Investor Presentation

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Table of Contents

Hersha Today 3

Hersha’s Growth Strategy 6

HT Markets 17

Financials & Sustainability 28

Page

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Hersha Today

HT owns 48 high quality, rooms-oriented, transient hotels in Boston, New York, Philadelphia,Washington, DC, South Florida, and the West Coast

HT’s upgraded portfolio consists of high RevPAR hotels in dense coastal gateway markets and selectresort locations with strong EBITDA growth potential

Our unique clusters provide immediate operational advantage and local knowledge to driveoutperformance in each of our markets

The St. Gregory, Dupont Circle The Ritz-Carlton, Coconut GroveThe Envoy, Boston Seaport The Cadillac Hotel & Beach Club

High Absolute RevPAR and EBITDA Per Key

Long-Term Residual Real Estate

Appreciation

Sector Leading Margins and Cash

Flow

Income Growth and Dividend Safety

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Bi-Coastal Portfolio, Clustered for Advantage

*Map excludes HT’s 9 unconsolidated joint venture properties totaling 1,425 rooms; Highlighted hotels represent hotels that underwent significant capital renovations as well as acquisitions from proceeds of 2015-2018 Capital Recycling program

West Coast (8 hotels, 1,156 rooms)

Seattle (1 hotel, 153 rooms)The Pan Pacific Hotel Seattle

California (7 hotels, 1,003 rooms)Courtyard by Marriott SunnyvaleTownePlace Suites SunnyvaleThe Sanctuary Beach Resort, MontereyThe Hotel Milo, Santa BarbaraThe Ambrose Hotel, Santa MonicaCourtyard by Marriott Los Angeles Westside Courtyard by Marriott Downtown San Diego

Miami & Key West (6 hotels, 905 rooms)The Cadillac Hotel & Beach ClubThe Winter Haven Hotel, Miami BeachThe Blue Moon Hotel, Miami BeachThe Ritz-Carlton, Coconut GroveResidence Inn Miami Coconut GroveParrot Key Hotel & Villas, Key West

Boston (5 hotels, 801 rooms)The Envoy, Boston SeaportThe Boxer, BostonCourtyard by Marriott BrooklineHoliday Inn Express CambridgeMystic Marriott Hotel & Spa, CT

New York City (10 hotels, 1,493 rooms)Hyatt Union SquareDuane Street HotelNU Hotel, BrooklynHilton Garden Inn Manhattan Midtown EastHilton Garden Inn Tribeca Holiday Inn Express Madison Square Garden Hampton Inn SeaportGate Hotel JFK International Airport Hilton Garden Inn JFK International AirportHyatt House White Plains

Philadelphia (4 hotels, 854 rooms)The RittenhousePhiladelphia WestinHampton Inn Center City/Convention CenterSheraton Wilmington South

Washington, DC (6 hotels, 1,010 rooms)The Ritz-Carlton, GeorgetownThe St. Gregory, Dupont CircleThe Capitol Hill HotelHilton Garden Inn M StreetHampton Inn Washington DCAnnapolis Waterfront Hotel

Balanced Portfolio

| Page 5*Pie charts reflect FY 2019 Forecasted Consolidated EBITDA

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HT’s differentiated portfolio provides:

Exceptional locations and enduring real estatein the most valuable markets in the U.S.

Unique combination of category-killing brandedhotels

Independent lifestyle hotels with uniquerestaurants & bars

Purpose-built clusters in each market leveragelocal knowledge and scale/scope to outperform

Upper Upscale/Luxury

54%

Upper Midscale14%

Upscale32%

By Chainscale

Independent & Collections

38%

Branded62%

By Category

New York City, 24%

Washington DC, 14%

South Florida, 12%Other, 5%

Boston, 12%

Philadelphia, 13%

West Coast, 20%

By Market

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Hersha’s Growth Drivers

▪ HT Investment Thesis: Sector Leading, Organic EBITDA Growth

▪ Our recent acquisitions, significant investment in CapEx projects and the re-opening of our two

largest EBITDA-generating hotels in South Florida are forecast to lead to $200 million of EBITDA

