 1.00; and a maximum leverage ratio of not more than 60%. We have determined that we are in compliance with all covenants contained in the Credit Agreement as of June 30, 2023. The amount that we can borrow at any given time under the Credit Agreement is governed by certain operating metrics of designated hotel properties known as borrowing base assets. As of June 30, 2023, the following hotel properties secure the Credit Agreement: - The Envoy Boston Seaport, Boston, MA - Ritz-Carlton Georgetown, Washington, DC - The Boxer, Boston, MA - The Winter Haven Hotel Miami Beach, Miami, FL - Hampton Inn Seaport, Seaport, New York, NY - The Blue Moon Hotel Miami Beach, Miami, FL - Holiday Inn Express Chelsea, 29th Street, New York, NY - Cadillac Hotel & Beach Club, Miami, FL - NU Hotel, Brooklyn, New York, NY - The Parrot Key Hotel & Villas, Key West, FL - Hyatt House White Plains, White Plains, NY - The Ambrose Hotel, Santa Monica, CA - The Rittenhouse, Philadelphia, PA - Mystic Marriott Hotel & Spa, Groton, CT - Philadelphia Westin, Philadelphia, PA - Hilton Garden Inn JFK Airport, New York, NY The weighted average interest rate on our credit facilities, including our Prior Facilities and including the effect of derivative instruments, was 4.48% and 3.52%, 4.47% and 3.53% for the three and six months ended June 30, 2023 and 2022, respectively. Notes Payable Notes payable at June 30, 2023 and December 31, 2022 consisted of the following: June 30, 2023 December 31, 2022 Statutory Trust I and Statutory Trust II Notes Payable Indebtedness $ 51,548 $ 51,548 Net Unamortized Deferred Financing Costs (627) (653) Statutory Trust I and Statutory Trust II Notes Payable $ 50,921 $ 50,895 We have two junior subordinated notes payable in the aggregate amount of $51,548 related 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 each of Hersha Statutory Trust I and Hersha Statutory Trust II bear interest at a variable rate of LIBOR plus 3% per annum, or SOFR plus 3% plus the spread adjustment of 0.26% after June 30, 2023 . This rate resets 2 business days prior to each quarterly payment. The related deferred financing costs are amortized over the life of the notes payable. The weighted average interest rate on our two junior subordinated notes payable was 8.23% and 3.97% and 7.95% and 3.61% for the three and six months ended June 30, 2023 and 2022, respectively. Interest Expense The table below summarizes interest expense incurred by the Company during the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Mortgage Loans Payable $ 3,712 $ 2,948 $ 7,509 $ 5,477 Interest Rate Swap Contracts on Mortgages (695) 358 (1,370) 923 Unsecured Notes Payable 1,067 4,589 2,069 8,995 Credit Facility and Term Loans 6,920 4,507 13,547 8,157 Interest Rate Swap Contracts on Credit Facilities (2,881) 599 (5,344) 2,054 Deferred Financing Costs Amortization 663 1,235 1,360 2,426 Other 79 161 183 235 Total Interest Expense $ 8,865 $ 14,397 $ 17,954 $ 28,267 Liquidity and Debt Maturities As noted above, our term loan which has a principal balance of $347,853 as of June 30, 2023 will mature on August 4, 2024. The Company believes that we will be able to refinance this debt, extend the maturity, or generate the cash necessary to pay off the debt through asset sales or an equity offering prior to its maturity. Refinancing or extending the maturity of this debt requires participation of third parties and accordingly, there is no assurance that we can successfully negotiate terms similar to or better than our current terms. Four of our mortgages totaling $139,811 mature in the next twelve months. We plan to exercise available extension options, refinance each mortgage before their maturities, or use available cash on hand or capacity under our revolving line of credit to pay the obligations.

LEASES

LEASES	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
LEASES	LEASES As of June 30, 2023, we own two hotels, the Hilton Garden Inn JFK and the Annapolis Waterfront Hotel, within our consolidated portfolio of hotels where we do not own the land on which the hotels reside, rather we lease the land from an unrelated third-party lessor. Our land leases are classified as operating leases and have initial terms with extension options that range from August 2064 to October 2103. We also have two additional office space leases for our Philadelphia office and New York City office. The Philadelphia office lease c ommenced in April 2023 with a lease term through July 2028. Our New York City office lease term is through D ecember 2027. Lease costs for our office spaces are included in General and Administrative expense. We disposed of the following hotels during the year ended December 31, 2022 which had ground leases that were assumed by the buyers: the Courtyard Brookline, the Gate JFK Airport, Hotel Milo, and Towneplace Suites Sunnyvale. The components of lease costs for the three months ended June 30, 2023 and 2022 were as follows: Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 Ground Lease Office Lease Total Ground Lease Office Lease Total Operating lease costs $ 304 $ 140 $ 444 $ 1,050 $ 153 $ 1,203 Variable lease costs 307 40 347 481 87 568 Total lease costs $ 611 $ 180 $ 791 $ 1,531 $ 240 $ 1,771 The components of lease costs for the six months ended June 30, 2023 and 2022 were as follows: Six months ended June 30, 2023 Six months ended June 30, 2022 Ground Lease Office Lease Total Ground Lease Office Lease Total Operating lease costs $ 607 $ 261 $ 868 $ 2,101 $ 242 $ 2,343 Variable lease costs 322 121 443 520 156 676 Total lease costs $ 929 $ 382 $ 1,311 $ 2,621 $ 398 $ 3,019 Other information related to leases as of and for the six months ended June 30, 2023 and 2022 is as follows: June 30, 2023 June 30, 2022 Cash paid from operating cash flow for operating leases $ 1,347 $ 2,758 Weighted average remaining lease term (in years) 48.6 63.5 Weighted average discount rate 7.84 % 7.86 %
LEASES	LEASES As of June 30, 2023, we own two hotels, the Hilton Garden Inn JFK and the Annapolis Waterfront Hotel, within our consolidated portfolio of hotels where we do not own the land on which the hotels reside, rather we lease the land from an unrelated third-party lessor. Our land leases are classified as operating leases and have initial terms with extension options that range from August 2064 to October 2103. We also have two additional office space leases for our Philadelphia office and New York City office. The Philadelphia office lease c ommenced in April 2023 with a lease term through July 2028. Our New York City office lease term is through D ecember 2027. Lease costs for our office spaces are included in General and Administrative expense. We disposed of the following hotels during the year ended December 31, 2022 which had ground leases that were assumed by the buyers: the Courtyard Brookline, the Gate JFK Airport, Hotel Milo, and Towneplace Suites Sunnyvale. The components of lease costs for the three months ended June 30, 2023 and 2022 were as follows: Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 Ground Lease Office Lease Total Ground Lease Office Lease Total Operating lease costs $ 304 $ 140 $ 444 $ 1,050 $ 153 $ 1,203 Variable lease costs 307 40 347 481 87 568 Total lease costs $ 611 $ 180 $ 791 $ 1,531 $ 240 $ 1,771 The components of lease costs for the six months ended June 30, 2023 and 2022 were as follows: Six months ended June 30, 2023 Six months ended June 30, 2022 Ground Lease Office Lease Total Ground Lease Office Lease Total Operating lease costs $ 607 $ 261 $ 868 $ 2,101 $ 242 $ 2,343 Variable lease costs 322 121 443 520 156 676 Total lease costs $ 929 $ 382 $ 1,311 $ 2,621 $ 398 $ 3,019 Other information related to leases as of and for the six months ended June 30, 2023 and 2022 is as follows: June 30, 2023 June 30, 2022 Cash paid from operating cash flow for operating leases $ 1,347 $ 2,758 Weighted average remaining lease term (in years) 48.6 63.5 Weighted average discount rate 7.84 % 7.86 %

COMMITMENTS AND CONTINGENCIES A

COMMITMENTS AND CONTINGENCIES AND RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES AND RELATED PARTY TRANSACTIONS	COMMITMENTS AND CONTINGENCIES AND RELATED PARTY TRANSACTIONS Management Agreements Our wholly-owned TRS, 44 New England Management Company, and certain of our joint venture entities engage eligible independent contractors in accordance with the requirements for qualification as a REIT under the Internal Revenue Code of 1986, as amended, including Hersha Hospitality Management Limited Partnership (“HHMLP”), as the property managers for hotels it leases from us pursuant to management agreements. Certain executives and trustees of the Company own a minority interest in HHMLP. Our management agreements with HHMLP provide for a term of five years 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 and six months ended June 30, 2023 and 2022, base management fees incurred to HHMLP totaled $2,531 and $3,145, and $4,229 and $5,143 respectively, and are recorded as Hotel Operating Expenses. Franchise Agreements Our branded hotel properties that are not managed by the brand 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, advertising services and certain other charges, and such payments are primarily 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 and six months ended June 30, 2023 and 2022 were $3,813 and $5,362, and $6,483 and $8,413 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, Revenue Management 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. Revenue management service fees are incurred to reimburse HHMLP for costs related to corporate level direct sales and sales support, and are allocated based on total hotel revenue. For the three and six months ended June 30, 2023 and 2022, the Company incurred the following fees which are included in Hotel Operating Expenses under Other Operating Expenses: For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Accounting fees $ 204 $ 277 $ 409 $ 555 Information technology fees 70 90 140 177 Revenue management service fees 449 574 898 1,149 Capital Expenditure Fees HHMLP charges fees between 3% and 5% on certain 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 and six months ended June 30, 2023 and 2022, we incurred fees of $350 and $170, and $655 and $294, respectively, which were capitalized with the cost of capital expenditures. Acquisitions from Affiliates We have entered into an option agreement with certain of our officers and 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 We purchase certain hotel supplies and make certain capital expenditures from Hersha Purchasing and Design (HPD), a hotel supply company owned, in part, by certain executives and trustees of the Company. We did not incur charges for hotel supplies purchased from HPD for the three and six months ended June 30, 2023 and 2022. For the three and six months ended June 30, 2023 and 2022, we incurred charges of $9,824 and $3,652, and $10,712 and $4,541, respectively, for capital expenditure purchases from HPD. 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. Corporate Shared Services The Company utilizes the services of HHMLP to provide risk management, information technology, and human resource services to the Company. The fees incurred for these services for the three and six months ended June 30, 2023 and 2022 were $124 and $146, and $248 and $293, respectively, and are included in General and Administrative Expense on our consolidated statements of operations. Restaurant Lease Agreements with Independent Restaurant Group The Company has entered into management agreements with Independent Restaurant Group (“IRG”), owned, in part, by certain executives and trustees of the Company. IRG is subject to the supervision of HHMLP, as property manager, for restaurants at two of its hotel properties. For the three and six months ended June 30, 2023 and 2022, management fees incurred which were paid to IRG totaled $58 and $68, and $105 and $111, respectively. Due From Related Parties The due from related parties balance as of June 30, 2023 and December 31, 2022 was approximately $82 and $245, respectively. The balances primarily consist of asset management fees due from our unconsolidated joint ventures. Due to Related Parties

