Exhibit 99.1

FOR IMMEDIATE RELEASE		Contact:
		John G. Murray, President or
		Mark L. Kleifges, CFO
		(617) 964-8389
		www.hptreit.com

HPT Announces Third Quarter 2003 Operating Results

Newton, MA (November 3, 2003): Hospitality Properties Trust (NYSE:HPT) today announced its results of operations for the quarter ended September 30, 2003:

	(amounts in thousands, except per share amounts)
	Quarter Ended September 30,				Nine Months Ended September 30,
	2003		2002		2003		2002

Net income	$	30,897	$	34,645	$	94,081	$	103,466

Net income available for common shareholders	$	27,202	$	32,864	$	82,996	$	98,122

Funds from operations (“FFO”)	$	56,791	$	63,248	$	171,268	$	185,130

Cash available for distribution (“CAD”)	$	48,171	$	53,513	$	146,601	$	157,149

Common distributions declared	$	45,063	$	45,034	$	135,179	$	134,470

Per common share amounts:

Net income available for common shareholders	$	0.43	$	0.53	$	1.33	$	1.57

Funds from operations (“FFO”)	$	0.91	$	1.01	$	2.74	$	2.96

Common distributions declared	$	0.72	$	0.72	$	2.16	$	2.15

Weighted average common shares outstanding	62,587		62,547		62,572		62,535

Hospitality Properties Trust is a real estate investment trust, or REIT, headquartered in Newton, Massachusetts, which invests in hotels. HPT has investments in 274 hotels located in 38 states.

(end)

Hospitality Properties Trust
CONSOLIDATED STATEMENT OF INCOME, FUNDS FROM OPERATIONS
AND CASH AVAILABLE FOR DISTRIBUTION
(amounts in thousands, except per share data)

		Quarter Ended September 30,						Nine Months Ended September 30,
		2003			2002			2003			2002
Revenues:
Rental income		$	48,163		$	62,544		$	160,251		$	182,973
Hotel operating revenues (1)		72,338			21,469			140,498			59,918
FF&E reserve income (2)		4,318			5,773			14,132			16,708
Interest income		44			35			335			271
Total revenues		124,863			89,821			315,216			259,870

Expenses:
Hotel operating expenses (1)		51,064			14,207			97,168			38,605
Interest (including amortization of deferred financing costs of $626, $683, $1,853 and $2,006, respectively)		11,508			10,892			31,910			32,005
Depreciation and amortization		26,859			24,258			77,075			72,178
General and administrative		4,535			4,219			12,400			12,016
Loss on early extinguishment of debt (3)		—			1,600			2,582			1,600
Total expenses		93,966			55,176			221,135			156,404

Net income		30,897			34,645			94,081			103,466
Preferred distributions		(3,695		)	(1,781		)	(11,085		)	(5,344		)
Net income available for common shareholders		$	27,202		$	32,864		$	82,996		$	98,122

Calculation of FFO (4):
Net income available for common shareholders		$	27,202		$	32,864		$	82,996		$	98,122
Add:	FF&E deposits not in net income (2)	2,341			3,935			7,765			11,333
	Depreciation and amortization	26,859			24,258			77,075			72,178
	Deferred percentage rent (5)	389			591			850			1,897
	Loss on early extinguishment of debt (3)	—			1,600			2,582			1,600

Funds from operations (“FFO”)		$	56,791		$	63,248		$	171,268		$	185,130

Calculation of CAD (4):
FFO		$	56,791		$	63,248		$	171,268		$	185,130
Add:	Non-cash expenses (6)	727			1,084			2,002			3,168

Less:	FF&E reserve income and escrows (1) (2)	(7,006		)	(6,884		)	(18,904		)	(19,816		)
	FF&E deposits not in net income (2)	(2,341		)	(3,935		)	(7,765		)	(11,333		)

Cash available for distribution (“CAD”)		$	48,171		$	53,513		$	146,601		$	157,149

Weighted average common shares outstanding		62,587			62,547			62,572			62,535

Per common share amounts:
Net income available for common shareholders		$	0.43		$	0.53		$	1.33		$	1.57
FFO (4)		$	0.91		$	1.01		$	2.74		$	2.96
Common distributions declared		$	0.72		$	0.72		$	2.16		$	2.15

See Notes on page 4.

Hotel Revenue Data

The following table summarizes the hotel operating statistics reported to us by our third party tenants and managers for 271 hotels (36,759 rooms) that were open for a full year as of January 1, 2003.