Growth of ROI-Generating Renovations

Ramp-Up of The Cadillac and Parrot Key

Hotels

Stabilization of Newly Acquired Hotels

$20-25M ▪ Forecasted EBITDA Generation

Upon Stabilization

~10%▪ Contribution to Total Portfolio

EBITDA Upon Stabilization

$8-10M ▪ Forecasted Incremental EBITDA

Growth of the 7 Hotels Renovated in 2018*

~15%▪ Contribution from recently

renovated hotels to Total Portfolio EBITDA Upon Stabilization

$4-6M ▪ Forecasted Incremental EBITDA

Growth of the 7 Hotels Acquired After June 2016

~20%▪ Contribution from recently

acquired hotels to Total Portfolio EBITDA Upon Stabilization

*Excludes Cadillac Hotel & Beach Club and Parrot Key Hotel & Villas

Cadillac Hotel & Beach Club

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Conversion Summary

Hersha Hospitality Trust (“HT”) convertedthe 357-room Cadillac Hotel & Beach Clubon Miami Beach from a Courtyard byMarriott to an Autograph Collection Hotel

HT’s total renovation investment was$47.3 million, inclusive of the leasebuyout of the former restaurant tenant

The lifestyle resort reopened after aholistic renovation including all guestrooms, F&B outlets and meeting spaces,the lobby, both pools and all landscaping

The opening coincides with the ramp-upof the Miami Beach Convention Centerexpansion, expected to drive meaningfulroom night growth over the next severalyears

Cadillac Hotel & Beach Club

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Asset Summary

Operating at a similar occupancy, the enhancedproperty is forecast to register ADR-driven RevPARgrowth of over 25% due to the enhanced productoffering and up‐branding to the AutographCollection

At stabilization, The Cadillac is forecast to generateRevPAR exceeding $200 versus pre-transformationRevPAR of $150

In addition to increased room revenues, therestaurants & bars and daily resort fee will generateover $3 million of additional revenue

In 2015, the Miami market‘s peak year, the Cadillacgenerated approximately $9.5 million in EBITDA.HT expects The Cadillac to stabilize at close to $15million in EBITDA

Total invested capital of $474K/key remains wellbelow the replacement cost and comparable saleswhich average $719/key

Host’s recent acquisition of the 1 Hotel South Beachfor $1.4M/key showcases the high value anddesirability of real estate on Miami Beach

Miami Beach Comparable Sales 2014 - Present

Date Property Name Keys Price

(000's) Per Key (000's)

Apr-16 The Sagamore Hotel 93 $63,000 $677

Mar-16 Confidante Hotel (frm Thompson) 380 $235,000 $618

Jun-15 SLS Hotel South Beach 142 $125,000 $880

Mar-15 The James Royal Palm 393 $278,000 $707

Feb-15 Miami Beach EDITION 294 $230,000 $782

Nov-14 Dream South Beach 108 $70,000 $648

Average Comparable Price per Key: $719

Parrot Key Hotel & Villas

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Enhancement Summary

Hersha Hospitality Trust (“HT”) enhanced the148-room Parrot Key Hotel & Villas in KeyWest following the hotel’s closure afterHurricane Irma

The total cost of the renovation investmentwas $25 million, the majority of which willbe covered by insurance recoveries

The lifestyle resort reopened after a holisticrenovation including all guest rooms & villas,the lobby, all four pools and our award-winning landscaping

The Company converted the café to a fullservice restaurant and bar, The Grove, whichwill serve cocktails and fresh food offeringsin its newly designed space

Hersha also took measures to strengthen theasset in preparation for any future potentialweather events including the renovation andreinforcement of the retaining seawall

Parrot Key Hotel & Villas

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Asset Summary

Parrot Key is forecast to register ADR-driven RevPAR growth due to theenhanced product offering and revenuemanagement initiatives

Along with increased room revenues,the addition of The Grove will generateover $600K of additional F&B revenueat stabilization

In 2015, the prior peak for the Key Westmarket, the Parrot Key Resortgenerated approximately $7.5 million inEBITDA. At stabilization, we expect tothe hotel to operate at 15% RevPARpremium and 15% EBITDA premium tothe prior resort

Total invested capital remains belowcomparable sales which average$783K/key$675K/key

Key West Comparable Sales 2013 - Present

Date Property Name KeysPrice

(000's)Per Key (000's)

