Ownership Submission
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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(Print or Type Responses)
1. Name and Address of Reporting Person *
Ifis LTD
   2. Issuer Name and Ticker or Trading Symbol
HERSHA HOSPITALITY TRUST [HT] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
_____ Officer (give title below) __X__ Other (specify below)
See Remarks
(Last)
(First)
(Middle)
FLORIDA 537, PISO 18?, 		 3. Date of Earliest Transaction (Month/Day/Year)
09/04/2012
(Street)

BUENOS AIRES, C1 C1005AAK		 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 09/04/2012   S   2,000,000 D $ 4.86 16,105,630 I See Footnote (1)
Class A Common Shares of Beneficial Int               15,400 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
Ifis LTD
FLORIDA 537, PISO 18?
BUENOS AIRES, C1 C1005AAK		       See Remarks
INVERSIONES FINANCIERAS DEL SUR STOCK CORP
RUTA 8, KM. 17.500
EDIFICIO 3, LOCAL 3
MONTEVIDEO, X3 91600		       See Remarks
TYRUS STOCK CORP
PLAZA INDEPENDENCIA 811, PB
MONTEVIDEO, X3 11100		       See Remarks
Idalgir Stock Corp
FLORIDA 537, PISO 18?
BUENOS AIRES, C1 C1005AAK		       See Remarks
JIWIN STOCK CORP
PLAZA INDEPENDENCIA 811, PB
MONTEVIDEO, X3 11100		       See Remarks
IRSA INVESTMENTS & REPRESENTATIONS INC
BOLIVAR 108
BUENOS AIRES, C1 C1066AAD		       See Remarks

Signatures

 /s/ IFIS Limited by Eduardo S. Elsztain, Chairman of the Board   09/06/2012
**Signature of Reporting Person Date
 /s/ Inversiones Financieras del Sur S.A. by Eduardo S. Elsztain, Chairman of the Board   09/06/2012
**Signature of Reporting Person Date
 /s/ Tyrus S.A. by Eduardo S. Elsztain, Chairman of the Board   09/06/2012
**Signature of Reporting Person Date
 /s/ Idalgir S.A. by Eduardo S. Elsztain, Chairman of the Board   09/06/2012
**Signature of Reporting Person Date
 /s/ Jiwin S.A. by Eduardo S. Elsztain, Chairman of the Board   09/06/2012
**Signature of Reporting Person Date
 /s/ IRSA Inversiones y Representaciones Sociedad Anonima by Eduardo S. Elsztain, Chairman of the Board   09/06/2012
**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:
The filing group may be considered a trustee by deputization on the basis of a contractual right to appoint a trustee.

This Form 4 is being filed in two parts due to the ten person reporting limitation of the electronic filing system. Part 1 is being filed by the following persons: Eduardo S. Elsztain, Consultores Assets Management S.A., Consultores Venture Capital Limited, Cresud Sociedad Anonima Comercial, Inmobiliaria, Financiera y Agropecuaria, Consultores Venture Capital Uruguay SA, Agroinvestment S.A., Real Estate Investment Group LP, Real Estate Investment Group II LP, Real Estate Investment Group III LP, and Real Estate Investment Group IV LP

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

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.