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,
	2011		2010			2009			2008		2007
Earnings
Pre-tax (loss) income from continuing operations before income (loss) from equity investees	$	210	$	(1,751	)	$	(2,649	)	$	1,373	$	3,476
Interest expensed and amortized premiums, discounts and capitalized expenses related to indebtedness		41,702		40,718			40,441			38,353		37,174
Distributed income of equity investees		132		-			400			3,036		4,501
	$	42,044	$	38,967		$	38,192		$	42,762	$	45,151
Combined Fixed Charges and Preferred Share Dividends
Interest expensed and amortized premiums, discounts and capitalized expenses related to indebtedness	$	41,702	$	40,718		$	40,441		$	38,353	$	37,174
Interest capitalized		1,372		46			10			544		389
Preferred share distributions		10,499		4,800			4,800			4,800		4,800
	$	53,573	$	45,564		$	45,251		$	43,697	$	42,363
Ratio of earnings to combined fixed charges and preferred share dividends		*		*			*			*		1.07

*     For the years ended December 31, 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,
	2011		2010		2009		2008
Combined fixed charged and preferred share dividends in excess of earnings	$	11,529	$	6,597	$	7,059	$	935