Jul-17 Oceans Edge Hotel & Marina 175 $175,000 $1,000

Jun-15 Sheraton Suites 180 $94,000 $522

Mar-15 The Marker Resort Key West 96 $96,183 $1,002

Feb-14 Pier House Resort & Caribbean Spa 142 $92,700 $653

Nov-13 Hyatt Key West Resort & Spa 118 $76,000 $644

Aug-13 Southernmost Hotel in the USA 118 $103,788 $880

Average Comparable Price per Key: $783

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Hersha’s Growth Drivers

Growth of ROI-Generating Renovations

$8-10M ▪ Forecasted Incremental EBITDA Growth

of the 7 Hotels Renovated in 2018*

~15%▪ Contribution to Total Portfolio EBITDA

Upon Stabilization

*Excludes Cadillac Hotel & Beach Club and Parrot Key Hotel & Villas

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Strategic Capital Allocation

CAPEX ENHANCEMENTS DISCIPLINED BUYBACKS

✓ Total common stock repurchased since 2014

✓ Percentage of total float repurchased since 2014

✓ Weighted average price of shares repurchased from 2017 to 2019

✓ Targeted discount to NAV range for repurchasing common stock

✓ Shares purchased by executive management and board of trustees since 2016

25-30%

24%

$241M ✓ Total allocated to capital expenditures from 2017-2018

✓ Allocated to 7 ROI-generating projects, excluding The Cadillac and Parrot Key hotels

✓ Incremental EBITDA generation from these 7 hotels following their transformation

✓ Forecasted capex spend on our portfolio in 2019, inclusive of maintenance capex, leading to less portfolio disruption

✓ Forecasted Free Cash Flow generated in 2019 to allocate towards debt repayment

$8-10M

$77M

$160M

$32M

$25M+

$17.44

$1.9M

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Hersha’s Growth Drivers

Stabilization of Newly Acquired Hotels

$4-6M ▪ Forecasted Incremental EBITDA Growth

of the 7 Hotels Acquired After June 2016

~20%▪ Contribution to Total Portfolio EBITDA

Upon Stabilization

Portfolio Recycling Campaign

FOCUSED ACQUISITIONS CALCULATED DISPOSITIONS

✓ Total acquisition of 13 assets from 2015-2018

✓ YoY Growth in RevPAR and EBITDA vs. Dispositions

✓ Increase in Absolute RevPAR compared to hotels sold28%

3.5X

$857M ✓ Total sale of 20 non-core assets from 2016-2018

✓ Unlevered IRR at Sale

✓ Taxable gains deferred$270M

13.7%

$920M

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Acquisitions

Dispositions

Dispositions

MassachusettsResidence Inn FraminghamResidence Inn NorwoodHawthorn Suites Franklin

New York CityCindat JV Portfolio (7)Hampton Inn Financial DistrictHoliday Inn Express Chester

PennsylvaniaHyatt House King of Prussia, PA

Maryland/VirginiaResidence Inn Greenbelt, MDHyatt House Gaithersburg, MDResidence Inn Tysons Corner, VACourtyard Alexandria, VA

West CoastHyatt House Pleasanton, CAHyatt House Pleasant Hill, CAHyatt House Scottsdale, AZ

Acquisitions

West CoastThe Pan Pacific Hotel SeattleCourtyard by Marriott SunnyvaleTownePlace Suites SunnyvaleThe Sanctuary Beach Resort, Monterey

BostonThe Envoy, Boston Seaport

Washington, DCSt. Gregory, Dupont CircleHilton Garden Inn M StreetRitz-Carlton GeorgetownAnnapolis Waterfront Hotel

MiamiRitz-Carlton Coconut Grove

PhiladelphiaWestin Philadelphia

Acquisition Case Study: Annapolis Waterfront Hotel

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Acquired at a trailing LTM cap rate of 8.7% andEBITDA multiple of 10.4x, the Annapolis Waterfrontis immediately accretive to our portfolio

The Annapolis Waterfront Hotel features a diverse,stable cash flow profile, including more than $1.2million of third‐party income from the restaurantlease, slip rental fees and various antenna leases(1)

The Hotel is situated on the Harbor adjacent to thetown square, the Annapolis Yacht Basin and theAnnapolis Yacht Club, at the base of Main Street’srestaurant and bars. It is a short 3-block walk fromthe Main Gate of the United States Naval Academy,all local tourism attractions and demand generators

