ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Joint Venture Properties

The following table lists the properties owned by these joint ventures:

Joint Venture	Ownership Interest	Property	Location	Lessee/Sublessee
Consolidated Joint Ventures
Hersha Holding RC Owner, LLC	85%	Ritz-Carlton	Coconut Grove, FL	Hersha Holding RC Lessee, LLC
Unconsolidated Joint Ventures
SB Partners, LLC	50%	Holiday Inn Express	South Boston, MA	South Bay Sandeep, LLC
Hiren Boston, LLC	50%	Courtyard	South Boston, MA	South Bay Boston, LLC
SB Partners Three, LLC	50%	Home2 Suites	South Boston, MA	SB Partners Three Lessee, LLC

Our properties are managed by eligible independent management companies, including Hersha Hospitality Management, LP (“HHMLP”). HHMLP is owned in part by certain of our trustees and executive officers and other unaffiliated third party investors as defined by the Internal Revenue Code.

Property, Plant and Equipment

The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the following estimated useful lives:

Building and Improvements	7 to 40 years
Furniture, Fixtures and Equipment	2 to 7 years

Investment in hotel properties consists of the following at December 31, 2021 and December 31, 2020:

	December 31, 2021		December 31, 2020
Land	$	478,412	$	488,463
Buildings and Improvements	1,560,768		1,611,144
Furniture, Fixtures and Equipment	274,802		281,440
Construction in Progress	1,784		987
	2,315,766		2,382,034
Less Accumulated Depreciation	(650,669)		(597,196)
Total Investment in Hotel Properties*	$	1,665,097	$	1,784,838

*The net book value of investment in hotel property at Ritz Coconut Grove, which is a variable interest entity, is $39,577 and $42,487 at December 31, 2021 and December 31, 2020, respectively.