FAIR VALUE MEASUREMENTS AND DER

FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS	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 June 30, 2023, 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 counter-party’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 counter-parties. However, as of June 30, 2023 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. Derivative Instruments The Company’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and interest rate caps as part of its cash flow hedging strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying principal amount. Interest rate caps designated as cash flow hedges limit the Company’s exposure to increased cash payments due to increases in variable interest rates. The following table presents our derivative instruments as of June 30, 2023 and December 31, 2022: Estimated Fair Value Asset Balance Hedged Debt Type Strike Rate Index Effective Date Derivative Contract Maturity Date Notional Amount June 30, 2023 December 31, 2022 Term Loan Instruments: Credit Facility Swap 1.341 % 1-Month SOFR + 2.50% August 30, 2022 September 10, 2024 $ 270,000 $ 12,026 $ 14,123 Credit Facility Swap 1.279 % 1-Month SOFR + 2.50% September 6, 2022 August 4, 2024 30,000 1,261 1,533 Mortgages: Hyatt, Union Square, New York, NY Swap 1.870 % 1-Month LIBOR + 2.30% June 7, 2019 June 7, 2023 56,000 — 699 Hilton Garden Inn Tribeca, New York, NY Swap 1.768 % 1-Month LIBOR + 2.25% July 25, 2019 July 25, 2024 22,725 844 1,007 Hilton Garden Inn Tribeca, New York, NY Swap 1.768 % 1-Month LIBOR + 2.25% July 25, 2019 July 25, 2024 22,725 844 1,007 Hilton Garden Inn 52nd Street, New York, NY Cap 4.000 % 1-Month SOFR December 4, 2022 December 1, 2023 44,325 242 340 Hyatt, Union Square, New York, NY Swap 4.988 % 1-Month SOFR + 2.40% June 7, 2023 June 7, 2024 56,000 136 — $ 15,353 $ 18,709 The fair value of the interest rate swaps and cap are included in Other Assets at June 30, 2023 and December 31, 2022. The net change related to derivative instruments designated as cash flow hedges recognized as unrealized gains reflected on our consolidated balance sheet in accumulated other comprehensive income was a gain/(loss) of $668 and $4,981, and $(3,304) and $20,103 for the three and six months ended June 30, 2023 and 2022, respectively. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made and received on the Company’s variable-rate derivatives. The change in net unrealized gains/(losses) on cash flow hedges reflects a reclassification of $45 and $(372), and $52 and $(739) of net unrealized gains/(losses) from accumulated other comprehensive income as an increase/decrease to interest expense for the three and six months ended June 30, 2023 and 2022, respectively. For the next twelve months ending June 30, 2024, we estimate that an additional $13,564 will be reclassified as a decrease to interest expense. Fair Value of Debt We estimate the fair value of our fixed rate debt and the credit spreads over variable market rates on our 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 June 30, 2023, the carrying value and estimated fair value of our debt was $582,198 and $563,172 , respectively. As of December 31, 2022, the carrying value and estimated fair value of our debt was $629,885 and $610,401, respectively.

SHARE BASED PAYMENTS

SHARE BASED PAYMENTS	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
SHARE BASED PAYMENTS	SHARE BASED PAYMENTS On May 25, 2023, our shareholders approved an amendment to the Hersha Hospitality Trust 2012 Equity Incentive Plan which provides equity-based incentives for the purpose of attracting and retaining executive officers, employees, trustees and other persons and entities that provide services to the Company. On March 9, 2023, the Compensation Committee approved the 2023 Long Term Incentive Plan ("2023 LTIP") in which 60% of the LTIP Units are issuable based on the Company's achievement of a certain level of (1) absolute total shareholder return (37.5% of the award), (2) relative total shareholder return as compared to the Company’s peer group (37.5% of the award), and (3) relative growth in revenue per available room ("RevPar") compared to the Company’s peer group (25.0% of the award) and the remaining 40% of the LTIP Units awarded provide for time based vesting. The 60% market-based portion of the 2023 LTIP has a three-year performance period which commenced on January 1, 2023 and ends December 31, 2025. As of June 30, 2023, no shares or LTIP Units have been issued to the executive officers in settlement of 2023 LTIP market-based awards. A summary of our share based compensation activity from December 31, 2022 to June 30, 2023 is as follows: LTIP Unit Awards Restricted Share Awards Share Awards Number of Units Weighted Average Grant Date Fair Value Number of Restricted Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Unvested Balance as of December 31, 2022 1,105,573 $ 9.65 164,166 $ 9.83 — Granted 1,297,419 (1) 5.90 52,710 5.90 145,615 $ 6.36 Vested (51,452) 5.90 (122,423) 10.03 (145,615) 6.36 Forfeited — N/A (2,767) 10.52 — N/A Unvested Balance as of June 30, 2023 2,351,540 $ 7.66 91,686 $ 7.29 — (1) On March 22, 2023, 1,104,874 Units were issued to the executive officers in settlement of the 2022 Short Term Incentive Program. These Units vest on December 31, 2024, the two year anniversary following the end of the performance period and were determined by dividing the dollar amount of award earned by $9.32, the per share volume weighted average trading price of the Company's common shares on the NYSE for the 20 trading days prior to December 31, 2022. On June 21, 2023, the Compensation Committee awarded 192,545 LTIP Units related to the time based portion of the 2023 LTIP. These LTIP Units vest over a three year period from January 1, 2023 to December 31, 2025. The LTIP Units awarded were determined by dividing the dollar amount of award earned by $9.32, the per share volume weighted average trading price of the Company’s common shares on the NYSE for the 20 trading days prior to December 31, 2022. The following table summarizes share based compensation expense for the three and six months ended June 30, 2023 and 2022 and unearned compensation as of June 30, 2023 and December 31, 2022: Share Based Unearned For the Three Months Ended For the Six Months Ended As of June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 June 30, 2023 December 31, 2022 Issued Awards LTIP Unit Awards $ 1,953 $ 2,142 $ 2,726 $ 3,919 $ 7,547 $ 5,311 Restricted Share Awards 177 346 376 538 500 683 Share Awards 205 478 1,015 764 — — Unissued Awards Market Based 362 333 632 619 2,971 2,541 Total $ 2,697 $ 3,299 $ 4,749 $ 5,840 $ 11,018 $ 8,535 The weighted-average period of which the unrecognized compensation expense will be recorded is approximately 1.7 years for LTIP Unit Awards and 1.2 years for Restricted Share Awards. The remaining unvested target units are expected to vest as follows: 2023 2024 2025 2026 LTIP Unit Awards 1,110,621 1,176,738 64,181 — Restricted Share Awards — 73,758 10,464 7,464 1,110,621 1,250,496 74,645 7,464

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 NUMERATOR: Basic and Diluted* Net income (loss) $ 5,961 $ 9,584 $ (3,540) $ (7,015) Loss (Income) Allocated to Noncontrolling Interests 1,803 (1,114) 2,409 (706) Distributions to Preferred Shareholders (6,043) (6,043) (12,087) (12,087) Dividends Paid on Unvested Restricted Shares and LTIP Units (122) — (238) — Net income (loss) applicable to Common Shareholders $ 1,599 $ 2,427 $ (13,456) $ (19,808) DENOMINATOR: Weighted average number of common shares - basic 39,849,859 39,277,269 39,738,662 39,254,536 Effect of dilutive securities: Restricted Stock Awards and LTIP Units (unvested) 1,011,129 853,136 — — Contingently Issued Shares and Units 426,480 323,380 — — Weighted average number of common shares - diluted 41,287,468 40,453,785 39,738,662 39,254,536 * Loss (Income) allocated to noncontrolling interest in HHLP has been excluded from the numerator and Common Units and Vested LTIP Units 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 net income (loss) applicable to common shareholders.

