8148COV 4/11/06 8:51 AM Page 1
H E R S H A
hersha hospitality trust
penn mutual towers
510 walnut street
philadelphia, pa 19106
telephone. 215.238.1046
facsimile. 215.238.0157
www.hersha.com
HERSHA HOSPITALITY TRUST
annual report
2 0 0 5
H E R S H A
5
0
0
2
t
r
o
p
e
r
l
a
u
n
n
a
t
s
u
r
t
y
t
i
l
a
t
i
p
s
o
h
a
h
s
r
e
h
h e r s h a h o s p i t a l i t y t r u s t
h e r s h a h o s p i t a l i t y t r u s t
total return
board of trustees
8148COV 4/20/06 10:29 PM Page 2
400%
338.2 %
300
200
100
211.9 %
201.4 %
180.8 %
161.4 %
129.0 %
118.2 %
116.5 %
94.5 %
73.8 %
0
-10
lasalle hotel properties
star w ood
hersha
hospitality properties
m arriott international
host m arriott
equity inns
innkeepers usa
winston hotels
hilton hotels
-9.4 %
-0.3 %
do w jones
s&p 500
14.9 %
nasdaq
Total Returns from January 26, 1999 through December 31, 2005.Assumes dividend are re-invested at ex-dividend date.
Source: FactSet
ht portfolio by location
major metro 70%
secondary 19%
destination 11%
ht portfolio by hotel brand
marriott 43%
choice 7%
hilton 31%
starwood 3%
H e r s h a
H o s p i t a l i t y
T r u s t ( H T )
Hersha Hospitality Trust (HT)
is a real estate investment
trust (REIT) focused on the
acquisition and aggressive
management of primarily
upscale hotels in
metropolitan markets. Hersha
trades under the symbol HT
on the American Stock
Exchange. As of February 28,
2006, the Company owned
interests in 55 upper upscale,
upscale, and midscale hotels
located predominantly in the
Northeastern United States.
Qualification as a REIT under
intercontinental 15%
independent 1%
the Internal Revenue Code
ht portfolio by market segment
upper upscale 16%
upscale 34%
midscale 50%
enables the Company to
distribute income to
shareholders without
federal income tax liability
to the Company.
Hasu P. Shah
Chairman
Hersha Hospitality Trust
K.D. Patel
Director
Hersha Hospitality Management, L.P.
William Lehr, Jr.
Former Senior Vice President
Hershey Foods Corporation
John M. Sabin
CFO and General Counsel
Phoenix Health Systems, Inc.
Jay H. Shah
Chief Executive Officer
Hersha Hospitality Trust
Michael A. Leven
Chairman & CEO
US Franchise Systems, Inc.
Donald J. Landry
Former CEO and President
Sunburst Hospitality, Inc.
Thomas S. Capello
Founder & Principal
First Capital Equities
corporate officers
Jay H. Shah
Chief Executive Officer
Ashish R. Parikh
Chief Financial Officer
David L. Desfor
Treasurer
Neil H. Shah
Chief Operating Officer
Michael R. Gillespie
Chief Accounting Officer
Kiran P. Patel
Corporate Secretary
2 0 0 5
c o r p o r at e
i n f o r m at i o n
Hersha Hospitality Trust
148 Sheraton Drive
New Cumberland, PA 17070
Telephone. (717) 770-2405
Facsimile. (717) 774-7383
i n d e p e n d e n t
a u d i to r s
KPMG LLP
Certified Public Accountants
30 North Third Street
Harrisburg, Pennsylvania 17108-1190
Telephone (717) 260-4600
r e g i s t r a r a n d s to c k
t r a n s f e r a g e n t
American Stock Transfer & Trust Company
10150 Mallard Creek Drive, Suite 307
Charlotte, NC 28262
Telephone: (800) 829-8432
l e g a l c o u n s e l
Hunton & Williams
Riverfront Plaza
951 East Byrd Street
Richmond, Virginia 23219
Telephone: (804) 788-8200
c o m m o n s to c k
i n f o r m at i o n
The Common Stock
of Hersha Hospitality
Trust is traded on the American
Stock Exchange under the Symbol “HT”
8148EDIT 4/7/06 8:01 AM Page 1
f i n a n c i a l h i g h l i g h t s
2 0 0 5
$
$
$
12,359
834
7,054
0.37
0.37
0.97
0.72
96,017
61,535
20,436
10,210
Year Ended December 31,
2005
2004
2003
2002
2001
(In thousands except per share data)
hersha hospitality trust (1)
OPERATING DATA:
Total Revenues (Including Discontinued Operations)
Net Income
Adjusted Funds from Operations (AFFO) (2)
PER SHARE DATA:
Basic Earnings Per Common Share
Diluted Earnings Per Common Share
AFFO
Distributions to Common Shareholders
$
$
85,007
1,377
16,669
0.07
0.07
0.72
0.72
$
$
$
$
56,144
2,049
11,571
0.13
0.13
0.57
0.72
18,601
785
7,728
0.17
0.17
0.69
0.72
$
$
14,762
1,292
8,293
0.51
0.51
1.09
0.72
BALANCE SHEET DATA (as of December 31):
Total Assets (3)
Total Debt (4)
Minority Interest in Partnership
Total Shareholder’s Equity
$
455,355
256,521
15,147
164,703
$
261,021
110,819
16,779
119,792
$
196,568
71,837
38,971
71,460
$
101,516
65,341
20,258
11,378
(1) Total revenues consisted primarily of percentage and fixed lease revenues during 2001-2003. The Company terminated eight leases on January 31, 2004 and the
remaining six leases as of April 1, 2004.
