NEWTON, Mass.--Hospitality Properties Trust (NYSE: HPT) today
announced that William A. Lamkin has replaced Arthur G. Koumantzelis as
an HPT Independent Trustee and member of HPT's Audit Committee, and that
Adam D. Portnoy has replaced Gerard M. Martin as an HPT Managing
Trustee.
Mr. Koumantzelis, who is the former chief financial officer of Gulf
Oil is leaving the HPT Board to join the Board of TravelCenters of
America, LLC, which is expected to be spun out to HPT shareholders and
become a separately listed, publicly owned company before the end of the
first quarter 2007. Mr. Lamkin is currently a partner in Ackrell
Capital LLC, an investment bank, and he formerly worked as an investment
banker for ABN AMRO Incorporated and Donaldson Lufkin & Jenrette
Securities Corporation.
Mr. Portnoy (age 36) is the President of Reit Management and Research
LLC, or RMR, the manager of HPT. Mr. Portnoy replaces Mr. Martin (age
72) as part of a management transition process. Mr. Martin is a
co-founder of RMR and has served as a Managing Trustee of HPT since it
became a publicly owned company in 1995.
Hospitality Properties Trust is a real estate investment trust
headquartered in Newton, Massachusetts which owns 310 hotels located
throughout the United States and in Puerto Rico and Canada. HPT expects
to close its $1.9 billion acquisition of TravelCenters of America, to
retain the TravelCenters real estate and spin out the TravelCenters
operating business to HPT shareholders during the first quarter of 2007.
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 CURRENT BELIEFS AND EXPECTATIONS BUT THEY ARE NOT GUARANTEED TO
OCCUR AND THEY MAY NOT OCCUR. FOR EXAMPLE, THIS PRESS RELEASE STATES
THAT HPT EXPECTS TO CLOSE ITS ACQUISITION OF TRAVELCENTERS AND SPIN OUT
TRAVELCENTERS OF AMERICA LLC TO HPT SHAREHOLDERS BEFORE THE END OF THE
FIRST QUARTER 2007. HOWEVER, HPT MAY NOT COMPLETE THIS ACQUISITION AND
SPIN OUT UNTIL A REGISTRATION STATEMENT FOR TRAVELCENTERS OF AMERICA LLC
IS DECLARED EFFECTIVE BY THE SECURITIES AND EXCHANGE COMMISSION, OR THE
SEC. TRAVELCENTERS OF AMERICA LLC HAS FILED A REGISTRATION STATEMENT
BUT IT HAS NOT YET BEEN APPROVED OR DECLARED EFFECTIVE BY THE SEC. HPT
DOES NOT KNOW WHEN OR WHETHER THIS REGISTRATION MAY BE DECLARED
EFFECTIVE. THIS EFFECTIVENESS MAY BE DELAYED OR DENIED, AND, AS A
CONSEQUENCE, HPT'S ACQUISITION OF TRAVELCENTERS AND SPIN OUT MAY BE
DELAYED OR MAY NOT OCCUR. FOR THIS AND OTHER REASONS, THE FORWARD
LOOKING STATEMENTS IN THIS PRESS RELEASE MAY NOT OCCUR. INVESTORS ARE
CAUTIONED NOT TO PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS.
A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the New York Stock Exchange.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.
Hospitality Properties Trust
Timothy A. Bonang
617-796-8149
Manager of Investor Relations
www.hptreit.com