In addition to the hotel’s 150 rooms, the AnnapolisWaterfront Hotel features 15,000 sq. feet of totalindoor/outdoor space, including the city’s onlywaterfront ballroom, a leased waterside restaurant& bar and 8,500 sq. foot patio overlooking theChesapeake Bay

(1)Based on 2017 Actual Results

Key Hotel Keys Opening Date

1 Annapolis Waterfront Hotel 150 Jun-1969

2 Historic Inns Of Annapolis 124 Jun-1772

3 Loews Annapolis Hotel 215 Jun-1985

4 Hilton Garden Inn Annapolis (Former O'Callaghan) 121 Apr-2018

5 Westin Annapolis 225 Jul-2007

Total 835

Annapolis Waterfront Comp Set

HT

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Philadelphia

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Our Philadelphia portfolio was aided byperformance from our recently renovated assetsresulting in 16.4% RevPAR growth in Q1 2019,outperforming the market by over 2,500 basis points

We completed significant capex projects at TheRittenhouse and Hampton Inn Center City during thefirst half of 2018 and these renovations helped driverevenue and margin growth during the first quarter

We strategically timed our renovations to takeadvantage of one of Philadelphia’s strongestconvention calendar years in its history(1)

(1) Philadelphia Convention & Visitors Bureau (2) Based on consensus estimates or Company estimates

At the Philadelphia Westin, our strategy of growingcorporate base while diminishing the reliance onOTA-driven business has yielded strong resultssince our acquisition(2)

12% ADR Growth

13% RevPAR Growth

200 bps of EBITDA margin improvement

The Rittenhouse

The RittenhouseThe Philadelphia

WestinHampton Inn

Convention Center

Boston

Our comparable Boston portfolio generated 3.8%RevPAR growth in Q1 2019, aided by a 3.1% ADRincrease

The Boston market experienced soft demand in thefirst quarter, but performance from The Envoyallowed our cluster to outperform the market by 590basis points

We remain confident in the city’s demandfundamentals for years to come with its world classuniversities, top-rated hospitals, and a leading R&Dsector

Our Envoy Hotel has performed exceptionally wellwith RevPAR forecasted at 24% above our 2016acquisition year levels and we believe the hotel’smarket leading stance will support continued growth

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The Boxer, Boston

The Envoy, Boston Seaport

Boston Portfolio

1 The Envoy, Boston Seaport

2 The Boxer, Boston

3 Courtyard by Marriott Brookline

4 Holiday Inn Express Cambridge

5 Mystic Marriott Hotel & Spa, CT

West Coast

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Robust performance at our Sunnyvale and San Diego assetswas offset by supply growth in Seattle and Los Angeles alongwith severe weather impacting demand along the coast

Lodging fundamentals on the West Coast are expected toremain compelling in 2019, driven by strong demand fromdomestic and international leisure travelers and growth intechnology and life sciences companies in the regions

Our Sunnyvale hotels reported weighted average RevPARgrowth of 7.4% as they captured increased demand fromlarge corporate accounts such as Amazon, Google and Apple.Large Google and Apple events in Q2 will help to continue todrive growth at these properties

Our resort destinations in Santa Barbara and Monterey arepoised to rebound in the second quarter with more suitabletravel weather on the horizon and the U.S. Open taking placeat Pebble Beach in June

The Sanctuary Beach Resort, Monterey

The Ambrose Hotel, Santa MonicaWest Coast Portfolio

1 The Pan Pacific Hotel, Seattle

2 The Ambrose Hotel, Santa Monica

3 The Sanctuary Beach Resort, Monterey

4 The Hotel Milo, Santa Barbara

5 Courtyard by Marriott Sunnyvale

6 TownePlace Suites Sunnyvale

7 Courtyard by Marriott Los Angeles Westside

8 Courtyard by Marriott Downtown San Diego

South Florida

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In Q1 2019, our comparable South Florida portfoliofaced a difficult Hurricane Irma-relief comp, but wasable to generate positive RevPAR growth

The reacceleration of Miami remains intact, but near-term growth will continue to face headwinds from there-opening of hurricane-damaged hotels in PuertoRico and the Caribbean along with the ramp up of theMiami Beach Convention Center