CASH FLOW DISCLOSURES AND NON C

CASH FLOW DISCLOSURES AND NON CASH INVESTING AND FINANCING ACTIVITIES	6 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
CASH FLOW DISCLOSURES AND NON CASH INVESTING AND FINANCING ACTIVITIES	CASH FLOW DISCLOSURES AND NON CASH INVESTING AND FINANCING ACTIVITIES Interest paid during the six months ended June 30, 2023 and 2022 totaled $22,880 and $19,976, respectively. Net cash received on Interest Rate Derivative contracts during the six months ended June 30, 2023 totaled $6,549 and net cash paid on Interest Rate Derivative contracts during the six months ended June 30, 2022 totaled $4,333. Cash paid for income taxes during the six months ended June 30, 2023 and 2022 totaled $4,728 and $1,085, respectively. The following non-cash investing and financing activities occurred during the six months ended June 30, 2023 and 2022: 2023 2022 Issuance of share based payments $ 9,181 $ 5,171 Accrued payables for capital expenditures placed into service 1,972 433 Adjustment to Record Noncontrolling Interest at Redemption Value (416) 2,964 Adjustment to Record Right of Use Asset & Lease Liability 926 — The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows for the six months ended June 30, 2023 and 2022: 2023 2022 Cash and cash equivalents $ 142,391 $ 87,918 Escrowed cash 4,797 12,764 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 147,188 $ 100,682

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation and Presentation	Principles of Consolidation and Presentation The accompanying consolidated financial statements have been prepared in accordance with US GAAP and include all of our accounts as well as accounts of the Partnership, subsidiary partnerships and our wholly owned Taxable REIT Subsidiary Lessee (“TRS Lessee”), 44 New England Management Company. All significant inter-company amounts have been eliminated.
Variable Interest Entities	Variable Interest Entities We evaluate each of our investments and contractual relationships to determine whether they meet the guidelines for consolidation. To determine if we are the primary beneficiary of a VIE, we evaluate whether we have a controlling financial interest in that VIE. An enterprise is deemed to have a controlling financial interest if it has i) the power to direct the activities of a variable interest entity that most significantly impact the entity’s economic performance, and ii) the obligation to absorb losses of the VIE that could be significant to the VIE or the rights to receive benefits from the VIE that could be significant to the VIE. Control can also be demonstrated by the ability of a member to manage day-to-day operations, refinance debt and sell the assets of the partnerships without the consent of the other member and the inability of the members to replace the managing member. Based on our examination, there have been no changes to the operating structure of our legal entities during the three and six months ended June 30, 2023 and, therefore, there are no changes to our evaluation of VIE's as presented within our annual report presented on Form 10-K for the year ended December 31, 2022.
Noncontrolling Interest	Noncontrolling InterestWe classify the noncontrolling interests of our common units of limited partnership interest in HHLP (“Common Units”), and Long Term Incentive Plan Units (“LTIP Units”) as equity. LTIP Units are a separate class of limited partnership interest in the Operating Partnership that are convertible into Common Units under certain circumstances.
Investment in Hotel Properties	Investment in Hotel Properties Investments in hotel properties are recorded at cost. Improvements and replacements are capitalized when they extend the useful life of the asset. Costs of repairs and maintenance are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful life of up to 40 years for buildings and improvements, and two These assessments have a direct impact on our net income because if we were to shorten the expected useful lives of our investments in hotel properties we would depreciate these investments over fewer years, resulting in more depreciation expense and lower net income on an annual basis. Identifiable assets, liabilities, and noncontrolling interests related to hotel properties acquired are recorded at fair value. Estimating techniques and assumptions used in determining fair values involve significant estimates and judgments. These estimates and judgments have a direct impact on the carrying value of our assets and liabilities which can directly impact the amount of depreciation expense recorded on an annual basis and could have an impact on our assessment of potential impairment of our investment in hotel properties. We consider a hotel to be held for sale when management and our independent trustees commit to a plan to sell the property, the property is available for sale, management engages in an active program to locate a buyer for the property and it is probable the sale will be completed within a year of the initiation of the plan to sell. We evaluate each disposition to determine whether we need to classify the disposition as discontinued operations. We generally include the operations of a hotel that was sold or a hotel that has been classified as held for sale in continuing operations unless the sale represents a strategic shift that will have a major impact on our future operations and financial results. We anticipate that most of our hotel dispositions will not be classified as discontinued operations as most will not fit this definition. NOTE 1 - BASIS OF PRESENTATION (CONTINUED) Based on the occurrence of certain events or changes in circumstances, we review the recoverability of the property’s carrying value. Such events or changes in circumstances include the following: • a significant decrease in the market price of a long-lived asset; • a significant adverse change in the extent or manner in which a long-lived asset is being used or in its physical condition; • a significant adverse change in legal factors or in the business climate that could affect the value of a long-lived asset, including an adverse action or assessment by a regulator; • an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset; • a current-period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset; and • a current expectation that, it is more likely than not that, a long-lived asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. We review our portfolio on an ongoing basis to evaluate the existence of any of the aforementioned events or changes in circumstances that would require us to test for recoverability. In general, our review of recoverability is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value expected, as well as the effects of hotel demand, competition and other factors. Other assumptions used in the review of recoverability include the holding period and expected terminal capitalization rate. If impairment exists due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property. We are required to make subjective assessments as to whether there are impairments in the values of our investments in hotel properties.
New Accounting Pronouncements	Revision of Prior Period Financial Statements During the third quarter of 2022, the Company identified immaterial errors in its previously issued financial statements resulting from the incorrect amortization of accumulated other comprehensive income related to interest rate hedges. This occurred over the periods from 2019 through 2021, thereby overstating interest expense in those periods as well as impacting certain captions in the equity section of the consolidated balance sheet, including accumulated other comprehensive income, distributions in excess of net income, and noncontrolling interests.

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Preferred Stock	Terms of the Series C, Series D, and Series E Preferred Shares outstanding at June 30, 2023 and December 31, 2022 are summarized as follows: Dividend Per Share Shares Outstanding Six Months Ended June 30, Series June 30, 2023 December 31, 2022 Aggregate Liquidation Preference Distribution Rate 2023 2022 Series C 3,000,000 3,000,000 $ 75,000 6.875 % $ 0.8594 $ 0.8594 Series D 7,701,700 7,701,700 $ 192,500 6.500 % $ 0.8125 $ 0.8125 Series E 4,001,514 4,001,514 $ 100,000 6.500 % $ 0.8125 $ 0.8125 Total 14,703,214 14,703,214
Schedule of Revision of Prior Period Financial Statements	As a result, the Company has corrected the immaterial misstatements as disclosed in the following tables for all impacted financial statement line items in prior periods. For the Three Months Ended For the Six Months Ended June 30, 2022 June 30, 2022 As Previously Reported Adjustment As Revised As Previously Reported Adjustment As Revised Consolidated Statement of Operations: Interest Expense $ (14,769) $ 372 $ (14,397) $ (29,006) $ 739 $ (28,267) Income (Loss) Before Results from Unconsolidated Joint Venture Investments and Income Taxes 8,948 372 9,320 (7,061) 739 (6,322) Income (Loss) Before Income taxes 9,305 372 9,677 (7,640) 739 (6,901) Net Income (Loss) 9,212 372 9,584 (7,754) 739 (7,015) (Income) Loss Allocated to Noncontrolling Interests - Common Units (379) (44) (423) 2,345 (87) 2,258 Net Income (Loss) Applicable to Common Shareholders 2,099 328 2,427 (20,460) 652 (19,808) Net Income (Loss) Per Share: Basic - Income (Loss) from Continuing Operations Applicable to Common Shareholders $ 0.05 $ 0.01 $ 0.06 $ (0.52) $ 0.02 $ (0.50) Diluted - Income (Loss) from Continuing Operations Applicable to Common Shareholders $ 0.05 $ 0.01 $ 0.06 $ (0.52) $ 0.02 $ (0.50) Consolidated Statement of Comprehensive Income (Loss): Net Income (Loss) $ 9,212 $ 372 $ 9,584 $ (7,754) $ 739 $ (7,015) Reclassification Adjustment for Change in Fair Value of Derivative Instruments Included in Net Income (Loss) — (372) (372) — (739) (739) Total Other Comprehensive Income 5,353 (372) 4,981 20,842 (739) 20,103 Consolidated Statement of Cash Flows: Operating Activities: Net Loss (7,754) 739 (7,015) Gain Recognized on Change in Fair Value of Derivative Instrument — (739) (739)

INVESTMENT IN HOTEL PROPERTIES

INVESTMENT IN HOTEL PROPERTIES (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Investment in Hotel Properties	Investment in hotel properties consists of the following at June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 Land $ 390,532 $ 390,532 Buildings and Improvements 1,106,216 1,093,575 Furniture, Fixtures and Equipment 214,339 203,369 Construction in Progress 4,515 7,105 1,715,602 1,694,581 Less Accumulated Depreciation (532,838) (505,342) Total Investment in Hotel Properties * $ 1,182,764 $ 1,189,239 * The net book value of investment in hotel property at Ritz Coconut Grove, which is a variable interest entity, is $36,638 and $37,303 at June 30, 2023 and December 31, 2022, respectively.
Schedule of Real Estate Assets Sold	During the year ended December 31, 2022 , we had the following hotel dispositions: Hotel Acquisition Disposition Consideration Gain on Urban Select Service (7 hotels) June 2005 - October 2016 8/4/2022, 10/26/22 $ 505,000 $ 170,193 Hotel Milo Santa Barbara 02/28/2014 10/06/2022 55,000 25,784 Pan Pacific Seattle 02/21/2017 10/19/2022 70,000 1,532 Gate hotel JFK Airport 06/13/2008 11/02/2022 11,000 — 2022 Total $ 197,509

