CRESUD INC — Director's Dealing 2012

Mar 1, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HERSHA HOSPITALITY TRUST (HT)
CIK: 0001063344
Period of Report: 2012-02-13

Reporting Person: ELSZTAIN EDUARDO S (10% Owner, Former Director)
Reporting Person: Ifis LTD (10% Owner)
Reporting Person: TYRUS STOCK CORP (10% Owner)
Reporting Person: INVERSIONES FINANCIERAS DEL SUR STOCK CORP (10% Owner)
Reporting Person: CONSULTORES ASSETS MANAGEMENT STOCK CORP (10% Owner)
Reporting Person: CONSULTORES VENTURE CAPITAL URUGUAY STOCK CORP (10% Owner)
Reporting Person: AGROINVESTMENT STOCK CORP (Director, 10% Owner)
Reporting Person: CONSULTORES VENTURE CAPITAL LTD (10% Owner)
Reporting Person: CRESUD INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-13	Class A Common Shares of Beneficial Int	A	2521561	—	Acquired	18105630	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-13	Options to Purchase Class A Common Shares of Beneficial Inte	$3	H	5700000	Disposed	2014-08-04	Option to Purchase Class A Common Shares of Beneficial Inter (5700000)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Shares of Beneficial Int	15400	Direct

Footnotes

F1: Please see Exhibit.

F2: On February 13, 2012, Hersha Hospitality Trust (the "Company") exercised its right, at its sole discretion, pursuant to that certain Investor Rights and Option Agreement (the "Agreement"), dated August 4, 2009, by and among the Company, Real Estate Investment Group L.P. ("REIG") and IRSA Inversiones y Representaciones Sociedad Anonima, to call in and cancel in full the purchase option (the "Option") held by REIG to purchase, pursuant to the Agreement, up to 5,700,000 Class A common shares of beneficial interest, $0.01 par value per share (the "Shares") at an exercise price of $3.00, subject to certain adjustments.

F3: To cancel REIG's Option, the Company issued an aggregate of 2,521,561 class A shares of beneficial interest of the Company to REIG. Based on the formula provided in the Agreement, the Option was valued at $13,566,000.00 and the Shares were valued at $5.38 per share. For additional information about the Agreement, please see the Company's current report on Form 8-K filed with the Securities and Exchange Commission on August, 6, 2009, and exhibit 10.2 thereto.