NEWTON, Mass.--Hospitality Properties Trust (NYSE: HPT) announced
today that it has commenced a public offering of Series C Cumulative
Redeemable Preferred Shares. HPT expects to use the net proceeds of this
offering to repay a portion of the debt incurred to fund its recently
completed acquisition of TravelCenters of America, Inc. The underwriters
will be granted a 30-day option to purchase additional shares from HPT
to cover overallotments, if any.
The joint book-running managers for this offering are Merrill Lynch
& Co., UBS Investment Bank and Wachovia Securities. The joint lead
managers for this offering are Morgan Stanley and RBC Capital Markets.
The co-managers for this offering are Banc of America Securities LLC,
Ferris, Baker Watts Incorporated, Janney Montgomery Scott LLC, Morgan
Keegan & Company, Inc., Oppenheimer & Co. and Stifel Nicolaus.
This press release 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 or jurisdiction in which the offer, solicitation
or sale would be unlawful prior to registration or qualification under
the securities laws of that state or jurisdiction. Copies of the
preliminary prospectus supplement and related prospectus may be obtained
from the offices of Merrill Lynch & Co., 4 World Financial Center,
New York, New York 10080 (telephone: 866-500-5408), from the offices of
UBS Investment Bank, 677 Washington Blvd., Stamford, CT 06901
(telephone: 888-722-9555, ext. 1088), from the offices of Wachovia
Securities, 8739 Research Drive, Charlotte, NC 28262 (telephone:
866-289-1262) or from the offices of any of the other managing
underwriters identified above.
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
OTHER FEDERAL SECURITIES LAWS. THESE FORWARD LOOKING STATEMENTS ARE
BASED UPON HPT'S PRESENT EXPECTATIONS, BUT THESE STATEMENTS AND THE
IMPLICATIONS OF THESE STATEMENTS ARE NOT GUARANTEED. FOR EXAMPLE,
ALTHOUGH THIS PRESS RELEASE REFERS TO AN OFFERING OF SERIES C CUMULATIVE
REDEEMABLE PREFERRED SHARES, THIS OFFERING MAY BE WITHDRAWN BECAUSE OF
MARKET CONDITIONS OR OTHER REASONS. INVESTORS SHOULD NOT PLACE UNDUE
RELIANCE UPON FORWARD LOOKING STATEMENTS.
Hospitality Properties Trust
Timothy A. Bonang
Manager of Investor Relations
(617) 796-8149
www.hptreit.com