ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of 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
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.

Schedule of 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, 2022 and December 31, 2021:

	December 31, 2022		December 31, 2021
Land	$	390,532	$	478,412
Buildings and Improvements	1,093,575		1,560,768
Furniture, Fixtures and Equipment	203,369		274,802
Construction in Progress	7,105		1,784
	1,694,581		2,315,766
Less Accumulated Depreciation	(505,342)		(650,669)
Total Investment in Hotel Properties*	$	1,189,239	$	1,665,097

*The net book value of investment in hotel property at Ritz Coconut Grove, which is a variable interest entity, is $37,303 and $39,577 at December 31, 2022 and December 31, 2021, respectively.

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.

	As of December 31, 2021
	As Previously Reported		Adjustment		As Revised
Consolidated Balance Sheet:
Accumulated Other Comprehensive Income	$	(2,747)	$	(3,464)	$	(6,211)
Distributions in Excess of Net Income	(595,454)		3,140		(592,314)
Total Shareholders' Equity	557,374		(324)		557,050
Noncontrolling Interests	50,922		324		51,246
Total Equity	608,296		—		608,296

	For the Year Ended December 31, 2021						For the Year Ended December 31, 2020
	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Consolidated Statement of Operations:
Interest Expense	$	(57,549)	$	1,490	$	(56,059)	$	(53,279)	$	1,494	$	(51,785)
Loss Before Results from Unconsolidated Joint Venture Investments and Income Taxes	(41,715)		1,490		(40,225)		(174,993)		1,494		(173,499)
Loss Before Income taxes	(44,007)		1,490		(42,517)		(177,931)		1,494		(176,437)
Net Loss	(44,845)		1,490		(43,355)		(189,260)		1,494		(187,766)
Loss Allocated to Noncontrolling Interests - Common Units	6,824		(148)		6,676		19,698		(138)		19,560
Net Loss Applicable to Common Shareholders	(64,347)		1,342		(63,005)		(190,521)		1,356		(189,165)
Net Income (Loss) Per Share:
Basic - Loss from Continuing Operations Applicable to Common Shareholders	$	(1.65)	$	0.04	$	(1.61)	$	(4.93)	$	0.03	$	(4.90)
Diluted - Loss from Continuing Operations Applicable to Common Shareholders	$	(1.65)	$	0.04	$	(1.61)	$	(4.93)	$	0.03	$	(4.90)
Consolidated Statement of Comprehensive Income (Loss):
Net Loss	$	(44,845)	$	1,490	$	(43,355)	$	(189,260)	$	1,494	$	(187,766)
Reclassification Adjustment for Change in Fair Value of Derivative Instruments Included in Net Loss	366		(1,490)		(1,124)		4,083		(1,494)		2,589
Total Other Comprehensive Income	18,346		(1,490)		16,856		(22,348)		(1,494)		(23,842)
Consolidated Statement of Cash Flows:
Operating Activities:
Net Loss	$	(44,845)	$	1,490	$	(43,355)	$	(189,260)	$	1,494	$	(187,766)
Loss (Gain) Recognized on Change in Fair Value of Derivative Instrument	366		(1,490)		(1,124)		4,084		(1,494)		2,590