(2) Funds from Operations (FFO) as defined by NAREIT represents net income (loss) (computed in accordance with generally accepted accounting principles),
excluding extraordinary items as defined under GAAP and gains or losses from sales of previously depreciated assets, plus certain non-cash items, such as
depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. We present Adjusted Funds From Operations (AFFO),
which reflects FFO in accordance with the NAREIT definition plus the following additional adjustments: adding back income allocated to units of partnership
interest in its operating partnership, because we report AFFO to common shareholders on a fully diluted basis assuming conversion of those units to common
shares; adding back income allocated to units of partnership interest in its operating partnership related to discontinued operations; adding back depreciation
related to discontinued operations; adding back distributions to holders of preferred units of partnership interest in its operating partnership, which are expensed
on our income statement; adding back our non-cumulative preference from Mystic Partners joint venture based upon our contributed capital; and making adjust-
ments to ground lease payments, which are required by GAAP to be amortized on a straight-line basis over the term of the lease, to reflect the actual lease payment.
(3) Total assets includes $3,407 and $18,758 of hotel assets held for sale at December 31, 2005 and 2004, respectively.
(4) Total debt includes $375 and $13,058 of debt or capital leases related to assets held for sale at December 31, 2005 and 2004, respectively.
(In thousands, except per share data)
hotel operating results
Total Revenues
(a)
Year Ended December 31,
2005
2004
2003
2002
2001
$
127,195
$
72,076
$
38,428
$
33,384
$
30,755
Occupancy %
Average Daily Rate
Revenue Per Available Room
71.32%
106.18
75.73
$
$
$
$
67.21%
64.80%
63.81%
61.70%
97.62
65.61
$
$
85.52
55.41
$
$
81.66
52.11
$
$
76.91
47.44
(a) Pertains to all hotels owned as of year end including the total results of hotels owned in a joint venture structure.
8148EDIT 4/7/06 8:01 AM Page 2
h e r s h a h o s p i t a l i t y t r u s t
Letter to
Since our IPO in
Hersha Hospitality Trust had a record 2005
posting growth and performance that
firmly established our position as the
leading owner of upscale lodging real
estate in the Northeastern United States.
Our portfolio is well balanced with a
combination of stabilized properties
that provide the Company with current
income to fuel our dividend and newly
developed hotels that lead to capital
appreciation for our shareholders. We
continue to see opportunities to expand
our portfolio, but remain highly selective
to ensure both a strategic fit with our
portfolio and enhanced long-term
shareholder value.
While we continue to look forward to 2006
and beyond, we pause to acknowledge the
accomplishment of several important
objectives in 2005:
• We added 20 hotels with 2,712
high barrier-to-entry markets in New York
City; Boston, Massachusetts; Washington,
DC; Philadelphia, Pennsylvania and
Hartford, Connecticut;
• We acquired hotels primarily
within the market leading Marriott and
Hilton family of brands;
• We sold 2 non-core hotels and
plan several more dispositions this
coming year;
• We raised $110 million of
equity and debt through the issuance of
preferred stock and trust preferred
securities at favorable rates;
• We arranged a $60 million credit
facility with terms that provide flexibility
to respond to opportunistic investments in
today's fast paced market environment;
rooms with an aggregate fair market value
of $370 million to our portfolio in our core,
• We paid our 27th consecutive
quarterly dividend since our IPO in 1999
8148EDIT 4/7/06 8:01 AM Page 3
a n n u a l r e p o r t 2 0 0 5
our Shareholders
1999, Hersha Hospitality Trust has been one of the fastest growing REITs in the country.
Marriott Hotel & Spa, Mystic, Connecticut
Marriott Hotel & Spa, Mystic, Connecticut
8148EDIT 4/7/06 8:01 AM Page 4
a n n u a l r e p o r t 2 0 0 5
...remarkable
Our portfolio, including joint venture interests, produced remarkable revenue per available room (RevPAR) growth
revenue
per
available room
(revPAR) growth.
Hilton Garden Inn, Edison, New Jersey
8148EDIT 4/7/06 8:01 AM Page 5
h e r s h a h o s p i t a l i t y t r u s t
for a current annual dividend yield of
nearly 8%, maintaining our position as the
highest dividend yielding Company in the
lodging sector; and
• We added experienced senior
managers to our accounting, acquisitions,
and asset management teams to respond
to the increasing complexity of public
reporting and to bolster our infrastructure
as we continue to grow.
Since our IPO in 1999, we have been one
of the fastest growing REITs in the
of 16.2% over last year compared to 8.4% for the industry.
country while still producing total returns
for shareholders in excess of 200%. And
while we believe these are extraordinary
results, we see that the Company's best
interests and value creation opportunities
are still ahead. Moreover, with
management's ownership of 15% of the
outstanding stock, the second highest
ownership position in the Company, the
alignment between management and
shareholders is the highest in the sector.
PERFORMANCE
Our position in high barrier-to-entry
metropolitan markets and ownership of
market leading assets and brands led to
strong operating results for the year. Our
consolidated hotel portfolio produced
remarkable revenue per available room
(RevPAR) growth of 16.2% over last year
compared to 8.4% for the industry.
System-wide, our average daily rate
(ADR), the most profitable component of
growth, improved 8.5% from last year
while occupancy grew by 7.0%.
The full portfolio produced gross
operating profit margins of 41.4% in 2005,
versus 38.5% in 2004. Our earnings before
interest, taxes, depreciation and
amortization (EBITDA) from consolidated
investments grew a strong 62% to $27.7
million. Our EBITDA growth benefited
from our strong RevPAR growth, offset
somewhat by the newly developed assets,
which will post above market performance
in the coming years. The newly developed
assets require additional spending during
their ramp-up period, but deliver strong
returns as they reach stabilization.
Our adjusted funds from operations
(Adjusted FFO) for the full year benefited
from our same store sales growth and
acquisition-led sales growth. For the full
year 2005, our Adjusted FFO increased a
strong 26% to $0.72 per diluted share
compared to $0.57 for the full year 2004.
STRATEGIC DISCIPLINE
Hersha's value proposition remains
simple: we provide superior investment
returns to our investors through
appreciation in real estate values and
growth in FFO and dividends. We have
delivered this performance across the last
several years by executing on a focused
and disciplined strategic plan - to acquire
institutional grade, branded hotels in
urban and primary suburban markets with
high barriers to new competition in the
northeastern United States. This enables
our operators to drive the highest rates in
our peer set, leading to above market
profitability.
In order to realize this vision we place
great emphasis on our capital structure
and an effective balance sheet strategy
maintaining appropriate levels of debt and
equity. Last year we chose to fix or cap a
large portion of our debt to take
advantage of historically low interest
8148EDIT 4/7/06 8:01 AM Page 6
h e r s h a h o s p i t a l i t y t r u s t
Hersha’s value proposition remains simple: we provide superior investment returns to our investors
rates. At the end of 2005, roughly 90% of
our debt was fixed or capped and our
weighted average cost of debt stood at an
attractive 6.98% with a comfortable
average debt maturity of 10.5 years.
Our liquidity at the 2005 year-end was
strong enabling investments in 8 hotels
with an aggregate value of $212 million
since the beginning of this year, including
the Hampton Inn Philadelphia Center
City and the Hilton Garden Inn JFK
International Airport in New York City.
We will continue to take advantage of
favorable capital markets to balance our
overall leverage and increase our liquidity to
fuel our acquisition of accretive and long-
term value enhancing hotel investments.
SUPERIOR CAPITAL ALLOCATION
We have systematically allocated our
capital in investments that create
near-term and long-term shareholder
value through greater profitability and
strong real estate value. We continue to
focus our acquisitions program on
best-in-class assets that achieve higher
RevPAR than our peers and consequentially,
achieve among the highest margins in our
sector.
In the early spring, we acquired the
136-room Hampton Inn Herald Square,
Manhattan in New York City. This asset
enjoyed a market with contracting supply
and the highest demand growth in the
nation leading to a RevPAR of $160 and an
EBITDA margin of 51% in its first year of
operation. Later in the summer, we
purchased the Brookline, Massachusetts
Marriott Courtyard Hotel. Located in the
Coolidge Corner commercial district, this
188-room hotel benefits from corporate,
medical and leisure demand generators
operating at a $122 RevPAR and an
EBITDA margin of 53%. Earlier this year
we acquired the Marriott Residence Inn in
Tysons Corner, Virginia, one of the most
dynamic corporate markets in the
Washington, DC metro. This 96-room
hotel occupies some of the most valuable
real estate in the market and performs at a
RevPAR of $122 with an operating profit
margin of 47%. These are just several
examples of our best-in-class
8148EDIT 4/4/06 10:49 AM Page 7
a n n u a l r e p o r t 2 0 0 5
through appreciation in real estate values and growth in FFO and dividends.
...superior investment
returns to
investors.
Courtyard by Marriott, Brookline, Massachusetts
8148EDIT 4/4/06 10:49 AM Page 8
a n n u a l r e p o r t 2 0 0 5
...profitability
Driving continued revenue growth and profitability through aggressive asset management is an
through
aggressive
asset
Management.
Residence Inn, Framingham, Massachusetts
Residence Inn, Framingham, Massachusetts
8148EDIT 4/4/06 10:49 AM Page 9
h e r s h a h o s p i t a l i t y t r u s t
acquisitions, which are difficult to
duplicate, in outstanding physical
condition, and positioned to deliver
value to shareholders currently and well
into the future.
Additionally, we were very active with our
value enhancing joint-venture program in
2005. In the competitive acquisitions
marketplace, our JV program has
provided Hersha with a competitive
advantage in sourcing newly developed
hotels before they reached the open
market. During 2005, we purchased
integral component of the Hersha Plan.
interests in 12 hotels through our
joint-venture program including the Mystic
Marriott Hotel and Spa.
The benefits of the JV program are clear:
Hersha earns an attractive preferred cash
return on and of invested equity and
participates in value growth, with
mitigated downside risk.
We offer our joint venture partners
development line financing and mezzanine
loans to build hotels in our core markets.
This financing is accretive to our earnings
in the short-term, but more importantly
offers Hersha a first right of refusal on
purchase of the asset. This pipeline of
newly developed acquisitions represents
many of our leading assets in the portfolio
including, the Hampton Inn Chelsea and
the Hampton Inn Madison Square Garden
in Manhattan.
VALUE-ADDED
ASSET MANAGEMENT
Driving continued revenue growth and
profitability through aggressive asset
management is an integral component of
the Hersha program. Our position as the
leading owner of multi-branded hotels in
the northeastern corridor and our unique
cluster based ownership strategy creates
a rare opportunity to benchmark similar
hotels to identify best practices, value
enhancement tactics and efficiencies that
can be used to better manage our hotels.
We will continue our aggressive revenue
management programs to optimize top
line performance and focus on reducing
operating costs and identifying
efficiencies in expenses that can lead
to higher profitability.
The quality of our hotels and the markets
in which they are located create high
guest expectations and; therefore, we
must work very closely with our operators
to reduce labor costs and generate
savings that do not effect the perceived
quality of our hotels or the satisfaction of
our guests. Nonetheless, we expect that
our desirable assets and the dense,
metropolitan markets where they are
located, will allow our managers to drive
top line revenues leading to meaningful
margin growth and value creation
for shareholders.
