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Hersha Hospitality Trust's CEO Presents At Bank Of America Merrill Lynch 2012 Global Real Estate Conference (Transcript)

Mark W. Brugger

This is trying to came back, we’re seeing in the Group side this is the best year, if you look at the kind of normal recovery of Group the trend lines over the last couple of cycles, it’s a little later in the cycle coming back in some of the other cycles we've seen particularly in the last two. So Group is coming back, now you’re seeing the pace increased throughout this year, it is market-by-market, it is quarter-by-quarter.

We're seeing what we saw a lot of strength in our portfolio in the second quarter particularly Chicago, Boston, we’re seeing a lot of strength in the fourth quarter, Q3 for us this summer a little bit extended. To this last group compression, but as we kind of finish out the year, we’re seeing very strong results and booking pace in a number of our markets; I would say five or six different markets are showing very good growth in the fourth quarter.

So we’re seeing the positive trends in Group, but this trends remains strong and we are just seeing again it’s market-by-market, we just hanging then there as well.

Andrew G. Didora – Bank of America Merrill Lynch

On the Group scene market and if you find our business most exposure have the panel to group. Where do you see outside the room spending to it?

Mark W. Brugger

Outside of interesting for us have been lighting as well not only had the Group’s productivity been weaker, (inaudible) up to cause at the beginning of 2011, that started to improve, but even through the course of 2011, you heard us talk about ancillary spend, those are the revenue streams that Group rooms are usually producing. So we are nowhere near where they should have been based on historical norms.

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