Hersha loses $4M in Q1

Hersha Hospitality Trust posted
a loss for the first quarter of 2008, yet the amount shrank from losses a year
ago.

Hersha Hospitality Trust posted
a loss for the first quarter of 2008, yet the amount shrank from losses a year
ago.

The company’s net loss was $4.1
million for the quarter that ended March 31, 24 percent less than the year-ago
quarter, according to the real estate investment and hotel company. Hersha
recorded net losses of $5.4 million in the first quarter of 2007.

The company attributed the
decreased losses to a growth in room revenues and added revenue from recent
acquisitions, according to its quarterly statements released today. Total hotel
operating revenue grew nearly 16 percent, from $44.8 million in first quarter
of 2007 to $51.9 in the same quarter of 2008.

Diluted losses per share were 10
cents. Analysts had estimated 13 cents.

Hersha, based in Harrisburg, trades its
stocks on the New York Stock Exchange under the ticker symbol HT.

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