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Business Description
Hospitality Properties Trust (HPT) is a real estate investment trust formed to buy and own hotels. As of December 31, 2003, the Company owned 286 hotels with 38,577 rooms or suites located in 38 states in the United States. Its hotels are operated as Courtyard by Marriott, Residence Inn by Marriott, Staybridge Suites by Holiday Inn, Candlewood Suites, AmeriSuites, Prime Hotels and Resorts, Homestead Studio Suites, TownePlace Suites by Marriott, SpringHill Suites by Marriott or Marriott Hotels and Resorts. The average age of the Company's hotels was approximately 8.3 years at December 31, 2003. HPT's day-to-day operations are conducted by Reit Management & Research LLC, the Company's investment manager.

Financial Information
For the nine months ended 9/30/04, revenues rose 55% to $488.5 million. Net income applicable to Common fell 3% to $80.7 million. Revenues reflect hotel acquisitions. Earnings were offset by increased hotel operating expenses as a percentage of revenues.