ADVANCING THE
HERSHA LEGACY
In 2005, the Company enacted a
management succession plan, which is
designed to ensure continuity of the
successful strategy that has led to the
Company's market outperformance to
date. In December, Hasu P. Shah, our
Founder, CEO and Chairman of the Board
of Trustees, resigned as Chief Executive
Officer. At that time, the Board of
Trustees appointed Jay H. Shah,
previously President and Chief Operating
Officer of Hersha, as Chief Executive
Officer of the Company. Hasu P. Shah
8148EDIT 4/4/06 10:50 AM Page 10
h e r s h a h o s p i t a l i t y t r u s t
In 2006 and 2007, analysts expect that we will be operating in
remains as Chairman of the Board. On
behalf of the Company and the Board of
Trustees, as CEO I would like to thank
Hasu P. Shah for his vision, leadership
and many years of tireless effort, which
have served to guide us in defining our
core principles and creating the strong
foundation upon which Hersha’s success
has been built. We are fortunate to have
continued access to his knowledge and
visionary business insight as the leader
of our Board of Trustees. His involvement
will be invaluable as we move Hersha
into the next generation of quality
management and leadership.
Our future is bright. The disciplined and
focused strategy of acquiring upper
upscale, upscale and midscale hotels in
the highest barrier-to-entry markets in the
northeastern U.S. has outperformed the
sector over the long-term and has
provided superior returns to our
shareholders since our initial public
offering seven years ago. In 2006 and 2007
analysts expect that we will be operating
in one of the most favorable operating
environments in the history of the lodging
industry. Increasing demand with limited
supply growth is an ideal environment for
revenue and operating profit margin
growth - particularly for newer hotels with
the most prominent brands in the industry.
As you know, the officers, Board of
Trustees, and affiliates of the Company
own a substantial portion of the
Company's outstanding stock. In addition
to our commitment and hard work, we
offer the strongest alignment of
management interests in the sector. We
believe in the Hersha legacy and have a
very strong outlook for 2006. We look
forward to continuing our legacy of
creating the highest total return for our
shareholders in the years ahead.
Hasu P. Shah
Chairman
Jay H. Shah
Chief Executive Officer
8148EDIT 4/7/06 8:01 AM Page 11
a n n u a l r e p o r t 2 0 0 5
one of the most favorable operating environments in the history of the lodging industry.
...operating in one of
the most favorable
environments.
Hilton Garden Inn, Glastonbury, Connecticut
8148EDIT 4/4/06 10:50 AM Page 12
h e r s h a h o s p i t a l i t y t r u s t
ht properties 2006
BOSTON METRO AREA
PHILADELPHIA METRO AREA
Courtyard by Marriott, Brookline
Residence Inn, Framingham
Courtyard by Marriott, South Boston
Holiday Inn Express, South Boston
Sheraton Four Points, Boston/Logan Airport
CONNECTICUT/RHODE ISLAND
Marriott Hotel & Spa, Mystic
Residence Inn, Mystic
Springhill Suites, New London
Courtyard by Marriott, Norwich
Marriott Hotel-Hartford Convention Center
Hilton City Center, Hartford
Hilton Garden Inn, Hartford South/Glastonbury
Holiday Inn Express, Hartford
Residence Inn, Southington
Residence Inn, Danbury
Courtyard by Marriott, Warwick
1
NEW YORK CITY
Hampton Inn, Manhattan/Chelsea
Hampton Inn, Manhattan/Madison Square Garden
Hilton Garden Inn, JFK International Airport/NY Metro
1
NEW JERSEY
Hilton Garden Inn, Edison/Raritan Center
Courtyard by Marriott, Ewing/Princeton
Hampton Inn, Linden/Newark Airport
Fairfield Inn & Suites, Mt. Laurel
1
DELAWARE
Courtyard by Marriott, Wilmington
Inn at Wilmington, Wilmington
1) Acquired subsequent to December 31, 2005.
1
1
Hampton Inn, Philadelphia Center City
Courtyard by Marriott, Langhorne
Holiday Inn Express, Oxford Valley
Holiday Inn Express & Suites, King of Prussia
Mainstay Suites, Valley Forge
Sleep Inn, Valley Forge
Holiday Inn Express, Malvern
Fairfield Inn & Suites, Bethlehem
1
PENNSYLVANIA
Hampton Inn & Suites, Hershey
Holiday Inn Express, Hershey
Hilton Garden Inn, Gettysburg
Holiday Inn Conference Center, Harrisburg West
Holiday Inn Express & Suites, Harrisburg
Comfort Inn, Harrisburg
Hampton Inn, Carlisle
Hampton Inn, Danville
Hampton Inn, Selinsgrove
Holiday Inn Express, New Columbia
Courtyard by Marriott, Scranton
1
WASHINGTON D.C. METRO AREA
1
Residence Inn, Tyson’s Corner/Vienna
Residence Inn, Greenbelt
Fairfield Inn, Laurel
Mainstay Suites, Frederick
Comfort Inn, Frederick
VIRGINIA
Residence Inn, Williamsburg
Springhill Suites, Williamsburg
ATLANTA METRO AREA
Hampton Inn, Peachtree
Hampton Inn, Newnan
Comfort Suites, Duluth
Holiday Inn Express, Duluth
h e r s h a h o s p i t a l i t y t r u s t
h e r s h a h o s p i t a l i t y t r u s t
total return
board of trustees
8148COV 4/20/06 10:29 PM Page 2
400%
338.2 %
300
200
100
211.9 %
201.4 %
180.8 %
161.4 %
129.0 %
118.2 %
116.5 %
94.5 %
73.8 %
0
-10
lasalle hotel properties
star w ood
hersha
hospitality properties
m arriott international
host m arriott
equity inns
innkeepers usa
winston hotels
hilton hotels
-9.4 %
-0.3 %
do w jones
s&p 500
14.9 %
nasdaq
Total Returns from January 26, 1999 through December 31, 2005.Assumes dividend are re-invested at ex-dividend date.