	Third Quarter								Year to Date
	2003			2002			Change		2003			2002			Change

Average Daily Rate (“ADR”)	$	76.76		$	78.63		-2.4	%	$	77.68		$	79.86		-2.7	%
Occupancy	74.5		%	75.7		%	-1.2	pts	72.0		%	73.5		%	-1.5	pts
Revenue Per Available Room (“RevPAR”)	$	57.19		$	59.52		-3.9	%	$	55.93		$	58.70		-4.7	%

Key Balance Sheet Data

(in thousands)

	September 30, 2003		December 31, 2002

Cash and cash equivalents	$	4,418	$	7,337

Real Estate, at cost	$	3,089,006	$	2,762,322

Debt, net of discount
Floating rate – Credit Facility, due 2005	$	104,000	$	—
Fixed rate – 7.00% Senior Notes, due 2008	149,881		149,861
Fixed rate – 8.50% Senior Notes, due 2009	—		150,000
Fixed rate – 9.125% Senior Notes, due 2010	49,958		49,953
Fixed rate – 6.85% Senior Notes, due 2012	124,218		124,151
Fixed rate – 6.75% Senior Notes, due 2013	297,079		—
Total Debt	$	725,136	$	473,965

Book Equity
9.5% Series A Preferred (3,000,000 shares outstanding)	$	72,207	$	72,207
8.875% Series B Preferred (3,450,000 shares outstanding)	83,306		83,306
Common (62,587,078 and 62,547,348 shares outstanding, respectively)	1,439,704		1,489,507
Total Equity	$	1,595,217	$	1,645,020

Additional Data
(in thousands, except percentages and ratios)

	September 30, 2003		December 31, 2002
Leverage Ratios
Total Debt / Total Assets	27.5	%	19.7	%
Total Debt / Real Estate, at cost	23.5	%	17.2	%
Total Debt / Total Book Capitalization	31.3	%	22.4	%
Variable Rate Debt / Total Book Capitalization	4.5	%	—

	Nine Months Ended September 30,
Cash Flow Data	2003			2002
Cash flow provided by (used in):
Operating activities	$	158,224		$	154,767
Investing activities	$	(264,238	)	$	(140,189	)
Financing activities	$	103,095		$	(53,037	)

See Notes on page 4.

(1) As of September 30, 2003, all of our 274 hotels are leased to or managed by third parties; we do not operate hotels. At September 30, 2003, we have 205 leased hotels and 69 managed hotels compared to 233 leased hotels and 18 managed hotels at September 30, 2002. All of our managed hotels are leased to our taxable REIT subsidiary, or TRS, or its subsidiaries. Our consolidated statement of income includes hotel operating revenue and expenses from hotels managed for us, and only rental income for leased hotels. Certain of our managed hotels which are leased to our TRS generated net operating results that were $171 and $859 less than the minimum return due to us for the 2003 and 2002 third quarter, respectively, and $183 and $3,174 less than the minimum return due to us for the nine months ended September 30, 2003 and 2002, respectively. These amounts were funded by our managers and are reflected as a reduction in hotel operating expenses. The amounts in the following table include the net revenues over expenses for our 69 managed hotels from the date those hotels began to be leased to our TRS.

	Quarter Ended September 30,				Nine Months Ended September 30,
	2003		2002		2003		2002

Hotel operating revenues	$	72,338	$	21,469	$	140,498	$	59,918
Less: Hotel operating expenses	51,064		14,207		97,168		38,605
Net payments by our managers to our subsidiary tenant	21,274		7,262		43,330		21,313
Less: Payments made into FF&E Reserve escrows	2,688		1,111		4,772		3,108
Net	$	18,586	$	6,151	$	38,558	$	18,205

(2) Various percentages of total sales at most of our hotels are escrowed as reserves for future renovations or refurbishment, or FF&E Reserve escrows. We own the FF&E Reserve escrows for some of the hotels leased to third parties. We have a security and remainder interest in the FF&E Reserve escrows for the remaining hotels leased to third parties. When we own the escrow, at hotels leased to third parties, generally accepted accounting principles require that payments into the escrow be reported as additional rent. When we have a security and remainder interest in the escrow accounts, at hotels leased to third parties, deposits are not included in revenue but are included in FFO. CAD and EBITDA exclude all FF&E Reserves escrows.

(3) Represents the write off of unamortized deferred financing costs related to early extinguishment of debt.

(3) We compute FFO and CAD as shown in the calculations above. Our calculation of FFO differs from the NAREIT definition because we include FF&E deposits not included in net income (see note 2) and deferred percentage rent (see note 4) and exclude loss on early extinguishment of debt not settled in cash (see note 5). We consider FFO and CAD to be appropriate measures of performance for a REIT, along with net income and cash flow from operating, investing and financing activities. We believe that FFO and CAD provide useful information to investors because by excluding the effects of certain historical costs, such as depreciation expense and losses on early extinguishment of debt, they can facilitate comparison of current operating performance among REITs. FFO and CAD do not represent cash generated by operating activities in accordance with generally accepted accounting principles, or GAAP, and should not be considered alternatives to net income or cash flow from operating activities as a measure of financial performance or liquidity. FFO and CAD are two important factors considered by our board of trustees when determining the amount of distributions to shareholders. Other important factors include, but are not limited to, requirements to maintain our status as a REIT, limitations in our revolving bank credit facility and public debt covenants, the availability of debt and equity capital to us and our expectation of our future performance.

(4) We recognize percentage rental income received for the first, second and third quarters in the fourth quarter. Although recognition of revenue is deferred for purposes of calculating net income, the calculations of FFO and CAD include amounts received with respect to periods shown.

(5) Represents the amortization of deferred debt issuance costs and discounts, stock based compensation and expenses settled in shares.