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investment in Unconsolidated Joint Ventures	As of June 30, 2023 and December 31, 2022, our investment in unconsolidated joint ventures consisted of the following: Joint Venture Hotel Properties Percent Owned June 30, 2023 December 31, 2022 SB Partners, LLC Holiday Inn Express, South Boston, MA 50 % $ — $ — SB Partners Three, LLC Home2 Suites, South Boston, MA 50 % 4,562 4,989 $ 4,562 $ 4,989
Schedule of Income or Loss from Unconsolidated Joint Ventures	Income (Loss) recognized during the three and six months ended June 30, 2023 and 2022 for our investments in unconsolidated joint ventures is as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Hiren Boston, LLC* $ — $ 301 $ — $ 42 SB Partners, LLC — — — (310) SB Partners Three, LLC (74) 56 (426) (311) (Loss) Income from Unconsolidated Joint Venture Investments $ (74) $ 357 $ (426) $ (579)
Schedule of Financial Information Related to Unconsolidated Joint Ventures	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 June 30, 2023 and December 31, 2022 and for the three and six months ended June 30, 2023 and 2022. Balance Sheets June 30, 2023 December 31, 2022 Assets Investment in Hotel Properties, Net $ 45,241 $ 47,356 Other Assets 12,238 11,803 Total Assets $ 57,479 $ 59,159 Liabilities and Equity Mortgages $ 49,727 $ 50,236 Other Liabilities 10,294 10,012 Equity: Hersha Hospitality Trust 1,903 2,630 Joint Venture Partner(s) (4,445) (3,719) Total Equity (2,542) (1,089) Total Liabilities and Equity $ 57,479 $ 59,159 Statements of Operations Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Room Revenue $ 5,037 $ 6,848 $ 7,335 $ 9,495 Other Revenue 196 318 323 504 Operating Expenses (2,693) (3,630) (4,328) (6,083) Lease Expense (184) (257) (319) (514) Property Taxes and Insurance (379) (572) (753) (1,144) General and Administrative 82 (15) 72 (35) Depreciation and Amortization (1,072) (1,248) (2,144) (2,502) Interest Expense (836) (773) (1,639) (1,442) Income Tax (Expense) Benefit (98) (74) — 51 Net Income (Loss) $ 53 $ 597 $ (1,453) $ (1,670)
Schedule of Reconciliation of Share in Unconsolidated Joint Ventures Equity in Investment in Unconsolidated Joint Ventures	The following table is a reconciliation of our share in the unconsolidated joint ventures’ equity to our investment in the unconsolidated joint ventures as presented on our balance sheets as of June 30, 2023 and December 31, 2022. June 30, 2023 December 31, 2022 Our share of equity recorded on the joint ventures' financial statements $ 1,903 $ 2,630 Adjustment to reconcile our share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures (1) 2,659 2,359 Investment in Unconsolidated Joint Ventures $ 4,562 $ 4,989 (1) Adjustment to reconcile our share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures consists of the difference between our basis in the investment in joint ventures and the equity recorded on the joint ventures' financial statements.

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	6 Months Ended
	Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other Assets consisted of the following at June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 Derivative Asset $ 15,353 $ 18,709 Deferred Financing Costs 819 1,197 Prepaid Expenses 10,745 10,481 Investment in Statutory Trusts 1,548 1,548 Investment in Non-Hotel Property and Inventories 1,903 2,026 Deposits with Unaffiliated Third Parties 525 597 Deferred Tax Asset, Net of Valuation Allowance of $14,320 and $14,414, respectively — — Swap Interest Receivable 1,150 932 Other 3,541 3,062 $ 35,584 $ 38,552

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Mortgages Payable and Interest Expense	Mortgages payable at June 30, 2023 and December 31, 2022 consisted of the following: June 30, 2023 December 31, 2022 Mortgage Indebtedness $ 185,262 $ 208,880 Net Unamortized Premium 4 7 Net Unamortized Deferred Financing Costs (325) (533) Mortgages Payable $ 184,941 $ 208,354 Notes payable at June 30, 2023 and December 31, 2022 consisted of the following: June 30, 2023 December 31, 2022 Statutory Trust I and Statutory Trust II Notes Payable Indebtedness $ 51,548 $ 51,548 Net Unamortized Deferred Financing Costs (627) (653) Statutory Trust I and Statutory Trust II Notes Payable $ 50,921 $ 50,895 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Mortgage Loans Payable $ 3,712 $ 2,948 $ 7,509 $ 5,477 Interest Rate Swap Contracts on Mortgages (695) 358 (1,370) 923 Unsecured Notes Payable 1,067 4,589 2,069 8,995 Credit Facility and Term Loans 6,920 4,507 13,547 8,157 Interest Rate Swap Contracts on Credit Facilities (2,881) 599 (5,344) 2,054 Deferred Financing Costs Amortization 663 1,235 1,360 2,426 Other 79 161 183 235 Total Interest Expense $ 8,865 $ 14,397 $ 17,954 $ 28,267
Schedule of Line of Credit Facilities	The following table summarizes the secured term loan balances outstanding as of June 30, 2023 and December 31, 2022: Outstanding Balance June 30, 2023 December 31, 2022 Principal $ 347,853 $ 372,853 Deferred Loan Costs (1,517) (2,217) Total Secured Term Loan $ 346,336 $ 370,636
Schedule of Borrowing Base Assets	As of June 30, 2023, the following hotel properties secure the Credit Agreement: - The Envoy Boston Seaport, Boston, MA - Ritz-Carlton Georgetown, Washington, DC - The Boxer, Boston, MA - The Winter Haven Hotel Miami Beach, Miami, FL - Hampton Inn Seaport, Seaport, New York, NY - The Blue Moon Hotel Miami Beach, Miami, FL - Holiday Inn Express Chelsea, 29th Street, New York, NY - Cadillac Hotel & Beach Club, Miami, FL - NU Hotel, Brooklyn, New York, NY - The Parrot Key Hotel & Villas, Key West, FL - Hyatt House White Plains, White Plains, NY - The Ambrose Hotel, Santa Monica, CA - The Rittenhouse, Philadelphia, PA - Mystic Marriott Hotel & Spa, Groton, CT - Philadelphia Westin, Philadelphia, PA - Hilton Garden Inn JFK Airport, New York, NY

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Components of Lease Costs	The components of lease costs for the three months ended June 30, 2023 and 2022 were as follows: Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 Ground Lease Office Lease Total Ground Lease Office Lease Total Operating lease costs $ 304 $ 140 $ 444 $ 1,050 $ 153 $ 1,203 Variable lease costs 307 40 347 481 87 568 Total lease costs $ 611 $ 180 $ 791 $ 1,531 $ 240 $ 1,771 The components of lease costs for the six months ended June 30, 2023 and 2022 were as follows: Six months ended June 30, 2023 Six months ended June 30, 2022 Ground Lease Office Lease Total Ground Lease Office Lease Total Operating lease costs $ 607 $ 261 $ 868 $ 2,101 $ 242 $ 2,343 Variable lease costs 322 121 443 520 156 676 Total lease costs $ 929 $ 382 $ 1,311 $ 2,621 $ 398 $ 3,019 Other information related to leases as of and for the six months ended June 30, 2023 and 2022 is as follows: June 30, 2023 June 30, 2022 Cash paid from operating cash flow for operating leases $ 1,347 $ 2,758 Weighted average remaining lease term (in years) 48.6 63.5 Weighted average discount rate 7.84 % 7.86 %

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES AND RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Operating Expense	For the three and six months ended June 30, 2023 and 2022, the Company incurred the following fees which are included in Hotel Operating Expenses under Other Operating Expenses: For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Accounting fees $ 204 $ 277 $ 409 $ 555 Information technology fees 70 90 140 177 Revenue management service fees 449 574 898 1,149

FAIR VALUE MEASUREMENTS AND D_2

FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Interest Rate Swaps and Caps	The following table presents our derivative instruments as of June 30, 2023 and December 31, 2022: Estimated Fair Value Asset Balance Hedged Debt Type Strike Rate Index Effective Date Derivative Contract Maturity Date Notional Amount June 30, 2023 December 31, 2022 Term Loan Instruments: Credit Facility Swap 1.341 % 1-Month SOFR + 2.50% August 30, 2022 September 10, 2024 $ 270,000 $ 12,026 $ 14,123 Credit Facility Swap 1.279 % 1-Month SOFR + 2.50% September 6, 2022 August 4, 2024 30,000 1,261 1,533 Mortgages: Hyatt, Union Square, New York, NY Swap 1.870 % 1-Month LIBOR + 2.30% June 7, 2019 June 7, 2023 56,000 — 699 Hilton Garden Inn Tribeca, New York, NY Swap 1.768 % 1-Month LIBOR + 2.25% July 25, 2019 July 25, 2024 22,725 844 1,007 Hilton Garden Inn Tribeca, New York, NY Swap 1.768 % 1-Month LIBOR + 2.25% July 25, 2019 July 25, 2024 22,725 844 1,007 Hilton Garden Inn 52nd Street, New York, NY Cap 4.000 % 1-Month SOFR December 4, 2022 December 1, 2023 44,325 242 340 Hyatt, Union Square, New York, NY Swap 4.988 % 1-Month SOFR + 2.40% June 7, 2023 June 7, 2024 56,000 136 — $ 15,353 $ 18,709

SHARE BASED PAYMENTS (Tables)

SHARE BASED PAYMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Unvested Share Awards Issued to Executives	A summary of our share based compensation activity from December 31, 2022 to June 30, 2023 is as follows: LTIP Unit Awards Restricted Share Awards Share Awards Number of Units Weighted Average Grant Date Fair Value Number of Restricted Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Unvested Balance as of December 31, 2022 1,105,573 $ 9.65 164,166 $ 9.83 — Granted 1,297,419 (1) 5.90 52,710 5.90 145,615 $ 6.36 Vested (51,452) 5.90 (122,423) 10.03 (145,615) 6.36 Forfeited — N/A (2,767) 10.52 — N/A Unvested Balance as of June 30, 2023 2,351,540 $ 7.66 91,686 $ 7.29 — (1) On March 22, 2023, 1,104,874 Units were issued to the executive officers in settlement of the 2022 Short Term Incentive Program. These Units vest on December 31, 2024, the two year anniversary following the end of the performance period and were determined by dividing the dollar amount of award earned by $9.32, the per share volume weighted average trading price of the Company's common shares on the NYSE for the 20 trading days prior to December 31, 2022. On June 21, 2023, the Compensation Committee awarded 192,545 LTIP Units related to the time based portion of the 2023 LTIP. These LTIP Units vest over a three year period from January 1, 2023 to December 31, 2025. The LTIP Units awarded were determined by dividing the dollar amount of award earned by $9.32, the per share volume weighted average trading price of the Company’s common shares on the NYSE for the 20 trading days prior to December 31, 2022.
Schedule of Employee Service Share-Based Compensation, Allocation of Recognized Period Costs	The following table summarizes share based compensation expense for the three and six months ended June 30, 2023 and 2022 and unearned compensation as of June 30, 2023 and December 31, 2022: Share Based Unearned For the Three Months Ended For the Six Months Ended As of June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 June 30, 2023 December 31, 2022 Issued Awards LTIP Unit Awards $ 1,953 $ 2,142 $ 2,726 $ 3,919 $ 7,547 $ 5,311 Restricted Share Awards 177 346 376 538 500 683 Share Awards 205 478 1,015 764 — — Unissued Awards Market Based 362 333 632 619 2,971 2,541 Total $ 2,697 $ 3,299 $ 4,749 $ 5,840 $ 11,018 $ 8,535
Schedule of Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award	The remaining unvested target units are expected to vest as follows: 2023 2024 2025 2026 LTIP Unit Awards 1,110,621 1,176,738 64,181 — Restricted Share Awards — 73,758 10,464 7,464 1,110,621 1,250,496 74,645 7,464

