Hersha's RevPAR came in at $92.48, down from $111.96 during the same year-ago period, after an average daily rate decline of 12%, to $126.01, and a 4.8% decline in occupancy, to 73.4%. Operating revenues totaled $61.6 million, down from $67.6 million in last year's Q2.

The firm's hotels in New York City, which accounts for 35% of its portfolio, held up well in occupancy, at 91.3%, only dipping 10 basis points. But average daily rates plunged 28.8%, as the company competes with a flood of new hotels opening in the market at discounted rates.

Hersha sold interests in four assets during the quarter, for a total of $20.6 million. The properties are Hilton Garden Inn, in Gettysburg, PA; Four Points by Sheraton, in Revere, MA; and a Mainstay Suites and a Comfort Inn, both in Fredericksburg, MD.