Exhibit 12.1

Hersha Hospitality Trust
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
(dollars in thousands)
	Nine Months Ended			Year Ended December 31,
	September 30, 2009			2008			2007			2006			2005			2004
Earnings
Pre-tax income (loss) from continuing operations before income (loss) from equity investees	$	(29,194	)	$	(13,655	)	$	11,080		$	1,891		$	3,227		$	2,748
Interest expensed and amortized premiums, discounts and capitalized expenses related to indebtedness		32,170			41,218			40,237			23,500			10,687			3,035
Distributed income of equity investees		400			3,036			4,501			4,578			838			―
	$	3,376			30,599			55,818			29,969			14,752			5,783
Combined Fixed Charges and Preferred Share Dividends
Interest expensed and amortized premiums, discounts and capitalized expenses related to indebtedness	$	32,170			41,218			40,237			23,500			10,687			3,035
Interest capitalized		4			544			389			―			―			―
Preferred share dividends		3,600			4,800			4,800			4,800			1,920			499
	$	35,774			46,562			45,426			28,300			12,607			3,534
Ratio of earnings to combined fixed charges and preferred share dividends		*			*			1.2	X		1.1	X		1.2	X		1.6	X

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* For the nine months ended September 30, 2009, combined fixed charges and preferred share dividends exceeded earnings by approximately $32.4 million.  For the year ended December 31, 2008, combined fixed charges and preferred share dividends exceeded earnings by approximately $16.0 million.