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Reconciliation of 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 NUMERATOR: Basic and Diluted* Net income (loss) $ 5,961 $ 9,584 $ (3,540) $ (7,015) Loss (Income) Allocated to Noncontrolling Interests 1,803 (1,114) 2,409 (706) Distributions to Preferred Shareholders (6,043) (6,043) (12,087) (12,087) Dividends Paid on Unvested Restricted Shares and LTIP Units (122) — (238) — Net income (loss) applicable to Common Shareholders $ 1,599 $ 2,427 $ (13,456) $ (19,808) DENOMINATOR: Weighted average number of common shares - basic 39,849,859 39,277,269 39,738,662 39,254,536 Effect of dilutive securities: Restricted Stock Awards and LTIP Units (unvested) 1,011,129 853,136 — — Contingently Issued Shares and Units 426,480 323,380 — — Weighted average number of common shares - diluted 41,287,468 40,453,785 39,738,662 39,254,536 * Loss (Income) allocated to noncontrolling interest in HHLP has been excluded from the numerator and Common Units and Vested LTIP Units 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 net income (loss) applicable to common shareholders.

CASH FLOW DISCLOSURES AND NON_2

CASH FLOW DISCLOSURES AND NON CASH INVESTING AND FINANCING ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow	The following non-cash investing and financing activities occurred during the six months ended June 30, 2023 and 2022: 2023 2022 Issuance of share based payments $ 9,181 $ 5,171 Accrued payables for capital expenditures placed into service 1,972 433 Adjustment to Record Noncontrolling Interest at Redemption Value (416) 2,964 Adjustment to Record Right of Use Asset & Lease Liability 926 —
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows for the six months ended June 30, 2023 and 2022: 2023 2022 Cash and cash equivalents $ 142,391 $ 87,918 Escrowed cash 4,797 12,764 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 147,188 $ 100,682
Schedule of Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows for the six months ended June 30, 2023 and 2022: 2023 2022 Cash and cash equivalents $ 142,391 $ 87,918 Escrowed cash 4,797 12,764 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 147,188 $ 100,682

BASIS OF PRESENTATION (Narrativ

BASIS OF PRESENTATION (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Class of Stock
Noncontrolling interests	$ 73,852		$ 73,852		$ 73,461
Share conversion ratio (in shares)	1		1
Noncontrolling interest	$ 4,660		$ 4,660		5,076
Adjustment to record noncontrolling interest at redemption value	$ (1,806)	$ 691	$ (416)	$ 2,964
Maximum | Buildings and Improvements
Class of Stock
Useful life of buildings and improvements (in years)	40 years		40 years
Maximum | Furniture, Fixtures and Equipment
Class of Stock
Useful life of buildings and improvements (in years)	7 years		7 years
Minimum | Furniture, Fixtures and Equipment
Class of Stock
Useful life of buildings and improvements (in years)	2 years		2 years
Senior Common Equity Interest
Class of Stock
Noncontrolling interest, common equity interest (percent)			12%
Hersha Hospitality Limited Partnership
Class of Stock
Various subsidiary limited partnership interest (percent)			83.30%
Hersha Hospitality, LLC
Class of Stock
General partnership interest (percent)			1%
Consolidated Joint Ventures
Class of Stock
Noncontrolling interest, ownership (percent)	15%		15%
Cumulative return on common equity interest (percent)	30%		30%
Consolidated Joint Ventures | Senior Common Equity Interest
Class of Stock
Cumulative return on common equity interest (percent)	25%		25%
Consolidated Joint Ventures | Junior Common Equity Interest
Class of Stock
Noncontrolling interest, common equity interest (percent)			8%
Hersha Holding RC Owner, LLC
Class of Stock
Cumulative return on common equity interest (percent)	70%		70%
Hersha Holding RC Owner, LLC | Senior Common Equity Interest
Class of Stock
Noncontrolling interest, common equity interest (percent)			8%
Cumulative return on common equity interest (percent)	75%		75%
Common Shares | Noncontrolling Interests Common Units And LTIP Units
Class of Stock
Noncontrolling interest in limited partnerships					$ 73,461
Nonredeemable common units outstanding (in shares)	8,037,472		8,037,472
Fair market value of nonredeemable common units	$ 48,948		$ 48,948

BASIS OF PRESENTATION (Schedule

BASIS OF PRESENTATION (Schedule Of Preferred Stock) (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Class of Stock
Shares Outstanding (in shares)	14,703,214		14,703,214
Series C
Class of Stock
Shares Outstanding (in shares)	3,000,000		3,000,000
Aggregate Liquidation Preference	$ 75,000
Dividend Rate (percent)	6.875%
Dividend Per Share (in dollars per share)	$ 0.8594	$ 0.8594
Series D
Class of Stock
Shares Outstanding (in shares)	7,701,700		7,701,700
Aggregate Liquidation Preference	$ 192,500
Dividend Rate (percent)	6.50%
Dividend Per Share (in dollars per share)	$ 0.8125	0.8125
Series E
Class of Stock
Shares Outstanding (in shares)	4,001,514		4,001,514
Aggregate Liquidation Preference	$ 100,000
Dividend Rate (percent)	6.50%
Dividend Per Share (in dollars per share)	$ 0.8125	$ 0.8125

BASIS OF PRESENTATION (Revision

BASIS OF PRESENTATION (Revision of Prior Period Financial Statements - Operations and OCI) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Consolidated Statement of Operations:
Interest Expense	$ (8,865)	$ (14,397)	$ (17,954)	$ (28,267)
Income (Loss) Before Results from Unconsolidated Joint Venture Investments and Income Taxes	6,100	9,320	(3,015)	(6,322)
Income (Loss) Before Income taxes	6,026	9,677	(3,441)	(6,901)
Net Income (Loss)	5,961	9,584	(3,540)	(7,015)
(Income) Loss Allocated to Noncontrolling Interests - Common Units		(423)		2,258
Net Income (Loss) Applicable to Common Shareholders	$ 1,721	$ 2,427	$ (13,218)	$ (19,808)
Net Income (Loss) Per Share:
Basic - Income (Loss) from Continuing Operations Applicable to Common Shareholders (in dollars per share)	$ 0.04	$ 0.06	$ (0.34)	$ (0.50)
Diluted - Income (Loss) from Continuing Operations Applicable to Common Shareholders (in dollars per share)	$ 0.04	$ 0.06	$ (0.34)	$ (0.50)
Consolidated Statement of Comprehensive Income (Loss):
Net Income (Loss)	$ 5,961	$ 9,584	$ (3,540)	$ (7,015)
Reclassification Adjustment for Change in Fair Value of Derivative Instruments Included in Net Income (Loss)	45	(372)	52	(739)
Total Other Comprehensive Income	668	4,981	(3,304)	20,103
Operating Activities:
Net Income (Loss)	$ 5,961	9,584	(3,540)	(7,015)
Gain Recognized on Change in Fair Value of Derivative Instrument			$ 52	(739)
As Previously Reported
Consolidated Statement of Operations:
Interest Expense		(14,769)		(29,006)
Income (Loss) Before Results from Unconsolidated Joint Venture Investments and Income Taxes		8,948		(7,061)
Income (Loss) Before Income taxes		9,305		(7,640)
Net Income (Loss)		9,212		(7,754)
(Income) Loss Allocated to Noncontrolling Interests - Common Units		(379)		2,345
Net Income (Loss) Applicable to Common Shareholders		$ 2,099		$ (20,460)
Net Income (Loss) Per Share:
Basic - Income (Loss) from Continuing Operations Applicable to Common Shareholders (in dollars per share)		$ 0.05		$ (0.52)
Diluted - Income (Loss) from Continuing Operations Applicable to Common Shareholders (in dollars per share)		$ 0.05		$ (0.52)
Consolidated Statement of Comprehensive Income (Loss):
Net Income (Loss)		$ 9,212		$ (7,754)
Reclassification Adjustment for Change in Fair Value of Derivative Instruments Included in Net Income (Loss)		0		0
Total Other Comprehensive Income		5,353		20,842
Operating Activities:
Net Income (Loss)		9,212		(7,754)
Gain Recognized on Change in Fair Value of Derivative Instrument				0
Adjustment
Consolidated Statement of Operations:
Interest Expense		372		739
Income (Loss) Before Results from Unconsolidated Joint Venture Investments and Income Taxes		372		739
Income (Loss) Before Income taxes		372		739
Net Income (Loss)		372		739
(Income) Loss Allocated to Noncontrolling Interests - Common Units		(44)		(87)
Net Income (Loss) Applicable to Common Shareholders		$ 328		$ 652
Net Income (Loss) Per Share:
Basic - Income (Loss) from Continuing Operations Applicable to Common Shareholders (in dollars per share)		$ 0.01		$ 0.02
Diluted - Income (Loss) from Continuing Operations Applicable to Common Shareholders (in dollars per share)		$ 0.01		$ 0.02
Consolidated Statement of Comprehensive Income (Loss):
Net Income (Loss)		$ 372		$ 739
Reclassification Adjustment for Change in Fair Value of Derivative Instruments Included in Net Income (Loss)		(372)		(739)
Total Other Comprehensive Income		(372)		(739)
Operating Activities:
Net Income (Loss)		$ 372		739
Gain Recognized on Change in Fair Value of Derivative Instrument				$ (739)

