<SUBMISSION>
<ACCESSION-NUMBER>0001104659-05-026805
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>6
<PERIOD>20050531
<ITEMS>8.01
<ITEMS>9.01
<FILING-DATE>20050606
<DATE-OF-FILING-DATE-CHANGE>20050603
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<CONFORMED-NAME>HOSPITALITY PROPERTIES TRUST
<CIK>0000945394
<ASSIGNED-SIC>6798
<IRS-NUMBER>043262075
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
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<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-11527
<FILM-NUMBER>05878732
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>400 CENTRE ST
<CITY>NEWTON
<STATE>MA
<ZIP>02158
<PHONE>6179648389
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>400 CENTRE STREET
<CITY>NEWTON
<STATE>MA
<ZIP>02158
</MAIL-ADDRESS>
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<TYPE>8-K
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<TEXT>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED
STATES<br>
SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WASHINGTON,
D.C. 20549</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT REPORT<br>
PURSUANT TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE<br>
SECURITIES EXCHANGE ACT OF 1934</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report (Date of earliest event reported): <b><font style="font-weight:bold;">May&nbsp;31,
2005</font></b></font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Commission File Number 1-11527</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">HOSPITALITY
PROPERTIES TRUST</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Maryland</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">04-3262075</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State of Organization)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS Employer Identification No.)</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">400 Centre Street, Newton,
Massachusetts 02458</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">617-964-8389</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check
the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&#160;
Written communications pursuant to Rule&nbsp;425 under the Securities
Act (17 CFR 230.425)</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font> &#160;Soliciting material pursuant to Rule&nbsp;14a-12
under the Exchange Act (17 CFR 240.14a-12)</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 13.5pt;text-indent:-13.5pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&#160; Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</p>

<p style="margin:0in 0in .0001pt 13.5pt;text-indent:-13.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 13.5pt;text-indent:-13.5pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&#160; Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under
the Exchange Act (17 CFR 240.13e-4(c))</p>

<div style="border:none;border-bottom:double windowtext 9.0pt;padding:0in 0in 0in 0in;">

<p style="border:none;margin:0in 0in .0001pt 13.5pt;padding:0in;text-indent:-13.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 8.01.</font></b><b><font style="font-weight:bold;">&#160; Other Events.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.&#160; <u>Offering of Common Shares</u>.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;3, 2005, we
priced an underwritten public offering of 4,500,000 common shares of beneficial
interest. We expect to issue and deliver these shares on or about June&nbsp;8,
2005.&#160; The public offering price was
$44.39 per share.&#160; We expect to use the
$190.5 million of net proceeds of the offering (after estimated expenses and
underwriters&#146; commissions) to reduce amounts outstanding on our revolving bank
credit facility and for general business purposes.&#160; We also granted the underwriters an option to
purchase an additional 675,000 common shares to cover overallotments, if any.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A prospectus supplement
relating to these common shares will be filed with the Securities and Exchange
Commission.&#160; This Current Report on Form&nbsp;8-K
shall not constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of these securities in any state in which such
offer, solicitation or sale is not permitted.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.&#160; <u>Closing of Hotel Acquisition</u>.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;31, 2005, we
acquired the last of the 13 hotels which, as previously reported, we agreed to
acquire from subsidiaries of InterContinental Hotels Group, plc, or IHG.&#160; The allocated purchase price for that hotel,
a full service InterContinental<sup>&#174;</sup> hotel in Austin, Texas, having 189
rooms/suites, was $30.5 million.&#160; We
funded the acquisition with cash on hand and a borrowing under our revolving
bank credit facility.&#160; The purchase of
the other 12 hotels was completed on February&nbsp;16, 2005.&#160; This acquisition and related agreements are
more fully described in Item 1.01 of our Current Report on Form&nbsp;8-K,
dated December&nbsp;17, 2004 and in Items 1.01, 2.01 and 8.01 of our Current
Report on Form&nbsp;8-K dated February&nbsp;16, 2005.&#160; The information contained in those items of
those two reports (except to the extent later updated or superseded by
information contained in reports we have filed with the Securities and Exchange
Commission or by this paragraph), is incorporated in this Item 8.01(B)&nbsp;by
reference.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.&#160; <u>Re-election of Trustees</u>.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At our regular annual
meeting of shareholders held on May&nbsp;11, 2005, our shareholders re-elected
John L. Harrington and Barry M. Portnoy as trustees (in the case of Mr.&nbsp;Harrington,
48,278,648 shares voted in favor of the re-election, and 15,076,532 shares
withheld; in the case of Mr.&nbsp;Portnoy, 48,287,763 shares voted in favor of
the re-election, and 15,067,417 shares withheld).&#160; The term of office of each of Messrs.&nbsp;Harrington
and Portnoy will extend until our annual meeting of shareholders in 2008.&#160; Messrs.&nbsp;Gerard M. Martin, Frank J.