Source: FactSet
ht portfolio by location
major metro 70%
secondary 19%
destination 11%
ht portfolio by hotel brand
marriott 43%
choice 7%
hilton 31%
starwood 3%
H e r s h a
H o s p i t a l i t y
T r u s t ( H T )
Hersha Hospitality Trust (HT)
is a real estate investment
trust (REIT) focused on the
acquisition and aggressive
management of primarily
upscale hotels in
metropolitan markets. Hersha
trades under the symbol HT
on the American Stock
Exchange. As of February 28,
2006, the Company owned
interests in 55 upper upscale,
upscale, and midscale hotels
located predominantly in the
Northeastern United States.
Qualification as a REIT under
intercontinental 15%
independent 1%
the Internal Revenue Code
ht portfolio by market segment
upper upscale 16%
upscale 34%
midscale 50%
enables the Company to
distribute income to
shareholders without
federal income tax liability
to the Company.
Hasu P. Shah
Chairman
Hersha Hospitality Trust
K.D. Patel
Director
Hersha Hospitality Management, L.P.
William Lehr, Jr.
Former Senior Vice President
Hershey Foods Corporation
John M. Sabin
CFO and General Counsel
Phoenix Health Systems, Inc.
Jay H. Shah
Chief Executive Officer
Hersha Hospitality Trust
Michael A. Leven
Chairman & CEO
US Franchise Systems, Inc.
Donald J. Landry
Former CEO and President
Sunburst Hospitality, Inc.
Thomas S. Capello
Founder & Principal
First Capital Equities
corporate officers
Jay H. Shah
Chief Executive Officer
Ashish R. Parikh
Chief Financial Officer
David L. Desfor
Treasurer
Neil H. Shah
Chief Operating Officer
Michael R. Gillespie
Chief Accounting Officer
Kiran P. Patel
Corporate Secretary
2 0 0 5
c o r p o r at e
i n f o r m at i o n
Hersha Hospitality Trust
148 Sheraton Drive
New Cumberland, PA 17070
Telephone. (717) 770-2405
Facsimile. (717) 774-7383
i n d e p e n d e n t
a u d i to r s
KPMG LLP
Certified Public Accountants
30 North Third Street
Harrisburg, Pennsylvania 17108-1190
Telephone (717) 260-4600
r e g i s t r a r a n d s to c k
t r a n s f e r a g e n t
American Stock Transfer & Trust Company
10150 Mallard Creek Drive, Suite 307
Charlotte, NC 28262
Telephone: (800) 829-8432
l e g a l c o u n s e l
Hunton & Williams
Riverfront Plaza
951 East Byrd Street
Richmond, Virginia 23219
Telephone: (804) 788-8200
c o m m o n s to c k
i n f o r m at i o n
The Common Stock
of Hersha Hospitality
Trust is traded on the American
Stock Exchange under the Symbol “HT”
8148COV 4/11/06 8:51 AM Page 1
H E R S H A
hersha hospitality trust
penn mutual towers
510 walnut street
philadelphia, pa 19106
telephone. 215.238.1046
facsimile. 215.238.0157
www.hersha.com
HERSHA HOSPITALITY TRUST
annual report
2 0 0 5
H E R S H A
5
0
0
2
t
r
o
p
e
r
l
a
u
n
n
a
t
s
u
r
t
y
t
i
l
a
t
i
p
s
o
h
a
h
s
r
e
h