Our Cadillac Hotel & Beach Club and Parrot Key Hotel& Villas are currently ramping with Q1 2019 ADRperformance comparable to prior peak periods for themarket

Despite revenues tracking towards prior peak,operating margins are in ramp-up mode and weremain confident in our ability to progressively closethis gap as we track towards stabilization

The Ritz-Carlton, Coconut Grove

The Cadillac Hotel & Beach Club, Miami Beach

South Florida Portfolio1 The Cadillac Hotel & Beach Club

2 The Winter Haven Hotel, Miami Beach3 The Blue Moon Hotel, Miami Beach4 The Ritz-Carlton, Coconut Grove

5 Residence Inn, Coconut Grove

6 Parrot Key Hotel & Villas, Key West

Washington, DC

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Despite continued market headwinds in the first quarter,our comparable portfolio generated slightly positiveRevPAR growth and outperformed the market by 330 basispoints

Our growth was driven by performance at our St. Gregoryin Dupont Circle, which is ramping following its holisticrenovation in 2018

The second quarter will remain soft for the market withthe Easter shift to April resulting in Congress out of sessionwhile the city has just 1 major convention versus 3 lastyear and new supply continues to enter the market

We remain confident in the long-term fundamentals of DCand our positioning in the market with our market leadingcluster of hotels

The St. Gregory, Dupont Circle

The Capitol Hill HotelWashington, DC Portfolio

1 The Ritz-Carlton, Georgetown

2 The St. Gregory, Dupont Circle

3 Annapolis Waterfront Hotel

4 The Capitol Hill Hotel

5 Hilton Garden Inn M Street

6 Hampton Inn Washington, DC

Manhattan

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Demand fundamentals were especially soft in New YorkCity during the first quarter as the market was impactedby

The government shutdown

Easter holiday shift

Fewer group conventions

No major mid-week snowstorms in March

Despite a weak first quarter, we remain positive in thelong-term fundamentals of New York as it remains themost dynamic lodging market in the country and is aglobal business hub for all industries

HT’s purpose-built cluster and unique operationalalignment offers us the capability to outperform andmaintain market-leading margins in the market’s currentlow-single-digit RevPAR environment

Duane Street Hotel

Hyatt Union Square

Manhattan Portfolio

1 Hyatt Union Square

2 Duane Street Hotel

3 Hilton Garden Inn Manhattan Midtown East4 Hilton Garden Inn Tribeca5 Holiday Inn Express Madison Square Garden

6 Hampton Inn Seaport

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Manhattan Demand – Diversified and Expanding

Increased Demand: NYC demand for hotel rooms has grown at a 4.9% CAGR since 2015(1)

Visitation to New York City reached a record 62.8 million in 2017, and grew by 3.8% to 65.2 million in 2018, which includes 13.5million international visitors(2)

In 2018, there were 1.1 million visitors from China, the second-leading source of foreign visitors to the city behind the UK (1.24million)(2)

Additional demand generators include Hudson Yards, the largest private real estate development in the U.S., the corporatefootprint growth in life sciences, the continued transformation of Lower Manhattan, Silicon Alley, and the expansion of otherMidtown corridors

Midtown East Transformation: New zoning regulations in Midtown East are leading to revamped officedevelopment to compete with Hudson Yards

The 1,200-room Grand Hyatt Hotel will be demolished and redeveloped into 2 million square feet of office and retail space alongwith a smaller hotel

Increased Capacity: From 2018 – 2020, the New York Building Congress anticipates $177 billion in TotalConstruction Spending, driven by strong demand for office space and industrial development, as well as a rebound ingovernment infrastructure investment(3)

LaGuardia Airport’s $4 billion expansion scheduled for completion in 2021 is expected to drive passenger growth of 23% within thenext 5 years, equivalent to 5.5 million travelers(4)

Additional expansions planned in Manhattan to drive visitation with $1.6 billion allocated to renovating Moynihan Train Hall and$1.2 billion allocated to the Javits Convention Center expansion

(1)CBRE; (2) NYC and Company ; (3) NY Building Congress; (4) Cushman & Wakefield

HT Manhattan Supply Forecast Accuracy

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HT’s estimate of 3.0% supply growth in Manhattan for 2018 was just 10 basis points higherthan the actual growth whereas the consultant forecasts missed the mark by 530 basispoints and 290 basis points, respectively

Over the past 5 years, HT’s forecasts have been markedly more accurate in comparison toother industry forecasts when forecasting supply growth in Manhattan

Consultant’s forecasts tend to be higher than the supply actually delivered as supply tendsto decrease due to delays and natural attrition that push projects into subsequent years

*Historical forecasts from beginning of stated year; HT estimates as of April 2019 site visits

Manhattan New Supply Forecast

Manhattan Supply

Actual HTHT Var vs.

