Hospitality Properties Trust (HPT)

We may be unable to access the capital necessary to repay our debts or otherwise conduct business.

        The worldwide capital markets are currently experiencing severe limitations in the availability of capital. Several banks have failed or required governmental assistance. We have large amounts of debts which will need to be refinanced within the next three years; for example, our $750 million revolving credit facility will expire in 2011 (assuming we are able to exercise our one year extension option when this facility is currently scheduled to expire in 2010) and our $575 million of convertible bonds may be presented to us for redemption in 2012. At this time, it is unclear whether we will be able to refinance these debt maturities or the cost and other terms which we may incur to affect such refinancings. Moreover, if any of the financial institutions which participate in our revolving credit facility fail, we may be unable to find replacement lenders and our access to borrowing under this facility could be reduced. A default on any of our significant credit facilities will likely cause a cross default of all our outstanding debt. If we are unable to access capital to refinance our debt maturities, we may be unable to pay distributions and the market value of our shares will likely decline.

We may be unable to access the capital necessary to repay our debts or otherwise conduct business.

        The worldwide capital markets are currently experiencing severe limitations in the availability of capital. Several banks have failed or required governmental assistance. We have large amounts of debts which will need to be refinanced within the next three years; for example, our $750 million revolving credit facility will expire in 2011 (assuming we are able to exercise our one year extension option when this facility is currently scheduled to expire in 2010) and our $575 million of convertible bonds may be presented to us for redemption in 2012. At this time, it is unclear whether we will be able to refinance these debt maturities or the cost and other terms which we may incur to affect such refinancings. Moreover, if any of the financial institutions which participate in our revolving credit facility fail, we may be unable to find replacement lenders and our access to borrowing under this facility could be reduced. A default on any of our significant credit facilities will likely cause a cross default of all our outstanding debt. If we are unable to access capital to refinance our debt maturities, we may be unable to pay distributions and the market value of our shares will likely decline.

We may be unable to access the capital necessary to repay our debts or otherwise conduct business.

        The worldwide capital markets are currently experiencing severe limitations in the availability of capital. Several banks have failed or required governmental assistance. We have large amounts of debts which will need to be refinanced within the next three years; for example, our $750 million revolving credit facility will expire in 2011 (assuming we are able to exercise our one year extension option when this facility is currently scheduled to expire in 2010) and our $575 million of convertible bonds may be presented to us for redemption in 2012. At this time, it is unclear whether we will be able to refinance these debt maturities or the cost and other terms which we may incur to affect such refinancings. Moreover, if any of the financial institutions which participate in our revolving credit facility fail, we may be unable to find replacement lenders and our access to borrowing under this facility could be reduced. A default on any of our significant credit facilities will likely cause a cross default of all our outstanding debt. If we are unable to access capital to refinance our debt maturities, we may be unable to pay distributions and the market value of our shares will likely decline.

We may be unable to access the capital necessary to repay our debts or otherwise conduct business.

        The worldwide capital markets are currently experiencing severe limitations in the availability of capital. Several banks have failed
or required governmental assistance. We have large amounts of debts which will need to be refinanced within the next three years; for example, our $750 million revolving credit facility will
expire in 2011 (assuming we are able to exercise our one year extension option when this facility is currently scheduled to expire in 2010) and our $575 million of convertible bonds may be
presented to us for redemption in 2012. At this time, it is unclear whether we will be able to refinance these debt maturities or the cost and other terms which we may incur to affect such
refinancings. Moreover, if any of the financial institutions which participate in our revolving credit facility fail, we may be unable to find replacement lenders and our access to borrowing under
this facility could be reduced. A default on any of our significant credit facilities will likely cause a cross default of all our outstanding debt. If we are unable to access capital to refinance our
debt maturities, we may be unable to pay distributions and the market value of our shares will likely decline.