Bailey and Arthur G. Koumantzelis continue to serve as trustees with current
terms of office expiring in 2006, 2006 and 2007, respectively.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WARNING REGARDING FORWARD
LOOKING STATEMENTS</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS CURRENT REPORT ON FORM&nbsp;8-K
CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE
SECURITIES LITIGATION REFORM&nbsp;ACT OF 1995 AND THE FEDERAL SECURITIES LAWS,
INCLUDING WITH RESPECT TO OUR ISSUANCE OF COMMON SHARES (INCLUDING THE
OVERALLOTMENT OPTION), THE AMOUNT AND USE OF PROCEEDS.&#160; THESE FORWARD LOOKING STATEMENTS ARE BASED
UPON OUR PRESENT BELIEFS AND EXPECTATIONS, BUT MAY&nbsp;NOT OCCUR DUE TO MANY
DIFFERENT REASONS, SOME OF WHICH ARE BEYOND OUR CONTROL.&#160; IN ADDITION CERTAIN FACTORS AFFECTING ANY
FUTURE LOOKING STATEMENTS WHICH ARE INCORPORATED BY REFERENCE INTO THIS REPORT
FROM OUR PRIOR REPORTS ON FORM&nbsp;8-K ARE DESCRIBED IN THOSE PRIOR
REPORTS.&#160; FORWARD LOOKING STATEMENTS ARE
NOT GUARANTEED TO OCCUR AND MAY&nbsp;NOT OCCUR.&#160;
YOU SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9.01.</font></b><b><font style="font-weight:bold;"> Financial Statements and Exhibits.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(c)&nbsp;Exhibits.</font></i></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Underwriting
Agreement, dated as of June&nbsp;3, 2004, between Hospitality Properties Trust
and the underwriters named therein relating to the sale of 4,500,000 common
shares of beneficial interest.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Opinion of
Venable LLP.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Opinion
of Sullivan&nbsp;&amp; Worcester LLP as to tax matters.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>First
Amendment to Management Agreement, dated as of May&nbsp;31, 2005, by and
between HPT TRS IHG-2,<font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font>Inc., IHG Management
(Maryland) LLC and InterContinental Hotels Group (Canada),&nbsp;Inc.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Consent
of Venable LLP (contained in Exhibit&nbsp;5.1).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.2</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Consent
of Sullivan&nbsp;&amp; Worcester LLP (contained in Exhibit&nbsp;8.1)</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.3</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Consent
of Ernst&nbsp;&amp; Young LLP</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:56.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">HOSPITALITY
  PROPERTIES TRUST</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:56.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:52.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Mark L.
  Kleifges</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.52%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:52.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mark L. Kleifges</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.52%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:52.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer and Chief
  Financial Officer</font></p>
  </td>
 </tr>
</table>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:&#160; June&nbsp;3, 2005</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;1.1</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Execution Copy</font></i></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,500,000 Shares</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">HOSPITALITY PROPERTIES TRUST</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a Maryland real estate investment trust)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Shares of Beneficial Interest<br>
par value $.01 per share</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UNDERWRITING AGREEMENT</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;3, 2005</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith <br>
Incorporated</font></p>

<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wachovia Capital Markets, LLC<br>
as Representatives of the several Underwriters</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o&nbsp;&nbsp;&nbsp;Merrill Lynch, Pierce, Fenner&nbsp;&amp;
Smith<br>
Incorporated</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4 World Financial Center</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, NY 10080</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hospitality Properties Trust, a Maryland real estate
investment trust (the &#147;Company&#148;), confirms its agreement with Merrill Lynch,
Pierce, Fenner&nbsp;&amp; Smith Incorporated (&#147;Merrill Lynch&#148;) and each of the
other Underwriters named in Schedule&nbsp;A hereto (collectively, the &#147;Underwriters,&#148;
which term shall include any underwriter substituted as hereinafter provided in
Section&nbsp;10 hereof), for whom Merrill Lynch and Wachovia Capital Markets,
LLC are acting as representatives (in such capacity, hereinafter referred to as
the &#147;Representatives&#148;), with respect to the sale by the Company and the
purchase by each such Underwriter, severally, of 4,500,000 common shares of
beneficial interest, par value $.01 per share (the &#147;Common Shares&#148;), of the
Company at a purchase price of $44.39 per Common Share and with respect to the
grant by the Company to the Underwriters of the option described in Section&nbsp;2
hereof to purchase all or any part of an additional 675,000 Common Shares to
cover over-allotments.&#160; The aforesaid 4,500,000
Common Shares (the &#147;Initial Shares&#148;), together with all or any part of the 675,000
Common Shares subject to the option described in Section&nbsp;2 hereof (the &#147;Option
Shares&#148;), are collectively hereinafter called the &#147;Shares.&#148;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has filed with the Securities and Exchange
Commission (the &#147;Commission&#148;) a registration statement on Form&nbsp;S-3 (No.&nbsp;333-84064)