Actual (bps) PwCPwC Var vs. Actual (bps) STR

STR Var vs. Actual (bps)

2018 2.9% 3.0% (10) 8.2% (530) 5.8% (290)

2017 2.7% 2.9% (20) 7.5% (480) 12.1% (940)

2016 5.0% 4.5% 50 10.6% (560) 7.3% (230)

2015 2.7% 4.1% (140) 9.6% (690) 8.1% (540)

2014 3.1% 6.4% (330) 7.6% (450) 8.3% (520)

2013 4.1% 4.5% (40) 6.9% (280) 6.7% (260)

HT PwC STR/Citi

2019 3.8% 4.4% 5.9%

3,784 4,607 6,186

2020 3.6% 3.4% 1.8%

3,663 3,691 1,815

2021 2.5% 3.1% 1.3%

2,620 3,296 1,291

2022+ 2.0% 1.5% 0.3%

1,594 1,566 250

Apr-19 Feb-19 Jan-19

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Manhattan Supply

(1)STR 2019-2021; Supply reflects HT’s internal estimates per April 2019 site visits; 2019 -2021(F) Manhattan RevPAR growth per CBRE February 2019; (2) NYC.Gov

HT estimates above average supply growth in 2019 and 2020 as construction delays have pushed back deliverytimes. Demand remains robust in Manhattan and is forecasted to offset this growth

Approximately 78% of rooms expected to be delivered through 2021 are located in Midtown(1)

HT forecasts new supply to return to more normalized levels of 2.0% in 2022 and beyond

M1 Zoning Impact on New Construction

New York City Department of City Planning passed an amendment to establish a special permit for new hotels in M1 zoningdistricts. ~30% of the hotel rooms in the pipeline are slated to be built in M1 zones and currently there have been zeroapplications filed for hotel special permits. City Council provided final approval on December 20, 2018(2)

5.3% 5.8%

1.9%2.5%

5.5%

2.6%

4.9%

2.6% 2.9%3.8% 3.6%

2.5%

12.6%

5.6%5.9%

3.9%

2.3%

-2.9% -2.8%

-1.3%

2.9%

0.5%

2.5%1.5%

-5.0%

0.0%

5.0%

10.0%

15.0%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019(F) 2020(F) 2021(F)

Manhattan Supply and RevPAR Growth

Manhattan Supply Growth Market RevPAR Growth

Airbnb: Shadow Supply Decelerating

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Over the past two years, Airbnb has evolved from a significant disruptor to Lodging to a diminishing threatwith the rate of growth decelerating

Growth in Airbnb units has declined across the U.S. as a result of legislations in major cities leveling theplaying field versus its hotel competition

Each of our core markets have enacted legislation to heavily tax or eliminate illegal listings on home-sharing sites with a focus on eliminating commercial landlords. These legislations have resulted in adecrease in listings

Regulations passed in New York City and Boston are currently being contested in court after Airbnb filed a lawsuitclaiming the bills are unconstitutional

Home & Villas by Marriott’s bespoke offering is geared towards the higher-end leisure traveler with longerstay requirements in markets where Marriott has less of a footprint. The program’s target locations are inunique, high-end destinations and not urban centers where are our portfolio is primarily focused

Home & Villas is kicking off with 2,000 homes internationally which compares to more than 7,000 hotels and over1.3 million rooms in the current Marriott system(1)

(1) Marriott International SEC Filing and Press Release

Fin

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Capitalization

Debt

Historic and target leverage of 4.0x-5.0x

Weighted average interest rate of 4.4% across all borrowings with an approximately 3.0 year life to maturity

86% of debt is either fixed, capped or swapped

Preferred Equity

Historically low 6.6% weighted average coupon

Common Dividend Secure

2019 payout reflects an approximate 50% AFFO payout

(*) EBITDA reflects consensus estimates or Company estimate. Net Consolidated Debt above = Consolidated Debt less Cash & Cash Equivalents and Deposits.