INVESTMENT IN HOTEL PROPERTIE_2

INVESTMENT IN HOTEL PROPERTIES (Investment In Hotel Properties) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment
Total investment in hotel properties, gross	$ 1,715,602	$ 1,694,581
Less Accumulated Depreciation	(532,838)	(505,342)
Total Investment in Hotel Properties	1,182,764	1,189,239
Variable Interest Entity, Primary Beneficiary | Ritz Coconut Grove
Property, Plant and Equipment
Total Investment in Hotel Properties	36,638	37,303
Land
Property, Plant and Equipment
Total investment in hotel properties, gross	390,532	390,532
Buildings and Improvements
Property, Plant and Equipment
Total investment in hotel properties, gross	1,106,216	1,093,575
Furniture, Fixtures and Equipment
Property, Plant and Equipment
Total investment in hotel properties, gross	214,339	203,369
Construction in Progress
Property, Plant and Equipment
Total investment in hotel properties, gross	$ 4,515	$ 7,105

INVESTMENT IN HOTEL PROPERTIE_3

INVESTMENT IN HOTEL PROPERTIES (Narrative) (Details) - property	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Subsequent Event
Number of real estate properties acquired (property)	0	0

INVESTMENT IN HOTEL PROPERTIE_4

INVESTMENT IN HOTEL PROPERTIES (Real Estate Assets Sold) (Details) - Disposed of by Sale $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Jun. 30, 2022 property
Property, Plant and Equipment
Gain on Disposition	$ 197,509
Urban Select Service (7 hotels)
Property, Plant and Equipment
Consideration	505,000
Gain on Disposition	170,193
Number of real estate properties (property) | property		7
Hotel Milo Santa Barbara
Property, Plant and Equipment
Consideration	55,000
Gain on Disposition	25,784
Pan Pacific Seattle
Property, Plant and Equipment
Consideration	70,000
Gain on Disposition	1,532
Gate hotel JFK Airport
Property, Plant and Equipment
Consideration	11,000
Gain on Disposition	$ 0

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Investment In Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investments in Unconsolidated Joint Ventures
Investment in Unconsolidated Joint Ventures	$ 4,562	$ 4,989
Holiday Inn Express, South Boston, MA | SB Partners, LLC
Investments in Unconsolidated Joint Ventures
Percent owned (percentage)	50%
Investment in Unconsolidated Joint Ventures	$ 0	0
Home2 Suites, South Boston, MA | SB Partners Three, LLC
Investments in Unconsolidated Joint Ventures
Percent owned (percentage)	50%
Investment in Unconsolidated Joint Ventures	$ 4,562	$ 4,989

INVESTMENT IN UNCONSOLIDATED _4

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investments in Unconsolidated Joint Ventures
Equity method investments	$ 4,562	$ 4,989
Hilton and IHG branded hotels in NYC | Cindat Hersha Owner JV, LLC
Investments in Unconsolidated Joint Ventures
Equity method investments	$ 0

INVESTMENT IN UNCONSOLIDATED _5

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Income Or Loss From Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Nov. 29, 2022
Investments in Unconsolidated Joint Ventures
(Loss) Income from Unconsolidated Joint Venture Investments	$ (74)	$ 357	$ (426)	$ (579)
Hiren Boston, LLC
Investments in Unconsolidated Joint Ventures
(Loss) Income from Unconsolidated Joint Venture Investments	0	301	0	42
Percent owned (percentage)					50%
SB Partners, LLC
Investments in Unconsolidated Joint Ventures
(Loss) Income from Unconsolidated Joint Venture Investments	0	0	0	(310)
SB Partners Three, LLC
Investments in Unconsolidated Joint Ventures
(Loss) Income from Unconsolidated Joint Venture Investments	$ (74)	$ 56	$ (426)	$ (311)

INVESTMENT IN UNCONSOLIDATED _6

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Schedule of Unconsolidated Joint Ventures Balance Sheet) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Investment in Hotel Properties, Net	$ 1,182,764	$ 1,189,239
Other Assets	35,584	38,552
Total Assets	1,393,779	1,488,877
Liabilities and Equity
Mortgages	184,941	208,354
Other Liabilities	2,534	2,610
Equity:
Hersha Hospitality Trust	666,711	683,000
Joint Venture Partner(s)	73,852	73,461
Total Liabilities and Equity	1,393,779	1,488,877
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Assets
Investment in Hotel Properties, Net	45,241	47,356
Other Assets	12,238	11,803
Total Assets	57,479	59,159
Liabilities and Equity
Mortgages	49,727	50,236
Other Liabilities	10,294	10,012
Equity:
Hersha Hospitality Trust	1,903	2,630
Joint Venture Partner(s)	(4,445)	(3,719)
Total Equity	(2,542)	(1,089)
Total Liabilities and Equity	$ 57,479	$ 59,159

INVESTMENT IN UNCONSOLIDATED _7

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Summary of Unconsolidated Joint Ventures Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Operations
Other Revenue	$ 84	$ 91	$ 143	$ 132
Lease Expense	(791)	(1,771)	(1,311)	(3,019)
Property Taxes and Insurance	(6,259)	(8,335)	(12,440)	(16,818)
General and Administrative	(5,770)	(6,491)	(10,702)	(11,809)
Depreciation and Amortization	(14,006)	(17,003)	(27,675)	(36,279)
Interest Expense	(8,865)	(14,397)	(17,954)	(28,267)
Income Tax (Expense) Benefit	(65)	(93)	(99)	(114)
Net Income (Loss)	5,961	9,584	(3,540)	(7,015)
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Statement of Operations
Other Revenue	196	318	323	504
Operating Expenses	(2,693)	(3,630)	(4,328)	(6,083)
Lease Expense	(184)	(257)	(319)	(514)
Property Taxes and Insurance	(379)	(572)	(753)	(1,144)
General and Administrative	82	(15)	72	(35)
Depreciation and Amortization	(1,072)	(1,248)	(2,144)	(2,502)
Interest Expense	(836)	(773)	(1,639)	(1,442)
Income Tax (Expense) Benefit	(98)	(74)	0	51
Net Income (Loss)	53	597	(1,453)	(1,670)
Room Revenue
Statement of Operations
Room Revenue	74,646	98,242	132,162	163,374
Operating Expenses	(15,538)	(19,447)	(30,007)	(34,037)
Room Revenue | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Statement of Operations
Room Revenue	$ 5,037	$ 6,848	$ 7,335	$ 9,495

INVESTMENT IN UNCONSOLIDATED _8

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Reconciliation Of Share In Unconsolidated Joint Ventures' Equity In Investment In Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Our share of equity recorded on the joint ventures' financial statements	$ 1,903	$ 2,630
Adjustment to reconcile our share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures(1)	2,659	2,359
Investment in Unconsolidated Joint Ventures	$ 4,562	$ 4,989

OTHER ASSETS (Other Assets) (De

OTHER ASSETS (Other Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Derivative Asset	$ 15,353	$ 18,709
Deferred Financing Costs	819	1,197
Prepaid Expenses	10,745	10,481
Investment in Statutory Trusts	1,548	1,548
Investment in Non-Hotel Property and Inventories	1,903	2,026
Deposits with Unaffiliated Third Parties	525	597
Deferred Tax Asset, Net of Valuation Allowance of $14,320 and $14,414, respectively	0	0
Swap Interest Receivable	1,150	932
Other	3,541	3,062
Total other assets	35,584	38,552
Deferred tax assets, net of valuation allowance	$ 14,320	$ 14,414

OTHER ASSETS (Narrative) (Detai

OTHER ASSETS (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred tax assets, net	$ 0	$ 0

DEBT (Mortgages) (Details)

DEBT (Mortgages) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Mortgages and Notes Payable
Net Unamortized Deferred Financing Costs	$ (1,517)	$ (2,217)
Mortgages
Mortgages and Notes Payable
Mortgage Indebtedness	185,262	208,880
Net Unamortized Premium	4	7
Net Unamortized Deferred Financing Costs	(325)	(533)
Mortgages Payable	184,941	208,354
Junior Subordinated Debt | Hersha Statutory Trust I and Hersha Statutory Trust II
Mortgages and Notes Payable
Mortgage Indebtedness	51,548	51,548
Net Unamortized Deferred Financing Costs	(627)	(653)
Mortgages Payable	$ 50,921	$ 50,895

DEBT (Mortgage Narratives) (Det

DEBT (Mortgage Narratives) (Details) - Mortgages - USD ($) $ in Thousands	May 01, 2023	Jun. 30, 2023	Jun. 07, 2023	Jun. 06, 2023	Dec. 31, 2022
Debt Instrument
Total debt		$ 184,941			$ 208,354
Secured Debt
Debt Instrument
Mortgage debt	$ 23,000
Debt extinguishment	$ 52
Principal				$ 56,000
Debt instrument, stated interest rate (percent)			7.39%
Maximum
Debt Instrument
Debt instrument, effective interest rate (percent)		7.83%
Minimum
Debt Instrument
Debt instrument, effective interest rate (percent)		4.02%

