Exhibit 12.1

Hersha Hospitality Trust

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends

(dollars in thousands)

	Year Ended December 31,
	2012		2011			2010			2009			2008
Earnings
Pre-tax (loss) income from continuing operations    before income (loss) from equity investees	$	9,988	$	(41	)	$	(13,046	)	$	(32,970	)	$	(14,315	)
Interest expensed and amortized premiums, discounts and capitalized expenses related to indebtedness		43,967		40,478			39,622			39,186			36,851
Distributed income of equity investees		1,387		132			-			400			3,036
	$	55,342	$	40,569		$	26,576		$	6,616		$	25,572
Combined Fixed Charges and Preferred Share Dividends
Interest expensed and amortized premiums, discounts and capitalized expenses related to indebtedness		43,967		40,478			39,622			39,186			36,851
Interest capitalized		1,542		1,372			46			10			544
Preferred share distributions		14,000		10,499			4,800			4,800			4,800
	$	59,509	$	52,349		$	44,468		$	43,996		$	42,195
Ratio of earnings to combined fixed charges and preferred share dividends		*		*			*			*			*

*     For the years ended December 31, 2012, 2011, 2010, 2009, and 2008, combined fixed charges and preferred share dividends exceeded earnings.  The following table notes the amounts by which combined fixed charges and preferred share dividends exceeded earnings:

	Year Ended December 31,
	2012		2011		2010		2009		2008
Combined fixed charged and preferred share dividends in excess of earnings	$	4,167	$	11,780	$	17,892	$	37,380	$	16,623