$ MillionsPro Forma Capitalization as of

3/31/2019

Share Price as of 05/02/2019 $19.32

Common Shares + Units 43.5

Equity Market Capitalization $840.4

Mortgages & Notes Payable 384.5

Unsecured Term Loan 698.4

Line of Credit 37.0 Total Consolidated Debt $1,119.9

Preferred Stock Series C 75.0

Preferred Stock Series D 192.5

Preferred Stock Series E 100.0

Total Consolidated Debt + Preferred Equity $1,487.4

Consolidated Equity & Debt Capitalization $2,327.8

HT Pro Rata Share of Unconsolidated Joint Venture

Debt 141.5

Total Capitalization $2,469.3

Cash & Cash Equivalents 33.5

Deposits 8.7

Total Enterprise Value (TEV) $2,427.1

Net Consolidated Debt / TEV 44.4%

Net Consolidated Debt + Pref / TEV 59.5%

Net Consolidated Debt / 2019E EBITDA (*) 6.0x

Net Consolidated Debt + Pref / 2019E EBITDA (*) 8.0x

2019E EBITDA / 2019E Interest Expense (*) 3.5x

2019 Guidance

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Following a challenging Q1’19 operating environment we are maintaining our 2019 operatingoutlook. We remain constructive regarding the growth prospects of our portfolio of newlyrenovated and acquired assets without significant headwinds such as difficult comps, thegovernment shutdown and exogenous impacts in New York City

($’s in millions except per share amounts) Low High Low High

Net Income Applicable to Common Shareholders ($1.00) $1.00 ($22.0) ($16.0)

Net Income per share ($0.03) $0.02 ($0.56) ($0.41)

Comparable Property RevPAR Growth 2.5% 3.5% 1.5% 3.0%

Comparable Property EBITDA Margin Growth 0.0% 0.5% -0.25% 0.25%

Adjusted EBITDA $54.0 $56.0 $178.0 $184.0

Adjusted FFO $34.0 $36.0 $96.0 $102.0

Adjusted FFO per share $0.79 $0.83 $2.22 $2.35

Q2'19 Outlook 2019 Outlook

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HT Debt Maturities

The Company is actively refinancing all near-term debt maturities and our capitalstructure has significant flexibility to take advantage of an extremely liquid debtenvironment

* As of March 31, 2019, Excludes OID/OIP** Assumes exercise of extensions

$300.0

$193.9 $207.0

$45.1

$55.8

$23.4

$79.3

$47.6$83.3

$51.5

$37.0

$.0

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0

$400.0

$450.0

$500.0

2019 2020 2021 2022 2023 Thereafter

Deb

t ($

Milli

on

s)

Consolidated Debt Maturities

Line of Credit

Trust Preferreds

Mortgage Debt

Term Loan

Total 2020:

$355.8

Total 2021:

$217.3

Total 2022:

$323.3

Total 2023:

$47.6

Total Thereafter:

$134.8

Total 2019:

$45.1

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EarthView® was strategically created to positively impact our hotels’ bottom lines while simultaneously improving the well-being of our guests, employees, communities, and our planet

Founded in 2010, EarthView demonstrates Hersha’s leadership in sustainable hospitality

Aligned with investors’ growing interest in material environmental, social, and governance (ESG) topics

Financial Impact and Achievements

$65 Million increase in portfolio value

attributed to energy efficiency initiatives

2.5 year average payback period for our

efficiency investments

$11 Million in savings since inception through

initiatives implemented across our portfolio

50 bps contributed to EBITDA margin as utilities

are one of the highest controllable operating expenses in our portfolio

NAREIT Leader in the Light

Hersha is a 4-time winner of NAREIT’s Lodging

and Resorts Leader in the Light award

Global Real Estate Sustainability Benchmark

(GRESB) Score: 86 Ranks HT in the top 10% of all

participants globally across all real estate asset classes

Sustainability & Financial Impact

* More information on Hersha’s ESG and Sustainability Program can be found on our website and in Hersha’s annual Sustainability Report

