The hotel properties purchased by HT are in prime locations in the growing metropolitan Atlanta market and are expected to be immediately accretive to HT�s earnings. The acquisitions include two Hampton Inn hotels in Peachtree City and Newnan, and a Holiday Inn Express and Comfort Suites in Duluth, GA. The four hotels comprise 305 rooms and all of the hotels have been in operation for approximately five years. The properties are strategically positioned as premium limited service hotels in their sub-markets.

Mr. Hasu P. Shah, Chairman and CEO of HT, commented �our alliance with Noble provides us with tremendous opportunities to expand our presence and to continue our strategy of expanding in new metropolitan and suburban markets with strong underlying demand growth and high barriers to entry. HT is currently seeking to expand its reach in several new markets and believes that further alliances with strong real estate partners and management companies will allow the Company to capitalize on opportunities in new markets. Noble has created an impressive organization with a strong track record and tremendous brand presence. Their operational history and reputation in hotel management and development provides us with a great deal of confidence in their operational abilities.� 

These acquisitions continue HT�s ongoing growth trend that has allowed the Company to approximately double its hotel portfolio since the commencement of operations in January 1999. On a pro forma basis, the Company increased its Funds From Operations by approximately 13.1% to $5.7 million for the fiscal year ending December 31, 1999 and has maintained a dividend payout of $0.72 per share. The annualized yield on the stock based on the current market price is approximately 14.0%. With the addition of these properties, HT will own 20 hotels with a combined net asset value in excess of $92 million.
 

Hersha Hospitality Trust is a self advised real estate investment trust that owns premium limited and full service hotels in the eastern United States with strong, national franchise affiliations. The Company focuses on acquisition and joint venture opportunities in primary and secondary markets near major metropolitan markets. The Company currently owns hotels in New York, Pennsylvania and Maryland. Further inquiries regarding Hersha Hospitality Trust should be directed to Ashish Parikh at 717-770-2405.

Certain statements and information included in this release constitute �forward-looking statements� within the meaning of the Federal Private Securities Litigation Reform Act of 1995.