Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
ELSZTAIN EDUARDO S
  2. Issuer Name and Ticker or Trading Symbol
HERSHA HOSPITALITY TRUST [HT]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
HERSHA HOSPITALITY TRUST, 510 WALNUT STREET, 9TH FLOOR
3. Date of Earliest Transaction (Month/Day/Year)
11/27/2009
(Street)

PHILADELPHIA, PA 19106
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
CLASS A COMMON SHARES OF BENEFICIAL INT 11/27/2009   P   26,189 A $ 2.4639 6,266,463 I (1) See Footnote (1)
CLASS A COMMON SHARES OF BENEFICIAL INT 11/30/2009   P   46,596 A $ 2.4538 6,313,059 I (1) See Footnote (1)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
ELSZTAIN EDUARDO S
HERSHA HOSPITALITY TRUST
510 WALNUT STREET, 9TH FLOOR
PHILADELPHIA, PA 19106
  X   X    
IRSA INVESTMENTS & REPRESENTATIONS INC
BOL??VAR 108
BUENOS AIRES, C1 
      Chairman of the Board
CONSULTORES ASSETS MANAGEMENT STOCK CORP
BOL??VAR 108, 1ST FLOOR
BUENOS AIRES, C1 
      Chairman of the Board
Ifis LTD
MINTFLOWER PLACE, 4TH FLOOR
8 PAR-LA-VILLE ROAD
HAMILTON, D0 HM 08
      Chairman of the Board
CONSULTORES VENTURE CAPITAL LTD
REGATTA OFFICE PARK, P.O. BOX 31106, SMB
GRAND CAYMAN, E9 
      Chairman of the Board
INVERSIONES FINANCIERAS DEL SUR STOCK CORP
RUTA 8, 17,500, EDIFICIO @3, LOCAL 003
MONTEVIDEO, X3 CP 91609
      Chairman of the Board
CRESUD INC
MORENO 877, 23RD FLOOR
CIUDAD AUT??NOMA DE
BUENOS AIRES, C1 
      Chairman of the Board
Agrology Stock Corp
MORENO 877, 21ST FLOOR
BUENOS AIRES, C1 
      Chairman of the Board
CONSULTORES VENTURE CAPITAL URUGUAY STOCK CORP
RUTA 8, 17,500, EDIFICIO @3, LOCAL 003
MONTEVIDEO, X3 CP 91609
      Chairman of the Board
TYRUS STOCK CORP
COLONIA 810, OF. 403
MONTEVIDEO, X3 CP 11000
      Chairman of the Board

Signatures

 /s/ Eduardo S. Elsztain   12/01/2009
**Signature of Reporting Person Date

 /s/ Eduardo S. Elsztain Chairman of the Board for IRSA Inversiones y Representaciones Sociedad An??nima   12/01/2009
**Signature of Reporting Person Date

 /s/ Eduardo S. Elsztain Chairman of the Board for Consultores Assets Management S.A.   12/01/2009
**Signature of Reporting Person Date

 /s/ Eduardo S. Elsztain Chairman of the Board for IFIS Limited   12/01/2009
**Signature of Reporting Person Date

 /s/ Eduardo S. Elsztain Chairman of the Board for Consultores Venture Capital Limited   12/01/2009
**Signature of Reporting Person Date

 /s/ Eduardo S. Elsztain Chairman of the Board for Inversiones Financieras del Sur S.A.   12/01/2009
**Signature of Reporting Person Date

 /s/ Eduardo S. Elsztain Chairman of the Board for Cresud Sociedad An??nima Comercial, Inmobiliaria, Financiera y Agropecuaria   12/01/2009
**Signature of Reporting Person Date

 /s/ Alejandro G. Elsztain Chairman of the Board for Agrology S.A.   12/01/2009
**Signature of Reporting Person Date

 /s/ Eduardo S. Elsztain Chairman of the Board for Consultores Venture Capital Uruguay   12/01/2009
**Signature of Reporting Person Date

 /s/ Eduardo S. Elsztain Chairman of the Board for Tyrus S.A.   12/01/2009
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) See Exhibit
 
Remarks:
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