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,
	2009			2008			2007			2006			2005
Earnings
Pre-tax (loss) income from continuing operations before income (loss) from equity investees	$	(35,231	)	$	(13,655	)	$	11,080		$	1,891		$	3,227
Interest expensed and amortized premiums, discounts and capitalized expenses related to indebtedness		43,359			41,218			40,237			23,500			10,687
Distributed income of equity investees		400			3,036			4,501			4,578			838
	$	8,528		$	30,599		$	55,818		$	29,969		$	14,752
Combined Fixed Charges and Preferred Share Dividends
Interest expensed and amortized premiums, discounts and capitalized expenses related to indebtedness	$	43,359		$	41,218		$	40,237		$	23,500		$	10,687
Interest capitalized		10			544			389			-			-
Preferred share distributions		4,800			4,800			4,800			4,800			1,920
	$	48,169		$	46,562		$	45,426		$	28,300		$	12,607
Ratio of earnings to combined fixed charges and preferred share dividends		*			*			1.23	x		1.06	x		1.17	x

*     For the year ended December 31, 2009, combined fixed charges and preferred share dividends exceeded earnings by approximately $39,641.  For the year ended December 31, 2008, combined fixed charges and preferred share dividends exceeded earnings by approximately $15,963.