DEBT (Credit Facilities Narrati

DEBT (Credit Facilities Narrative) (Details)		3 Months Ended		6 Months Ended
	Aug. 04, 2022 USD ($)	Jun. 30, 2023 USD ($) agreement	Jun. 30, 2022	Jun. 30, 2023 USD ($) agreement	Jun. 30, 2022	Dec. 31, 2022 USD ($)
Debt Instrument
Unamortized deferred financing costs		$ 1,517,000		$ 1,517,000		$ 2,217,000
Line of credit facility covenant fixed charge coverage ratio		1.50		1.50
Line of credit facility covenant maximum leverage ratio (percentage)		60%		60%
Revolving Line Of Credit | Weighted Average
Debt Instrument
Line of credit, weighted average interest rate (percentage)		4.48%	4.47%	3.52%	3.53%
$250 Million Term Loan (First Term Loan)
Debt Instrument
Debt instrument, face amount	$ 400,000,000	$ 347,853,000		$ 347,853,000		$ 372,853,000
Number of unsecured credit agreements (agreements) | agreement		3		3
Mortgage debt	497,481,000
$250 Million Senior Revolving Line Of Credit (Line of Credit) | Revolving Line Of Credit
Debt Instrument
Line of credit facility, maximum borrowing capacity	$ 100,000,000
$250 Million Senior Revolving Line Of Credit (Line of Credit) | Revolving Line Of Credit | SOFR
Debt Instrument
Debt instrument, basis spread on variable rate (percent)				2.50%

DEBT (Summary of Balances Outst

DEBT (Summary of Balances Outstanding) (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022	Aug. 04, 2022
Short-term Debt
Deferred Loan Costs	$ (1,517,000)	$ (2,217,000)
Total Secured Term Loan	346,336,000	370,636,000
$250 Million Term Loan (First Term Loan)
Short-term Debt
Principal	$ 347,853,000	$ 372,853,000	$ 400,000,000

DEBT (Statutory Trust I and Sta

DEBT (Statutory Trust I and Statutory Trust II Notes Payable) (Details) - Junior Subordinated Debt $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) loan	Jun. 30, 2022	Jun. 30, 2023 USD ($) loan	Jun. 30, 2022
Hersha Statutory Trust I and Hersha Statutory Trust II
Debt Instrument
Number of instruments held | loan	2		2
Subordinated debt	$ 51,548		$ 51,548
Number of business days prior to quarterly interest payments for resetting rates			2 days
Debt instrument, interest rate during period (in hundredths)	8.23%	7.95%	3.97%	3.61%
Hersha Statutory Trust I
Debt Instrument
Subordinated debt	$ 25,774		$ 25,774
Spread adjustment (percent)	0.26%		0.26%
Hersha Statutory Trust I | LIBOR
Debt Instrument
Debt instrument, basis spread on variable rate (percent)			3%
Hersha Statutory Trust I | SOFR
Debt Instrument
Debt instrument, basis spread on variable rate (percent)			3%
Hersha Statutory Trust II
Debt Instrument
Subordinated debt	$ 25,774		$ 25,774
Spread adjustment (percent)	0.26%		0.26%
Hersha Statutory Trust II | LIBOR
Debt Instrument
Debt instrument, basis spread on variable rate (percent)			3%
Hersha Statutory Trust II | SOFR
Debt Instrument
Debt instrument, basis spread on variable rate (percent)			3%

DEBT (Schedule of Interest Expe

DEBT (Schedule of Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument
Deferred Financing Costs Amortization	$ 663	$ 1,235	$ 1,360	$ 2,426
Other	79	161	183	235
Total Interest Expense	8,865	14,397	17,954	28,267
Line of credit
Debt Instrument
Interest expense	6,920	4,507	13,547	8,157
Interest Rate Swap | Line of credit
Debt Instrument
Interest expense	(2,881)	599	(5,344)	2,054
Mortgages
Debt Instrument
Interest expense	3,712	2,948	7,509	5,477
Mortgages | Hersha Statutory Trust I and Hersha Statutory Trust II
Debt Instrument
Interest expense	1,067	4,589	2,069	8,995
Mortgages | Interest Rate Swap
Debt Instrument
Interest expense	$ (695)	$ 358	$ (1,370)	$ 923

DEBT (Schedule of Liquidity and

DEBT (Schedule of Liquidity and Debt Maturities) (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022	Aug. 04, 2022
Short-term Debt
Long-term debt, maturity, next twelve months	$ 139,811,000
$250 Million Term Loan (First Term Loan)
Short-term Debt
Debt instrument, face amount	$ 347,853,000	$ 372,853,000	$ 400,000,000

LEASES (Narrative) (Details)

LEASES (Narrative) (Details) - Building	Jun. 30, 2023 property lease
Lessee, Lease, Description
Number of real estate properties (property) | property	2
Number of lease agreements (leases) | lease	2

LEASES (Lease Costs) (Details)

LEASES (Lease Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Lessee, Lease, Description
Operating lease costs	$ 444	$ 1,203	$ 868	$ 2,343
Variable lease costs	347	568	443	676
Total lease costs	791	1,771	1,311	3,019
Ground Lease
Lessee, Lease, Description
Operating lease costs	304	1,050	607	2,101
Variable lease costs	307	481	322	520
Total lease costs	611	1,531	929	2,621
Office Lease
Lessee, Lease, Description
Operating lease costs	140	153	261	242
Variable lease costs	40	87	121	156
Total lease costs	$ 180	$ 240	$ 382	$ 398

LEASES (Other Information) (Det

LEASES (Other Information) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Cash paid from operating cash flow for operating leases	$ 1,347	$ 2,758
Weighted average remaining lease term (in years)	48 years 7 months 6 days	63 years 6 months
Weighted average discount rate (in percent)	7.84%	7.86%

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES AND RELATED PARTY TRANSACTIONS (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) property	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) property	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Management Agreements
Term of management agreements with HHMLP (in years)			5 years
Base management fee as percentage of gross revenues (percentage)			3%
Base management fees incurred	$ 2,531	$ 4,229	$ 3,145	$ 5,143
Accounting, Revenue Management and Information Technology Fees
Accounting fees	204	277	409	555
Information technology fees	70	90	140	177
Revenue management service fees	449	574	898	1,149
Capital Expenditure Fees
Fees incurred on capital expenditures	350	655	$ 170	294
Acquisitions From Affiliates
Period of right of first refusal per option agreement with officers and affiliated trustees after termination			1 year
Hotel Supplies
Charges for capital expenditure purchases	9,824	3,652	$ 10,712	4,541
Due from Related Parties, Unclassified
Due from Related Parties	82		82		$ 245
Due to Related Parties
Due to Related Parties	2,534		2,534		2,610
General and Administrative Expense
Insurance Services
Service fees	124	248	146	293
Related Party
Due from Related Parties, Unclassified
Due from Related Parties	82		82		245
Due to Related Parties
Due to Related Parties	$ 2,534		$ 2,534		$ 2,610
Hotel
Lessee Disclosure
Number of real estate properties (property) | property	2		2
Fee revenue	$ 58	68	$ 105	111
Franchise
Franchise Agreements
Franchise fee expense	$ 3,813	$ 6,483	$ 5,362	$ 8,413
Minimum
Franchise Agreements
Terms of franchise agreements (in years)			10 years
Accounting, Revenue Management and Information Technology Fees
Monthly fees for accounting services per property for hotels managed by HHMLP			$ 2
Monthly information technology fees per property for hotels managed by HHMLP, minimum			$ 1
Capital Expenditure Fees
Fee on all capital expenditures and pending renovation projects at the properties (percentage)			3%
Maximum
Franchise Agreements
Terms of franchise agreements (in years)			20 years
Accounting, Revenue Management and Information Technology Fees
Monthly fees for accounting services per property for hotels managed by HHMLP			$ 3
Monthly information technology fees per property for hotels managed by HHMLP, minimum			$ 2
Capital Expenditure Fees
Fee on all capital expenditures and pending renovation projects at the properties (percentage)			5%

FAIR VALUE MEASUREMENTS AND D_3

FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS (Fair Value Of Interest Rate Swaps And Caps) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value
Estimated Fair Value	$ 15,353	$ 18,709
Interest Rate Swap | Credit Facility August 30, 2022
Derivatives, Fair Value
Strike Rate	1.341%
Notional Amount	$ 270,000
Estimated Fair Value	$ 12,026	14,123
Interest Rate Swap | Credit Facility August 30, 2022 | 1 Month SOFR
Derivatives, Fair Value
Index	2.50%
Interest Rate Swap | Credit Facility September 6, 2022
Derivatives, Fair Value
Strike Rate	1.279%
Notional Amount	$ 30,000
Estimated Fair Value	$ 1,261	1,533
Interest Rate Swap | Credit Facility September 6, 2022 | 1 Month SOFR
Derivatives, Fair Value
Index	2.50%
Interest Rate Swap | Hyatt, Union Square, New York, NY
Derivatives, Fair Value
Strike Rate	1.87%
Notional Amount	$ 56,000
Estimated Fair Value	$ 0	699
Interest Rate Swap | Hyatt, Union Square, New York, NY | 1 Month LIBOR
Derivatives, Fair Value
Index	2.30%
Interest Rate Swap | Hilton Garden Inn Tribeca, New York, NY
Derivatives, Fair Value
Strike Rate	1.768%
Notional Amount	$ 22,725
Estimated Fair Value	$ 844	1,007
Interest Rate Swap | Hilton Garden Inn Tribeca, New York, NY | 1 Month LIBOR
Derivatives, Fair Value
Index	2.25%
Interest Rate Swap | Hilton Garden Inn Tribeca, New York, NY
Derivatives, Fair Value
Strike Rate	1.768%
Notional Amount	$ 22,725
Estimated Fair Value	$ 844	1,007
Interest Rate Swap | Hilton Garden Inn Tribeca, New York, NY | 1 Month LIBOR
Derivatives, Fair Value
Index	2.25%
Interest Rate Cap | Hilton Garden Inn 52nd Street, New York, NY
Derivatives, Fair Value
Strike Rate	4%
Notional Amount	$ 44,325
Estimated Fair Value	$ 242	340
Interest Rate Swap | Hilton Garden Inn Tribeca, New York, NY
Derivatives, Fair Value
Strike Rate	4.988%
Interest Rate Swap | Hilton Garden Inn Tribeca, New York, NY | 1 Month SOFR
Derivatives, Fair Value
Index	2.40%
Interest Rate Swap | Hilton Garden Inn 52nd Street, New York, NY
Derivatives, Fair Value
Notional Amount	$ 56,000
Estimated Fair Value	$ 136	$ 0

