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Hospitality Properties Trust Announces Amendments to Lease Agreements with TravelCenters of America

NEWTON, Mass.--(BUSINESS WIRE)-- Hospitality Properties Trust (NYSE: HPT) today announced that it has entered amendments to its lease agreements with TravelCenters of America LLC (NYSE Amex: TA), as follows:

Historical Agreements:

HPT has two historical leases with TA:

New Agreements:

The amended terms which have been agreed between HPT and TA are as follows:

Hospitality Properties Trust is a real estate investment trust headquartered in Newton, MA which owns 289 hotels and 185 travel centers located throughout the United States, Puerto Rico and Ontario, Canada.

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 SECURITIES LAWS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON HPT'S CURRENT BELIEFS AND EXPECTATIONS, BUT THEY ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR FOR VARIOUS REASONS, INCLUDING SOME REASONS BEYOND HPT'S CONTROL.

FOR EXAMPLE, THE STATEMENTS THAT HPT AND TA HAVE AGREED TO REDUCE AND DEFER CERTAIN AMOUNTS OF RENTS PAYABLE BY TA TO HPT MAY IMPLY THAT TA CAN AFFORD TO PAY THE REDUCED AND DEFERRED RENT AMOUNTS AND IT WILL CONTINUE TO DO SO IN THE FUTURE. IN FACT, TA HAS ACCUMULATED LARGE LOSSES SINCE IT BECAME A SEPARATE PUBLICLY OWNED COMPANY IN 2007 AND HPT CANNOT GUARANTEE THAT TA WILL BE ABLE TO PAY OR WILL PAY THE REDUCED AND DEFERRED RENT AMOUNTS.

ALSO, AS STATED IN THIS PRESS RELEASE, THE AMENDMENT WHICH RELIEVES TA OF ITS OBLIGATION TO PAY THE FIRST $2.5 MILLION OF PERCENTAGE RENT DUE UNDER THE PETRO LEASE IS SUBJECT TO THE DISMISSAL OF CERTAIN LITIGATION PENDING AGAINST HPT, TA AND OTHERS. THE DISMISSAL OF THIS LITIGATION REQUIRES THE APPROVAL OF THE COURT IN WHICH THIS LITIGATION IS PENDING. HPT CAN PROVIDE NO ASSURANCE THAT THE REQURIED COURT APPROVAL WILL BE OBTAINED OR THAT THIS PART OF THE AGREEMENTS ANNOUNCED TODAY WILL BECOME EFFECTIVE.

FOR MORE INFORMATION ABOUT THE FORMER AND CURRENT RELATIONSHIPS WHICH EXIST BETWEEN HPT AND TA AND ABOUT THE RISKS WHICH MAY ARISE FROM THESE RELATIONSHIPS OR OTHER RISKS WHICH MAY AFFECT TA'S ABILITY TO PAY AMOUNTS DUE TO HPT, PLEASE SEE THE FORM 8-K DATED FEBRUARY 1, 2011 FILED WITH THE SEC IN CONNECTION WITH THE EVENTS DESCRIBED IN THIS PRESS RELEASE, HPT'S ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2009 ON FORM 10K, ESPECIALLY THE SECTIONS ENTITLED "RISK FACTORS" (AS SUCH SECTION WAS UPDATED IN HPT'S QUARTERLY REPORTS ON FORM 10 Q FOR THE THREE MONTH PERIODS ENDED JUNE 30, 2010 AND SEPTEMBER 30, 2010) AND "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS -- RELATED PERSONS TRANSACTIONS" (AS SUCH SECTION WAS UPDATED IN HPT'S QUARTERLY REPORT ON FORM 10 Q FOR THE THREE MONTH PERIOD ENDED SEPTEMBER 30, 2010), AND IN HPT'S PROXY STATEMENT DATED FEBRUARY 24, 2010 RELATED TO ITS 2010 ANNUAL MEETING OF SHAREHOLDERS, ESPECIALLY THE INFORMATION REGARDING HPT'S TRUSTEES AND OFFICERS AND THE SECTION ENTITLED "RELATED PERSON TRANSACTIONS AND COMPANY REVIEW OF SUCH TRANSACTIONS", ALL OF WHICH ARE AVAILABLE AT THE SEC WEBSITE: www.sec.gov.

FOR THE FOREGOING REASONS, AMONG OTHERS, INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS IN THIS PRESS RELEASE OR THEIR IMPLICATIONS.

Hospitality Properties Trust
Timothy A. Bonang, 617-796-8232
Vice President, Investor Relations
or
Carlynn Finn, 617-796-8232
Manager, Investor Relations

Source: Hospitality Properties Trust

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