owner Hersha Hospitality Trust to 5.3 percent from 9.4 percent, according to a filing yesterday with the Securities and Exchange Commission.

Mr. Martin sold 78,800 common shares between February 8 and 28 at prices ranging from $4.44 to $5.12 a share, dropping his ownership to 120,000 shares, the filing said.

Investors with a stake of 5 percent or more in a company are required to publicly report any transactions. Hersha, located in New Cumberland, Pennsylvania, is a real estate investment trust that owns hotels in the eastern United States.

Shares were unchanged at $6 on the American Stock Exchange.