HPT Announces Redemption of $150 Million of 8.5% Notes Due 2009 and Prices Offering of $175 Million of 6.75% Notes Due 2013

January 16, 2003

Newton, MA (January 16, 2003). Hospitality Properties Trust (NYSE: HPT) today announced that it will redeem, at par plus accrued interest, all $150 million of its outstanding 8.5% Senior Notes due in 2009. This redemption is expected to occur on or about February 17, 2003.

Hospitality Properties Trust also today announced that it has priced an offering of $175 million of 6.75% Senior Notes due 2013 in an underwritten public offering. The notes were issued at 99.396%. The settlement of this sale is expected to occur on January 24, 2003. HPT intends to use the net proceeds of this sale to redeem its 8.5% Senior Notes due 2009 and for general business purposes.

The joint book running managers were Credit Suisse First Boston and Wachovia Securities. Co-managers of this offering were BMO Nesbitt Burns Corp., CIBC World Markets Corp., Credit Lyonnais Securities (USA) Inc., ING Bank N.V., PNC Capital Markets, Inc., SG Cowen Security Corporation and Wells Fargo Investment Services, LLC.

Copies of the Prospectus Supplement for the Senior Notes offering may be obtained from the offices of Credit Suisse First Boston, 11 Madison Avenue, New York, NY 10010, or from the offices of Wachovia Securities, One Wachovia Center, 301 South College Street, Charlotte, NC 28288 or the offices of any of the co-manager underwriters identified above.

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 such offer, solicitation or sale is not permitted.

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