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Our buildings and operations run efficiently through the implementation of initiatives that reduce our energy and water usage

LED Lighting: More efficient than incandescent and fluorescent lighting, installed at 95% + of our hotels

Guestroom Energy Management Systems (EMS): Programmed to reduce energy consumption while rooms are unoccupied, saving our hotels 25-30% in heating and cooling costs

Laundry Water Reuse System: Reduces water consumption from laundry cycles by 65-80%

Discontinued use of Single Use Plastic Straws and Stirrers: Our hotels avoid using over 4 million pieces of plastic straws and stirrers a year

We plan to expand our renewable energy mix to include additional on-site installations and explore off-site options

Environmental Impact

reduced energy usage per sqft vs 2010

reduced greenhouse gas emissions per sqft vs 2010

reduced water usage per sqft vs 2010

diversion rate in 2018

We recognize climate phenomenon may have an impact on our portfolio and regularly review the

prevalence of environmental risk

Greenroof at Hersha’s Hilton Garden Inn M Street, DC, a LEED

Certified hotel

336-panel solar photovoltaic system on the roof of Residence Inn Coconut Grove, FL

Environmental Impact

Resiliency

Flood Risk NOAA Hazard Score

(1-10, 1=low risk)

Average Score of Hersha

portfolio is 1.3 vs 2.8 average

risk for US Lodging REITs*

*NOAA = National Oceanic Atmospheric Administration, Morgan Stanley Flood Risk Report 3/2019

15%

41%

3%

25%

Social and Governance Initiatives

EarthView embodies HT’s core values and reflects our long tradition of social responsibility, impacting all of our stakeholders

Through a strong presence in our communities, we help to drive positive change on a local and global scale

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17,150 hours volunteered in our local communities since 2015

$440,000 raised for autism awareness since 2015

$200,000+ raised from the sale of EarthView Water since 2014, providing clean water for communities in need around the world

500,000 new bars of soap sent to developing nations since 2011

Social Metrics

Board Independence: 6 out of 8 Board Members are Independent Trustees

Board Diversity: 50% Women and Minority Board Members

Leadership Structure: Separate Board Chair and CEO

Strong Alignment: Short-term and long-term incentives 100% based on performance

Governance Metrics

A strong corporate governance foundation is essential to our company’s goal of continuing to operate at the highest level of performance

Our Risk Sub-Committee promotes active and focused discussion of risk and risk oversight

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Forward Looking Statements

Certain matters within this presentation are discussed using “forward-looking statements” within the meaning of the safeharbor provisions of the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks,uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statements. These forward-looking statements may include statements related to, among other things: the Company’s2019 outlook for net income attributable to common shareholders, net income per weighted average common share and OPUnits outstanding, Adjusted EBITDA, AFFO, AFFO per weighted average common share and OP Unit outstanding, consolidatedand comparable RevPAR growth and consolidated and comparable Hotel EBITDA margin growth, economic and otherassumptions underlying the Company’s 2019 outlook and assumptions regarding economic growth, labor markets, real estatevalues and the economic vibrancy of our target markets, the Company’s ability to grow operating cash flow, leverage rate-driven revenue growth, return capital to its shareholders, whether in the form of increased dividends or otherwise, theCompany’s ability to match or outperform its competitors’ performance, the ability of the Company’s hotels to achievestabilized or projected revenue consistent with our expectations, the stability of the lodging industry and the markets in whichthe Company’s hotel properties are located, the Company’s ability to generate internal and external growth, the Company’sability to increase margins, including hotel EBITDA margins. Forward-looking statements are neither historical facts norassurances of future performance. Instead, they are based only on the Company’s current beliefs, expectations andassumptions regarding the future of its business, future plans and strategies, projections, anticipated events and trends, theeconomy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherentuncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’scontrol. The Company’s actual results and financial condition may differ materially from those indicated in the forward-lookingstatements contained in this press release. Therefore, you should not rely on any of these forward-looking statements. For adescription of factors that may cause the Company’s actual results or performance to differ from its forward-lookingstatements, please review the information under the heading “Risk Factors” included in the Company’s Annual Report on Form10-K for the year ended December 31, 2018 filed by the Company with the Securities and Exchange Commission (“SEC”) andother documents filed by the Company with the SEC from time to time.