FAIR VALUE MEASUREMENTS AND D_4

FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Derivatives, Fair Value
Gain (loss) on fair value of derivative instruments	$ 668	$ (3,304)	$ 4,981	$ 20,103
Unrealized gain (loss) reclassified from accumulated other comprehensive income to interest expense	45	$ 52	(372)	$ (739)
Loss to be reclassified to interest expense during next 12 months	13,564		13,564
Carrying (Reported) Amount, Fair Value Disclosure
Derivatives, Fair Value
Carrying value and estimated fair value of debt	582,198		582,198		$ 629,885
Estimate of Fair Value, Fair Value Disclosure
Derivatives, Fair Value
Carrying value and estimated fair value of debt	$ 563,172		$ 563,172		$ 610,401

SHARE BASED PAYMENTS (Narrative

SHARE BASED PAYMENTS (Narrative) (Details)				6 Months Ended
	Jun. 21, 2023 d $ / shares shares	Mar. 09, 2023	Mar. 22, 2022 $ / shares shares	Jun. 30, 2023 shares	Mar. 22, 2023 d
2023 Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average trading price (in dollars per share) | $ / shares	$ 9.32
LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)			1,104,874	1,297,419
Performance period			2 years
Volume weighted average share price ( in dollars per share) | $ / shares			$ 9.32
Trading days | d					20
Compensation cost not yet recognized, period for recognition (in years)				1 year 8 months 12 days
LTIP Unit Awards | 2023 Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	192,545
Performance period	3 years
Trading days | d	20
LTIP Unit Awards | 2023 Long Term Incentive Plan | 2023
Share-based Compensation Arrangement by Share-based Payment Award
Vesting schedule (percentage)		40%
LTIP Unit Awards | 2023 Long Term Incentive Plan | 2024
Share-based Compensation Arrangement by Share-based Payment Award
Vesting schedule (percentage)		60%
LTIP Unit Awards | Multi Year Ltip | 2023
Share-based Compensation Arrangement by Share-based Payment Award
Shareholders return as percentage of award for achievement (in hundredths)		37.50%
LTIP Unit Awards | Multi Year Ltip | 2024
Share-based Compensation Arrangement by Share-based Payment Award
Shareholders return as percentage of award for achievement (in hundredths)		37.50%
LTIP Unit Awards | Multi Year Ltip | 2025
Share-based Compensation Arrangement by Share-based Payment Award
Shareholders return as percentage of award for achievement (in hundredths)		25%
Restricted Share Awards
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)				52,710
Compensation cost not yet recognized, period for recognition (in years)				1 year 2 months 12 days

SHARE BASED PAYMENTS (Summary O

SHARE BASED PAYMENTS (Summary Of Share Based Compensation Activity) (Details) - $ / shares		6 Months Ended
	Mar. 22, 2022	Jun. 30, 2023
LTIP Unit Awards
Number of Units
Unvested balance, beginning of the period (in shares)		1,105,573
Granted (in shares)	1,104,874	1,297,419
Vested (in shares)		(51,452)
Forfeited (in shares)		0
Unvested balance, end of the period (in shares)		2,351,540
Weighted Average Grant Date Fair Value
Unvested balance, beginning of the period (in dollars per share)		$ 9.65
Granted (in dollars per share)		5.90
Vested (in dollars per share)		5.90
Unvested balance, ending of the period (in dollars per share)		$ 7.66
Restricted Share Awards
Number of Units
Unvested balance, beginning of the period (in shares)		164,166
Granted (in shares)		52,710
Vested (in shares)		(122,423)
Forfeited (in shares)		(2,767)
Unvested balance, end of the period (in shares)		91,686
Weighted Average Grant Date Fair Value
Unvested balance, beginning of the period (in dollars per share)		$ 9.83
Granted (in dollars per share)		5.90
Vested (in dollars per share)		10.03
Forfeited (in dollars per share)		10.52
Unvested balance, ending of the period (in dollars per share)		$ 7.29
Share Awards
Number of Units
Unvested balance, beginning of the period (in shares)		0
Granted (in shares)		145,615
Vested (in shares)		(145,615)
Forfeited (in shares)		0
Unvested balance, end of the period (in shares)		0
Weighted Average Grant Date Fair Value
Granted (in dollars per share)		$ 6.36
Vested (in dollars per share)		$ 6.36

SHARE BASED PAYMENTS (Summary_2

SHARE BASED PAYMENTS (Summary of share based compensation expense and unearned compensation) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Share Based Compensation Expense	$ 2,697	$ 3,299	$ 4,749	$ 5,840
Unearned Compensation	11,018		11,018		$ 8,535
LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award
Share Based Compensation Expense	1,953	2,142	2,726	3,919
Unearned Compensation	7,547		7,547		5,311
Restricted Share Awards
Share-based Compensation Arrangement by Share-based Payment Award
Share Based Compensation Expense	177	346	376	538
Unearned Compensation	500		500		683
Share Awards
Share-based Compensation Arrangement by Share-based Payment Award
Share Based Compensation Expense	205	478	1,015	764
Unearned Compensation	0		0		0
Market Based
Share-based Compensation Arrangement by Share-based Payment Award
Share Based Compensation Expense	362	$ 333	632	$ 619
Unearned Compensation	$ 2,971		$ 2,971		$ 2,541

SHARE BASED PAYMENTS (Remaining

SHARE BASED PAYMENTS (Remaining unvested target units expected to vest) (Details)	Jun. 30, 2023 shares
2023
Share-based Compensation Arrangement by Share-based Payment Award
Remaining unvested target units, expected to vest (in units)	1,110,621
2024
Share-based Compensation Arrangement by Share-based Payment Award
Remaining unvested target units, expected to vest (in units)	1,250,496
2025
Share-based Compensation Arrangement by Share-based Payment Award
Remaining unvested target units, expected to vest (in units)	74,645
2026
Share-based Compensation Arrangement by Share-based Payment Award
Remaining unvested target units, expected to vest (in units)	7,464
LTIP Unit Awards | 2023
Share-based Compensation Arrangement by Share-based Payment Award
Remaining unvested target units, expected to vest (in units)	1,110,621
LTIP Unit Awards | 2024
Share-based Compensation Arrangement by Share-based Payment Award
Remaining unvested target units, expected to vest (in units)	1,176,738
LTIP Unit Awards | 2025
Share-based Compensation Arrangement by Share-based Payment Award
Remaining unvested target units, expected to vest (in units)	64,181
LTIP Unit Awards | 2026
Share-based Compensation Arrangement by Share-based Payment Award
Remaining unvested target units, expected to vest (in units)	0
Restricted Share Awards | 2023
Share-based Compensation Arrangement by Share-based Payment Award
Remaining unvested target units, expected to vest (in units)	0
Restricted Share Awards | 2024
Share-based Compensation Arrangement by Share-based Payment Award
Remaining unvested target units, expected to vest (in units)	73,758
Restricted Share Awards | 2025
Share-based Compensation Arrangement by Share-based Payment Award
Remaining unvested target units, expected to vest (in units)	10,464
Restricted Share Awards | 2026
Share-based Compensation Arrangement by Share-based Payment Award
Remaining unvested target units, expected to vest (in units)	7,464

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Basic and Diluted
Net Income (Loss)		$ 5,961	$ 9,584	$ (3,540)	$ (7,015)
Loss (Income) Allocated to Noncontrolling Interests		1,803	(1,114)	2,409	(706)
Distributions to Preferred Shareholders		(6,043)	(6,043)	(12,087)	(12,087)
Dividends Paid on Unvested Restricted Shares and LTIP Units		(122)	0	(238)	0
Net income (loss) applicable to Common Shareholders		$ 1,599	$ 2,427	$ (13,456)	$ (19,808)
DENOMINATOR:
Weighted average number of common shares - basic (in shares)		39,849,859	39,277,269	39,738,662	39,254,536
Effect of dilutive securities:
Restricted stock awards and LTIP units (unvested) (in shares)		1,011,129	853,136	0	0
Contingently issued shares and units (in shares)		426,480	323,380	0	0
Weighted average number of common shares - diluted (in shares)	[1]	41,287,468	40,453,785	39,738,662	39,254,536
[1]allocated to noncontrolling interest in Hersha Hospitality Limited Partnership (the “Operating Partnership” or “HHLP”) has been excluded from the numerator and the Class A common shares issuable upon any redemption of the Operating Partnership’s common units of limited partnership interest (“Common Units”) and the Operating Partnership’s vested LTIP units (“Vested LTIP Units”) have been omitted from the denominator for the purpose of computing diluted earnings per share because the effect of including these shares and units 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) applicable to common shareholders.

CASH FLOW DISCLOSURES AND NON_3

CASH FLOW DISCLOSURES AND NON CASH INVESTING AND FINANCING ACTIVITIES (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Interest paid	$ 22,880	$ 19,976
Net payments for interest rate derivatives	6,549	4,333
Cash paid for income taxes	$ 4,728	$ 1,085

CASH FLOW DISCLOSURES AND NON_4

CASH FLOW DISCLOSURES AND NON CASH INVESTING AND FINANCING ACTIVITIES (Non-cash Investing And Financing Activities) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Noncash Investing and Financing Items [Abstract]
Issuance of share based payments	$ 9,181	$ 5,171
Accrued payables for capital expenditures placed into service	1,972	433
Adjustment to Record Noncontrolling Interest at Redemption Value	(416)	2,964
Adjustment to Record Right of Use Asset & Lease Liability	$ 926	$ 0

CASH FLOW DISCLOSURES AND NON_5

CASH FLOW DISCLOSURES AND NON CASH INVESTING AND FINANCING ACTIVITIES (Reconciliation of Cash) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents
Cash and cash equivalents	$ 142,391	$ 224,955	$ 87,918
Escrowed cash	4,797	5,065	12,764
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$ 147,188	$ 230,020	$ 100,682	$ 84,945