Hersha Hospitality Trust is a self-advised Maryland statutory real estate investment trust that was organized in 1998 and completed its initial public offering in January of 1999. The Company invests in institutional grade hotels in urban gateway markets including New York, Washington DC, Boston, Philadelphia, San Diego, Los Angeles and Miami. As of December 31, 2013, its portfolio consisted of 48 wholly owned limited and full service properties with a total of 6,876 rooms and interests in six limited and full service properties owned through joint venture investments with a total of 1,513 rooms. These 54 properties, with a total of 8,389 rooms, are located in Arizona, California, Connecticut, Delaware, District of Columbia, Florida, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, and Virginia and operate under brands, owned by Marriott International, Inc., Hilton Worldwide, Inc., InterContinental Hotels Group, Hyatt Corporation, or Starwood Hotels and Resorts Worldwide, Inc. It continues to acquire high quality, upscale, mid-scale and extended-stay hotels in metropolitan markets with high barriers to entry in the Northeastern United States, Florida and other markets with similar characteristics. It faces competition for the acquisition of hotels from institutional pension funds, private equity funds, REITs, hotel companies and others who are engaged in the acquisition of hotels. The Company competes with other hotels for guests in each of their markets on the basis of several factors, including, among others, location, quality of accommodations, convenience, brand affiliation, room rates, service levels and amenities, and level of customer service. The Company's hotels are subject to various U.S. federal, state and local laws, ordinances and regulations, including regulations relating to common areas and fire and safety requirements.