As of December 31, 2022 and December 31, 2021 our investment in unconsolidated joint ventures consisted of the following:



Joint Venture	Hotel Properties	Percent Owned			December 31, 2022		December 31, 2021

Cindat Hersha Owner JV, LLC	Hilton and IHG branded hotels in NYC	31	%	*	$	—	$	—
Hiren Boston, LLC	Courtyard by Marriott, South Boston, MA	50	%	**	—		189
SB Partners, LLC	Holiday Inn Express, South Boston, MA	50	%		—		—
SB Partners Three, LLC	Home2 Suites, South Boston, MA	50	%		4,989		5,391
					$	4,989	$	5,580

*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, the venture was dissolved and we no longer maintain an interest in this venture.

**On November 30, 2022, we sold our 50% membership interest in Hiren Boston, LLC. We recognized a gain of $5,167 as the net proceeds received exceeded our investment in the unconsolidated joint 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 statements 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, 2022 and December 31, 2021.

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 (income) recognized during the years ended December 31, 2022, 2021 and 2020, for our investments in unconsolidated joint ventures is as follows:


	Year Ended December 31,
	2022		2021		2020
Cindat Hersha Owner JV, LLC	$	—	$	(229)	$	—
Hiren Boston, LLC	659		(1,104)		(1,741)
SB Partners, LLC	(310)		(185)		(600)
SB Partners Three, LLC	(402)		(774)		(597)
Loss from Unconsolidated Joint Venture Investments	$	(53)	$	(2,292)	$	(2,938)

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 as of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020. The total assets, liabilities and equity of Hiren Boston, LLC are not included as of December 31, 2022; however, the components of net income are included for the period of January 1, 2022 to November 30, 2022, the period in which we owned a membership interest in Hiren Boston, LLC.


Balance Sheets
	December 31, 2022		December 31, 2021
Assets
Investment in Hotel Properties, Net	$	47,356	$	64,096
Other Assets	11,803		15,649
Total Assets	$	59,159	$	79,745

Liabilities and Equity
Mortgages and Notes Payable	$	50,236	$	65,723
Other Liabilities	10,012		15,656
Equity:
Hersha Hospitality Trust	2,630		3,328
Joint Venture Partners	(3,719)		(4,962)

Total Equity	(1,089)		(1,634)

Total Liabilities and Equity	$	59,159	$	79,745


Statements of Operations
	Year Ended December 31,
	2022		2021		2020
Room Revenue	$	23,252	$	11,790	$	25,011
Other Revenue	1,201		731		1,020
Operating Expenses	(13,641)		(8,451)		(18,695)
Lease Expense	(1,138)		(1,019)		(770)
Property Taxes and Insurance	(2,229)		(3,095)		(12,906)
General and Administrative	—		(87)		(2,638)
Depreciation and Amortization	(4,929)		(6,065)		(16,200)
Interest Expense	(3,329)		(4,619)		(23,908)
Loss on Dissolution of Joint Venture	—		(112,371)		—



Net Loss	$	(813)	$	(123,186)	$	(49,086)

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 December 31, 2022 and December 31, 2021.


	December 31, 2022		December 31, 2021
Our share of equity recorded on the joint ventures' financial statements	$	2,630	$	3,328
Adjustment to reconcile our share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures(1)	2,359		2,252
Investment in Unconsolidated Joint Ventures	$	4,989	$	5,580

(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