Exhibit 99.5

HERSHA HOSPITALITY TRUST AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2005

[IN THOUSANDS]

											Gross Amounts at												Life
							Costs Capitalized				which												Upon Which
							Subsequent to				Carried at						Accumulated		Net Book				Latest
			Initial Costs				Acquisition				Close of Period						Depreciation		Value Land				Income
					Buildings and				Buildings and				Buildings and				Buildings and		Buildings and		Date of		Statement is
Description	Encumbrances		Land		Improvements		Land		Improvements		Land		Improvements		Total		Improvements		Improvements		Acquisition		Computed
Holiday Inn,
Harrisburg, PA	$	3,196	$	412	$	1,234	$	-	$	2,921	$	412		4,155	$	4,567	$	1,609	$	2,958		12/15/94		15 to 40
Holiday Inn Express,
New Columbia, PA		1,692		94		2,510		66		681		160		3,191		3,351		642		2,709		12/01/97		15 to 40
Holiday Inn Express,
Hershey, PA		4,417		426		2,645		410		3,091		836		5,736		6,572		1,135		5,437		10/01/97		15 to 40
HIEXP & Suites,
Harrisburg, PA		-		213		1,934		81		995		294		2,929		3,223		514		2,709		03/06/98		15 to 40
Comfort Inn,
Harrisburg, PA		2,256		-		2,720		214		1,094		214		3,814		4,028		713		3,315		05/15/98		15 to 40
Hampton Inn,
Selinsgrove, PA		3,102		157		2,511		93		2,261		250		4,772		5,022		1,104		3,918		09/12/96		15 to 40
Hampton Inn,
Carlisle, PA		3,713		300		3,109		200		2,092		500		5,201		5,701		1,051		4,650		06/01/97		15 to 40
Hampton Inn,
Danville, PA		2,350		300		2,787		99		1,135		399		3,922		4,321		677		3,644		08/28/97		15 to 40
Hampton Inn,
Hershey, PA		3,528		807		5,714		4		208		811		5,922		6,733		942		5,791		01/01/00		15 to 40
Hampton Inn,
Newnan, GA		2,933		712		5,504		-		314		712		5,818		6,530		899		5,631		04/20/00		15 to 40
Hampton Inn,
Peachtree City, GA		1,949		394		3,054		-		299		394		3,353		3,747		532		3,215		04/20/00		15 to 40
Comfort Suites,
Duluth, GA		3,050		432		4,343		-		103		432		4,446		4,878		643		4,235		05/19/00		15 to 40
Holiday Inn Express,
Duluth, GA		2,529		470		2,912		-		40		470		2,952		3,422		429		2,993		05/19/00		15 to 40
Mainstay Suites
Frederick, MD		2,771		262		1,049		171		2,909		433		3,958		4,391		393		3,998		01/01/02		15 to 40
Sleep/Mainstay
KOP, PA		-		1,133		7,294		-		64		1,133		7,358		8,491		839		7,652		06/01/01		15 to 40
Hampton Inn,
Linden, NJ		9,974		1,211		11,961		-		27		1,211		11,988		13,199		676		12,523		10/01/04		15 to 40
Hilton Garden Inn,
Edison, NJ		7,979		-		12,159		-		1		-		12,160		12,160		684		11,476		10/01/04		15 to 40
Residence Inn
Framingham, MA		9,382		1,325		12,737		-		59		1,325		12,796		14,121		575		13,546		03/26/04		15 to 40
Comfort Inn,
Fredrick, MD		3,600		450		4,342		-		20		450		4,362		4,812		178		4,634		05/27/04		15 to 40
Residence Inn
Greenbelt, MD		12,769		2,615		14,815		-		21		2,615		14,836		17,451		541		16,910		07/16/04		15 to 40
Hilton Garden Inn,
Gettysburg, PA		5,339		745		6,116		-		12		745		6,128		6,873		225		6,648		07/23/04		15 to 40
Fairfield Inn
Laurel, MD		-		927		6,120		-		4		927		6,124		7,051		134		6,917		01/31/05		15 to 40
Hampton Inn,
NYC, NY		22,000		5,472		23,497		-		-		5,472		23,497		28,969		411		28,558		04/01/05		15 to 40
Holiday Inn Express,
Langhorne, PA		5,460		1,088		6,573		-		-		1,088		6,573		7,661		132		7,529		05/26/05		15 to 40
Holiday Inn Express,
Malvern, PA		5,740		2,639		5,324		654		-		3,293		5,324		8,617		83		8,534		05/24/05		15 to 40
Holiday Inn Express,
King of Prussia, PA		11,270		2,557		13,339		-		-		2,557		13,339		15,896		208		15,688		05/23/05		15 to 40
Courtyard Inn
Wilmington, DE		8,000		988		10,295		-		-		988		10,295		11,283		139		11,144		06/17/05		15 to 40
McIntosh Inn
Wilmington, DE		3,760		898		4,515		-		-		898		4,515		5,413		61		5,352		06/17/05		15 to 40
Courtyard Inn
Brookline, MA		38,913		-		47,414		-		-		-		47,414		47,414		642		46,772		06/15/05		15 to 40
Sheraton Four Points
Revere, MA		8,654		70		14,996		-		-		70		14,996		15,066		2,571		12,495		02/23/04		15 to 40
Springhill Suites
Williamsburg, VA		5,781		1,430		10,293		-		-		1,430		10,293		11,723		985		10,738		11/22/05		15 to 40
Residence Inn
Williamsburg, VA		8,491		1,911		11,624		-		-		1,911		11,624		13,535		1,253		12,282		11/22/05		15 to 40
Total Investment in
Real Estate	$	204,598	$	30,438	$	265,440	$	1,992	$	18,351	$	32,430	$	283,791	$	316,221	$	21,620	$	294,601
Assets Held for Sale
Holiday Inn Express,
Hartford, CT		-		-		2,601		-		43		-		2,644		2,644		107		2,537		01/14/04		15 to 40
Total Real Estate	$	204,598	$	30,438	$	268,041	$	1,992	$	18,394	$	32,430	$	286,435	$	318,865	$	21,727	$	297,138

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HERSHA HOSPITALITY TRUST AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2005 (continued)

[IN THOUSANDS]

	2005
Reconciliation of Real Estate
Balance at beginning of year	$	178,935
Additions during the year		158,095
Change in assets held for sale		(20,809)
Investments in real estate	$	316,221
Assets held for sale		2,644
Total Real Estate	$	318,865
Reconciliation of Accumulated Depreciation
Balance at beginning of year	$	14,418
Depreciation for year		5,992
Accumulated Depreciation on Assets Sold		(843)
Depreciation assumed in consolidated joint venture		2,160
Balance at the end of year	$	21,727

The aggregate cost of land, buildings and improvements for Federal income tax purposes is approximately $252,444.

	2004
Reconciliation of Real Estate
Balance at beginning of year	$	117,325
Additions during the year		61,610
Change in assets held for sale		(18,160)
Investments in real estate	$	160,775
Assets held for sale		18,160
Total Real Estate	$	178,935
Reconciliation of Accumulated Depreciation
Balance at beginning of year	$	8,765
Depreciation for year		3,487
Depreciation assumed in consolidated joint venture		2,166
Balance at the end of year	$	14,418

The aggregate cost of land, buildings and improvements for Federal income tax purposes is approximately $128,518.

Depreciation is computed based upon the following useful lives:

Buildings and Improvements 15 to 40 years

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