Newton, MA (February 18, 2004): Hospitality Properties Trust (NYSE:
HPT) today announced that it has priced a public offering of 4,000,000
common shares of beneficial interest at last night's closing price of
$43.93 per share. The settlement of this sale is expected to occur on
February 23, 2004. HPT intends to use the net proceeds of the offering
to reduce amounts outstanding under its unsecured revolving bank credit
facility. HPT has granted the underwriters a 30-day option to buy up to
600,000 additional shares to cover overallotments, if any.
The joint book running managers for this offering are Merrill Lynch
& Co. and Wachovia Securities. Co-managers are Legg Mason Wood
Walker Incorporated, Morgan Stanley, RBC Capital Markets and UBS
Investment Bank.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any state in which the offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities
laws of that state. Copies of the prospectus supplement and related
prospectus may be obtained from the offices of Merrill Lynch & Co., 4
World Financial Center, New York, New York 10080; from Wachovia
Securities, 7 St. Paul Street, 1st Floor, Baltimore, Maryland 21202; or
from any co-manager underwriters identified above.