EXHIBIT 12.1

Hersha Hospitality Trust

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends

(dollars in thousands)

	Three Months Ended			Year Ended December 31,
	March 31, 2014			2013		2012		2011			2010			2009
Earnings
Pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees	$	(4,868	)	$	16,988	$	6,267	$	(1,190	)	$	(12,612	)	$	(33,074	)
Interest expensed and amortized premiums, discounts and capitalized expenses related to indebtedness	10,048			39,984		37,295		33,447			32,167			32,403
Distributed income of equity investees	—			568		1,387		132			—			400
	$	(5,180	)	$	57,540	$	44,949	$	32,389		$	19,555		$	(271	)
Combined Fixed Charges and Preferred Share Dividends
Interest expensed and amortized premiums, discounts and capitalized expenses related to indebtedness	$	10,048		$	39,984	$	37,295	$	33,447		$	32,167		$	32,403
Interest capitalized	242			1,320		1,542		1,372			46			10
Preferred share distributions	3,589			14,611		14,000		10,499			4,800			4,800
	$	13,879		$	55,915	$	52,837	$	45,318		$	37,013		$	37,213
Ratio of earnings to combined fixed charges and preferred share dividends	*			1.03		*		*			*			*

	Three Months Ended		Year Ended December 31,
	March 31, 2014		2013		2012		2011		2010		2009
Combined fixed charged and preferred share dividends in excess of earnings	$	8,699	$	N/A	$	7,888	$	12,929	$	17,458	$	37,484