Results for the Quarter and Nine Months Ended September 30, 2009:

HPT's net income available for common shareholders for the periods ended September 30, 2009 compared to the same periods in 2008 were as follows:

                                                         Quarter EndedSeptember 30,   Nine Months EndedSeptember 30, 
                                                         2009      2008               2009       2008                
                                                         (in thousands, except per share data)                       
 Net income available for commonshareholders             $40,796   $30,481            $137,959   $49,466             
 Net income available for commonshareholders per share   $0.34     $0.32              $1.34      $0.53               
 Weighted average common sharesoutstanding               118,780   93,954             102,796    93,930              


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Net income available for common shareholders for the quarter ended September 30, 2009 includes a $11.2 million, or $0.09 per share, gain on extinguishment of debt relating to HPT's repurchase of $175.4 million face amount of its 3.8% convertible senior notes for a purchase price of $159.5 million plus accrued interest.

The results for the nine months ended September 30, 2009 includes a $51.1 million, or $0.50 per share, gain on extinguishment of debt relating to HPT's repurchase of $367.4 million face amount of its 3.8% convertible senior notes and various issues of its senior notes for an aggregate purchase price of approximately $303.3 million plus accrued interest.

The results for the nine months ended September 30, 2008 include: (i) a $53.2 million, or $0.57 per share, non-cash impairment charge related to the write down of certain intangible assets arising from HPT's January 2007 acquisition of TravelCenters of America, Inc. to their estimated fair market value; and (ii) a $19.6 million, or $0.21 per share, non-cash charge to record a reserve for the straight line rent receivable recorded in periods prior to April 1, 2008 under HPT's lease with TravelCenters of America LLC (NYSE Amex: TA) for 145 travel centers.

HPT's funds from operations, or FFO, for the periods ended September 30, 2009 compared to the same periods in 2008 were as follows:

                                              Quarter EndedSeptember 30,   Nine Months EndedSeptember 30, 
                                              2009      2008               2009       2008                
                                              (in thousands, except per share data)                       
 Funds from operations                        $91,078   $97,324            $272,269   $300,967            
 FFO per share                                $0.77     $1.04              $2.65      $3.20               
 Weighted average common shares outstanding   118,780   93,954             102,796    93,930              


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FFO for the quarter and nine months ended September 30, 2009 excludes the $11.2 million and $51.1 million, respectively, of gains on extinguishment of debt discussed above. FFO for the nine months ended September 30, 2008 excludes the $53.2 million non-cash impairment charge discussed above.

See page 5 for a reconciliation of FFO to net income available to common shareholders.

Hotel Portfolio Performance:

For the periods ended September 30, 2009 compared to the same periods last year, HPT's hotels produced revenue per available room, or RevPAR, average daily rate, or ADR, and occupancy as follows:

             Quarter EndedSeptember 30,     Nine Months EndedSeptember 30, 
             2009      2008      Change     2009      2008      Change     
                                                                           
 RevPAR      $ 62.36   $ 80.07   -22.1%     $ 62.41   $ 79.83   -21.8%     
 ADR         91.43     107.04    -14.6%     96.31     109.81    -12.3%     
 Occupancy   68.2%     74.8%     -6.6 pts   64.8%     72.7%     -7.9 pts   


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Hotel Tenants and Managers:

During the nine months ended September 30, 2009, all payments due to HPT under its hotel leases and management contracts were paid when due except for certain payments from Marriott International, Inc., or Marriott, and Barceló Crestline Corporation, or Crestline.

During the nine months ended September 30, 2009, the payments HPT received under its lease with Crestline (Marriott No. 4 contract: 19 hotels managed by Marriott which requires minimum rent to HPT of $28.5 million/year) and under its management contract with Marriott (Marriott No. 3 contract: 34 hotels which requires minimum returns to HPT of $44.2 million/year) were $5.8 million and $4.8 million, respectively, less than the minimum amounts contractually required. HPT applied the available security deposits to cover these shortfalls. Also, during the period between September 30, 2009 and November 8, 2009, HPT did not receive payments to cure shortfalls for the minimum rent due under this Crestline lease and the minimum returns due under this Marriott management contract of $1.5 million and $1.7 million, respectively, and HPT applied the security deposits it holds to cover these amounts. At November 8, 2009, the remaining balances of the security deposits for this Crestline lease and this Marriott management contract held by HPT were $21.1 million and $30.0 million, respectively.

At this time, HPT expects that Marriott will continue to pay HPT the net cash flows from operations of the hotels included in the defaulted contracts. HPT believes the security deposits it holds from Marriott and from Crestline for these contracts will exceed the 2009 shortfall of the payments it expects to receive compared to the minimum payments due to HPT under these contracts. Other than applying the security deposits to cover the differences between the net cash flows received from operations of these hotels and the contractual minimum payments, HPT has not yet determined what additional actions, if any, it may take as a result of these defaults.

As of November 8, 2009, all other payments due to HPT from its hotel managers and hotel tenants under its operating agreements are current.

Financing Activities:

During the third quarter of 2009, HPT repurchased $175.4 million face amount of its 3.8% convertible senior notes for a total cost of $159.5 million plus accrued interest. HPT funded these purchases using borrowings under its revolving credit facility.

On July 1, 2009, the underwriters of HPT's June 2009 common share offering exercised their option to purchase an additional 2,625,000 common shares of beneficial interest at a price of $11.50 per share from HPT to cover overallotments. HPT used the net proceeds from this sale (approximately $28.9 million after underwriting and other offering expenses) to repay a portion of the borrowings outstanding under its revolving credit facility.

On August 12, 2009, HPT issued $300 million of 7.875% senior notes due 2014 in a public offering. Net proceeds from this offering ($294.9 million after underwriting and other offering expenses) were used to repay a portion of the borrowings outstanding under HPT's revolving credit facility.

On August 14, 2009, HPT sold 8,000,000 common shares of beneficial interest at a price of $17.25 per share in a public offering.