As of September 30, 2021 and December 31, 2020, our investment in unconsolidated joint ventures consisted of the following:


Joint Venture	Hotel Properties	Percent Owned			September 30, 2021		December 31, 2020

Cindat Hersha Owner JV, LLC	Hilton and IHG branded hotels in NYC	31.2	%	*	$	—	$	—
Hiren Boston, LLC	Courtyard by Marriott, South Boston, MA	50	%		244		219
SB Partners, LLC	Holiday Inn Express, South Boston, MA	50	%		—		—
SB Partners Three, LLC	Home2 Suites, South Boston, MA	50	%		5,870		6,414
					$	6,114	$	6,633

*On February 7, 2021, all of the assets of the properties owned by this joint venture were transferred to the mezzanine lender of Cindat Hersha Owner JV, LLC. As a result, upon dissolution of the venture, we no longer maintain an interest in this venture.

Effective August 1, 2021 HHLP entered into Asset Management Agreements with the joint venture investments at the Courtyard by Marriott, South Boston, Holiday Inn Express, South Boston, and Home2 Suites, South Boston properties whereby it provides asset management services. Fees for these services are calculated as 1.0% of operating revenues, which we recognize as income in other revenues on the consolidated statement of operations.

Prior to February 7, 2021, based on the income allocation methodology within Cindat Hersha Owner JV, LLC, the Company had absorbed cumulative losses equal to our accounting basis in the joint venture resulting in a $0 investment balance in the table above as of December 31, 2020.

For SB Partners, LLC, Hiren Boston, LLC, and SB Partners Three, LLC, 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.

Loss recognized during the three and nine months ended September 30, 2021 and 2020, for our investments in unconsolidated joint ventures is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Cindat Hersha Owner JV, LLC	$	(229)	$	—	$	(229)	$	—
Hiren Boston, LLC	(211)		(457)		(900)		(1,337)
SB Partners, LLC	(135)		—		(185)		(600)
SB Partners Three, LLC	(36)		(212)		(544)		(252)
Loss from Unconsolidated Joint Venture Investments	$	(611)	$	(669)	$	(1,858)	$	(2,189)

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 September 30, 2021 and December 31, 2020 and for the three and nine months ended September 30, 2021 and 2020.


	September 30, 2021		December 31, 2020
Assets
Investment in Hotel Properties, Net	$	65,315	$	581,452
Other Assets	16,322		32,048
Total Assets	$	81,637	$	613,500

Liabilities and Equity
Mortgages and Notes Payable	$	65,618	$	452,284
Other Liabilities	16,035		42,197
Equity:
Hersha Hospitality Trust	4,166		5,699
Joint Venture Partner(s)	(4,182)		113,452
Accumulated Other Comprehensive Loss	—		(132)
Total Equity	(16)		119,019

Total Liabilities and Equity	$	81,637	$	613,500


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Room Revenue	$	3,838	$	4,035	$	7,981	$	20,966
Other Revenue	245		122		487		909
Operating Expenses	(2,436)		(3,621)		(5,544)		(15,234)
Lease Expense	(220)		(170)		(736)		(524)
Property Taxes and Insurance	(503)		(3,282)		(2,451)		(9,720)
General and Administrative	(124)		(567)		(277)		(2,083)
Depreciation and Amortization	(1,199)		(3,972)		(4,811)		(11,812)
Interest Expense	(653)		(5,487)		(3,988)		(17,356)
Loss on Dissolution of Joint Venture	—		—		(112,429)		—

Net Loss	$	(1,052)	$	(12,942)	$	(121,768)	$	(34,854)

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 September 30, 2021 and December 31, 2020.


	September 30, 2021		December 31, 2020
Our share of equity recorded on the joint ventures' financial statements	$	4,166	$	5,699
Adjustment to reconcile our share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures(1)	1,948		934
Investment in Unconsolidated Joint Ventures	$	6,114	$	6,633

(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 following:

•the difference between our basis in the investment in joint ventures and the equity recorded on the joint ventures' financial statements;

•accumulated amortization of our equity in joint ventures that reflects the difference in our portion of the fair value of joint ventures' assets on the date of our investment when compared to the carrying value of the assets recorded on the joint ventures’ financial statements (this excess or deficit investment is amortized over the life of the properties, and the amortization is included in Income (Loss) from Unconsolidated Joint Venture Investments on our consolidated statement of operations); and