Inhospitable Value at Hospitality Properties Trust

Business Overview

Hospitality Properties Trust (NYSE: HPT) is a real estate investment trust (“REIT”) formed in 1995. Prior to January 31, 2007, all of HPT’s real estate properties were in the hospitality industry and managed primarily by operators Marriott International (“Marriott”) and InterContinental Hotels Group (“InterContinental”).  

In January 2007, the company acquired TravelCenters of America (AMEX: TA) for $1.9 billion and spun it off to HPT shareholders. HPT retained the real estate ownership of truck gas stations operated by TA. A summary of the company’s current composition as of June 30, 2008 is: