(Read more on the debt and equity markets.)

PHILADELPHIA-Net income, operating income, revenue and adjusted funds from operations all posted double-digit increases for Hersha Hospitality Trust during third quarter. Hotel performance within the portfolio also made gains.

Net income for the quarter was $7.3 million, up 59.3% from $4.6 million for the same quarter a year ago. Operating income soared 71.3% to $18.6 million, versus $10.9 million for the same quarter of 2006. Total hotel operating revenues leapt 68.2% to $65.6 million, compared with $39 million at the same time the previous year, and adjusted funds from operation rose $12.8% for the quarter.

The increased stabilization of young properties in the portfolio and the company's growing presence in New York City contributed to the increases, according to Jay Shah, CEO. During a conference call, he said. "Our hotels in New York City had RevPAR growth in the third quarter of 17.2%, compared to 15.3% industry-wide for New York City." RevPAR also increased at properties in metropolitan Boston and Philadelphia, up 12.3% and 8%, respectively.