- Statement of Changes in Beneficial Ownership (4)

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	OMB APPROVAL OMB Number: 3235-0287 Expires: February 28, 2011 Estimated average burden hours per response... 0.5
	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(f) of the Investment Company Act of 1940

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 (MM/DD/YYYY) 3/17/2011
(Street) PHILADELPHIA, PA 19106 (City) (State) (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) ___ Form filed by One Reporting Person _ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. 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)
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
CLASS A COMMON SHARES OF BENEFICIAL INT	3/17/2011		S		34500	D	$6.0318	16492948	I	See Footnote ⁽¹⁾
CLASS A COMMON SHARES OF BENEFICIAL INT	3/17/2011		S		34500	D	$6.0318	16458448	I	See Footnote ⁽¹⁾
CLASS A COMMON SHARES OF BENEFICIAL INT	3/18/2011		S		40000	D	$6.0526	16418448	I	See Footnote ⁽¹⁾
CLASS A COMMON SHARES OF BENEFICIAL INT	3/18/2011		S		40000	D	$6.0526	16378448	I	See Footnote ⁽¹⁾
CLASS A COMMON SHARES OF BENEFICIAL INT								11600	D

*Table II - Derivative Securities Beneficially Owned ( e.g.* , puts, calls, warrants, options, convertible securities)**
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. 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		7. Title and Amount of Securities Underlying Derivative Security (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)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)			11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:
( 1)	Please see Exhibit.

Remarks:
Form 1 of 2.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
ELSZTAIN EDUARDO S HERSHA HOSPITALITY TRUST 510 WALNUT STREET, 9TH FLOOR PHILADELPHIA, PA 19106	X	X
CONSULTORES ASSETS MANAGEMENT STOCK CORP BOL??VAR 108, 1ST FLOOR BUENOS AIRES, C1		X
CONSULTORES VENTURE CAPITAL LTD REGATTA OFFICE PARK, P.O. BOX 31106, SMB GRAND CAYMAN, E9		X
CRESUD INC MORENO 877, 23RD FLOOR CIUDAD AUT??NOMA DE BUENOS AIRES, C1		X
CONSULTORES VENTURE CAPITAL URUGUAY STOCK CORP RUTA 8, 17,500, EDIFICIO @3, LOCAL 003 MONTEVIDEO, X3 CP 91609		X
AGROINVESTMENT STOCK CORP ZABALA 1422, 2ND FLOOR MONTEVIDEO, X3		X
REAL ESTATE INVESTMENT GROUP LP CLARENDON HOUSE 2 CHURCH STREET HAMILTON HM CX, D0		X
REAL ESTATE INVESTMENT GROUP II LP CLARENDON HOUSE, 2 CHURCH STREET HAMILTON HM CX		X
IRSA INVESTMENTS & REPRESENTATIONS INC BOLIVAR 108, 1ST FLOOR BUENOS AIRES, C1		X
Ifis LTD MINTFLOWER PLACE, 4TH FLOOR 8 PAR-LA-VILLE ROAD HAMILTON, D0 HM 08		X

Signatures
/s/ Eduardo S. Elsztain		3/21/2011
^** Signature of Reporting Person		Date
/s/ Eduardo S. Elsztain, Chairman of the Board for Consultores Assets Management S.A.		3/21/2011
^** Signature of Reporting Person		Date
/s/ Eduardo S. Elsztain, Chairman of the Board for Consultores Venture Capital Limited		3/21/2011
^** Signature of Reporting Person		Date
/s/ Eduardo S. Elsztain, Chairman of the Board for Cresud Sociedad An??nima Comercial, Inmobiliaria, Financiera y Agropecuaria		3/21/2011
^** Signature of Reporting Person		Date
/s/ Eduardo S. Elsztain, Chairman of the Board for Consultores Venture Capital Uruguay		3/21/2011
^** Signature of Reporting Person		Date
/s/ Eduardo S. Elsztain, Chairman of the Board for Agroinvestment S.A.		3/21/2011
^** Signature of Reporting Person		Date
/s/ Eduardo S. Elsztain, Chairman of the Board of Jiwin S.A., General Partner for Real Estate Investment Group LP		3/21/2011
^** Signature of Reporting Person		Date
/s/ Eduardo S. Elsztain, Chairman of the Board of Jiwin S.A., General Partner for Real Estate Investment Group II LP		3/21/2011
^** Signature of Reporting Person		Date
/s/ Eduardo S. Elsztain, Chairman of the Board for IRSA Inversiones y Representaciones Sociedad An??nima		3/21/2011
^** Signature of Reporting Person		Date
/s/ Eduardo S. Elsztain, Chairman of the Board for IFIS Limited		3/21/2011
^** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	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).
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.