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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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) 05/17/2011 (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 05/17/2011   S   9,197 D $ 6.0192 15,686,690 I See Footnote (1) CLASS A COMMON SHARES OF BENEFICIAL INT 05/18/2011   S   50,000 D $ 6.0297 15,636,690 I See Footnote (1) CLASS A COMMON SHARES OF BENEFICIAL INT               19,160 D

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
Ifis LTD MINTFLOWER PLACE, 4TH FLOOR 8 PAR-LA-VILLE ROAD HAMILTON, D0 HM 08		X
INVERSIONES FINANCIERAS DEL SUR STOCK CORP RUTA 8, 17,500, EDIFICIO @3, LOCAL 003 MONTEVIDEO, X3 CP 91609		X
Agrology Stock Corp MORENO 877, 21ST FLOOR BUENOS AIRES, C1		X
TYRUS STOCK CORP COLONIA 810, OF. 403 MONTEVIDEO, X3 CP 11000		X
Idalgir Stock Corp ZABALA 1422, 2ND FLOOR MONTEVIDEO, X3		X
JIWIN STOCK CORP COLONIA 810, OFFICE 403 MONTEVIDEO URUGUAY		X
REAL ESTATE INVESTMENT GROUP III LP CLARENDON HOUSE, 2 CHURCH STREET HAMILTON HM CX		X

Signatures

/s/ Eduardo S. Elsztain		05/19/2011
**Signature of Reporting Person		Date
/s/ Eduardo S. Elsztain, Chairman of the Board for IFIS Limited		05/19/2011
**Signature of Reporting Person		Date
/s/ Eduardo S. Elsztain, Chairman of the Board for Inversiones Financieras del Sur S.A.		05/19/2011
**Signature of Reporting Person		Date
/s/ Alejandro G. Elsztain, Chairman of the Board for Agrology S.A.		05/19/2011
**Signature of Reporting Person		Date
/s/ Eduardo S. Elsztain, Chairman of the Board for Tyrus S.A.		05/19/2011
**Signature of Reporting Person		Date
/s/ Eduardo S. Elsztain, Chairman of the Board for Idalgir S.A.		05/19/2011
**Signature of Reporting Person		Date
/s/ Eduardo S. Elsztain, Chairman of the Board for Jiwin S.A.		05/19/2011
**Signature of Reporting Person		Date
/s/ Eduardo S. Elsztain, Chairman of the Board of Jiwin S.A., General Partner for Real Estate Investment Group III LP		05/19/2011
**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)	Please see Exhibit.
Remarks: Form 2 of 2.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

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