NEWTON, Mass.--Hospitality Properties Trust (NYSE: HPT) today
announced that the registration statement for its TravelCenters of
America LLC ("TA") spin off has been declared effective by the
Securities and Exchange Commission, or SEC.
As previously announced, the record date for this spin off is January
26, 2007. Shareholders of HPT will receive one (1) share of TA for
every ten (10) shares of HPT owned on this record date. Fractional
shares will be issued as necessary.
HPT also announced that the closing of the spin off and the issuance
and distribution of TA shares is expected to occur on or about January
31, 2007.
TA has filed an application to list its shares on the American Stock
Exchange, or AMEX, under the symbol "TA", and that listing has been
approved subject to notice that issuance of the TA shares has occurred. A
"when issued" market may develop on the AMEX before the issuance and
distribution date; however, neither HPT nor TA can provide any assurance
that such a market will develop or at what price the TA shares will
trade.
The New York Stock Exchange, or NYSE, has advised HPT that HPT shares
will begin to trade "ex-dividend" for the TA spin off after the
distribution occurs.
TA has filed a prospectus and registration statement with the SEC
which has been declared effective. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
securities; nor shall there be any sale of TA securities in any state in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such state.
Copies of the prospectus which has been filed with the SEC relating to
the TA shares are available at the SEC website at www.sec.gov, or on the HPT website, www.hptreit.com,
and a paper or electronic copy can be obtained without charge by
request directed to HPT by telephone at (617) 964-8389 or by email at info@hptreit.com.
WARNING REGARDING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE
MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND THE
FEDERAL SECURITIES LAWS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON
HPT'S PRESENT BELIEFS AND EXPECTATIONS BUT THEY MAY NOT OCCUR. FOR
EXAMPLE:
-
THIS PRESS RELEASE STATES THAT HPT SHAREHOLDERS OF RECORD ON
JANUARY 26, 2007 WILL BE ENTITLED TO RECEIVE A DISTRIBUTION OF TA
SHARES.
-
THIS PRESS RELEASE STATES THAT THE ISSUANCE AND DISTRIBUTION OF TA SHARES IS EXPECTED TO OCCUR ON OR ABOUT JANUARY 31, 2007.
-
THIS PRESS RELEASE STATES THAT HPT SHARES WILL BEGIN TO TRADE "EX
DIVIDEND" WHEN THE DISTRIBUTION OF TA SHARES OCCURS AND IMPLIES THAT
THIS WILL OCCUR ON OR ABOUT JANUARY 31, 2007.
THE ISSUANCE AND DISTRIBUTION OF TA SHARES IS CONDITIONED UPON HPT'S
CLOSING ITS PURCHASE OF TRAVELCENTERS OF AMERICA, INC. HOWEVER, THIS
PURCHASE HAS NUMEROUS CONDITIONS PRECEDENT INCLUDING THIRD PARTY
APPROVALS TYPICAL OF LARGE ACQUISITIONS. ACCORDINGLY, THIS PURCHASE AND
THE ISSUANCE AND DISTRIBUTION OF TA SHARES TO HPT SHAREHOLDERS MAY BE
DELAYED OR CANCELLED. INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE
RELIANCE UPON FORWARD LOOKING STATEMENTS IN THIS PRESS RELEASE.
Hospitality Properties Trust
Timothy A. Bonang
617-796-8149
Manager of Investor Relations
www.hptreit.com