CORRECTING and REPLACING Hospitality Properties Trust Closes $400 Million Unsecured Term Loan and Announces Redemption of 6.85% Senior Notes Due in 2012

March 12, 2012

NEWTON, Mass.--(BUSINESS WIRE)-- First graph, second sentence of release should read: ... on March 13, 2017 (sted ... on March 12, 2017).

The corrected release reads:

HOSPITALITY PROPERTIES TRUST CLOSES $400 MILLION UNSECURED TERM LOAN AND ANNOUNCES REDEMPTION OF 6.85% SENIOR NOTES DUE IN 2012

Hospitality Properties Trust (NYSE: HPT) today announced the closing of a new five year $400 million unsecured term loan. The loan matures on March 13, 2017, and is prepayable, without penalty, at any time. Terms of the new loan include interest at LIBOR plus 145 basis points, subject to adjustments based on changes to HPT's credit ratings. HPT expects to use the net proceeds of the term loan to repay amounts outstanding under its $750 million revolving credit facility, repurchase its 3.80% Convertible Senior Notes due 2027 which are tendered by the holders thereof for repurchase by HPT on their March 20, 2012 repurchase date, redeem its 6.85% Senior Notes due 2012 as described below, and for general business purposes.

Wells Fargo Securities, LLC, PNC Capital Markets, LLC and RBC Capital Markets, LLC served as Joint Lead Arrangers for the term loan, and banks participating in the new loan are as follows:

Name of Institution

                 

Title

Wells Fargo Bank, National Association








Administrative Agent
PNC Bank, National Association








Syndication Agent
Royal Bank of Canada








Syndication Agent
Regions Bank








Documentation Agent
Sovereign Bank, N.A.








Participant
RBS Citizens, N.A.








Participant
The Bank of New York Mellon








Participant
Bank of America, N.A.








Participant
Citibank, N.A.








Participant
UBS Loan Finance LLC








Participant
E. Sun Commercial Bank, Ltd., Los Angeles Branch








Participant
Land Bank of Taiwan, Los Angeles Branch








Participant
Taiwan Cooperative Bank, Los Angeles Branch








Participant
Bank of Taiwan, Los Angeles Branch








Participant

HPT today also announced that it will redeem all of its outstanding 6.85% Senior Notes due 2012 at a redemption price equal to the principal amount of $100,829,000, plus accrued and unpaid interest to the date of redemption. This redemption is expected to occur on April 11, 2012. HPT expects to fund this redemption from proceeds of the $400 million term loan.

Hospitality Properties Trust is a real estate investment trust, or REIT, which owns 290 hotels and 185 travel centers located in 44 states, Puerto Rico and Canada. HPT is headquartered in Newton, Massachusetts.

WARNING CONCERNING FORWARD LOOKING STATEMENTS

CERTAIN STATEMENTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND FEDERAL SECURITIES LAWS. THESE INCLUDE STATEMENTS REGARDING THE INTEREST PAID UNDER THE TERM LOAN AND ITS INTENDED APPLICATION OF NET PROCEEDS. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY THESE FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS AND SOME OF THESE FACTORS ARE BEYOND HPT'S CONTROL. FORWARD LOOKING STATEMENTS AND THEIR IMPLICATIONS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. YOU SHOULD NOT PLACE UNDUE RELIANCE UPON HPT'S FORWARD LOOKING STATEMENTS. EXCEPT AS MAY BE REQUIRED BY LAW, HPT DOES NOT INTEND TO UPDATE OR CHANGE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.

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, 617-796-8232
Vice President, Investor Relations
or
Carlynn Finn, 617-796-8232
Senior Manager, Investor Relations.
www.hptreit.com

Cautionary Language

The information appearing on SVC’s website includes statements which constitute forward looking statements. These forward looking statements are based upon SVC’s present intents, beliefs or expectations, but forward looking statements are not guaranteed to occur and may not occur. SVC’s actual results may differ materially from those contained in SVC’s forward looking statements. The information contained in SVC’s filings with the Securities and Exchange Commission, including under “Risk Factors" and “Warnings Concerning Forward Looking Statements” in SVC’s periodic reports and other filings, identifies important factors that could cause SVC’s actual results to differ materially from those stated in SVC’s forward looking statements. SVC’s filings with the SEC are available on the SEC’s website at www.sec.gov and are also accessible on SVC’s website at the following link: SEC Filings. You should not place undue reliance upon forward looking statements.

The documents provided in this archived section are provided for historical purposes only. The information contained in each document is accurate only as of the date each document was originally issued or such earlier date stated in those documents. Except as required by law, Service Properties Trust does not undertake any obligation to update any information contained in these documents. For current information about the company, please refer to our most recent public SEC Filings.

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