for the registration of debt securities, preferred shares of beneficial
interest, depositary shares, common shares of beneficial interest and warrants
under the Securities Act of 1933, as amended (the &#147;1933 Act&#148;), and the offering
thereof from time to time in accordance with Rule&nbsp;415 of the rules&nbsp;and
regulations of the</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commission under the 1933 Act (the &#147;1933 Act
Regulations&#148;).&#160; Such registration
statement has been declared effective by the Commission on March&nbsp;20, 2002
and the Company has filed such post-effective amendments thereto as may be
required and each such post-effective amendment has been declared effective by
the Commission.&#160; Such registration
statement (as so amended, if applicable) is referred to herein as the &#147;Registration
Statement;&#148; and the final prospectus and the final prospectus supplement
relating to the offering of the Shares, in the form first furnished to the
Underwriters by the Company for use in connection with the offering of the
Shares, are collectively referred to herein as the &#147;Prospectus&#148;; provided,
however, that all references to the &#147;Registration Statement&#148; and the &#147;Prospectus&#148;
shall also be deemed to include all documents incorporated therein by reference
pursuant to the Securities Exchange Act of 1934, as amended (the &#147;1934 Act&#148;),
prior to the date hereof; provided, further, that if the Company files a
registration statement with the Commission pursuant to Rule&nbsp;462(b)&nbsp;of
the 1933 Act Regulations (the &#147;Rule&nbsp;462(b)&nbsp;Registration Statement&#148;),
then, after such filing, all references to &#147;Registration Statement&#148; shall also
be deemed to include the Rule&nbsp;462(b)&nbsp;Registration Statement.&#160; For purposes of this Underwriting Agreement,
all references to the Registration Statement and Prospectus, or to any
amendment or supplement to either of the foregoing shall be deemed to include
any copy filed with the Commission pursuant to its Electronic Data Gathering
Analysis and Retrieval system (&#147;EDGAR&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All references in this Underwriting Agreement to
financial statements and schedules and other information which is &#147;contained,&#148; &#147;included&#148;
or &#147;stated&#148; (or other references of like import) in the Registration Statement
or the Prospectus shall be deemed to mean and include all such financial
statements and schedules and other information which is incorporated by
reference in the Registration Statement or the Prospectus, as the case may be,
prior to the execution of this Underwriting Agreement; and all references in
this Underwriting Agreement to amendments or supplements to the Registration
Statement, Prospectus or preliminary prospectus shall be deemed to mean and
include the filing of any document under the 1934 Act which is incorporated by
reference in the Registration Statement or Prospectus, as the case may be,
after the execution of this Underwriting Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The 298
hotels described in the Prospectus as being currently owned by the Company as
of the date hereof are collectively referred to herein as the &#147;Hotels&#148;.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;1.&#160; <u>Representations and Warranties</u>.</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Representations and Warranties by the Company.</font></i><font size="2" style="font-size:10.0pt;">&#160;&#160;
The Company represents and warrants to each of the Underwriters, as of
the date hereof, as follows:</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160; <u>Compliance with Registration Requirements</u>.&#160;&#160; The Company meets the requirements for use
of Form&nbsp;S-3 under the 1933 Act.&#160;
The Registration Statement (including any Rule&nbsp;462(b)&nbsp;Registration
Statement) has become effective under the 1933 Act and no stop order suspending
the effectiveness of the Registration Statement (or such Rule&nbsp;462(b)&nbsp;Registration
Statement) has been issued under the 1933 Act and no proceedings for that
purpose have been instituted or are pending or, to the knowledge of the
Company, are contemplated by the Commission, and any request on the part of the
Commission for additional information has been complied with.</font></h3>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="center">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At the respective times the Registration Statement (including any Rule&nbsp;462(b)&nbsp;Registration
Statement) and any post-effective amendments thereto (including the filing of
the Company&#146;s most recent Annual Report on Form&nbsp;10-K for the year
ended December&nbsp;31, 2004 with the Commission (the &#147;Annual Report&#148;)) became
effective and as of the date hereof, the Registration Statement (including any Rule&nbsp;462(b)&nbsp;Registration
Statement) and any amendments thereto complied and will comply in all material
respects with the requirements of the 1933 Act and the 1933 Act Regulations and
did not and will not contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading.&#160; At
the date of the Prospectus and at the Closing Time as defined below, neither
the Prospectus nor any amendments and supplements thereto included or will
include an untrue statement of a material fact or omitted or will omit to state
a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading.&#160; Notwithstanding the foregoing, the
representations and warranties in this subsection&nbsp;shall not apply to
statements in or omissions from the Registration Statement or the Prospectus
made in reliance upon and in conformity with information furnished to the
Company in writing by the Underwriters through the Representatives expressly
for use in the Registration Statement or the Prospectus.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each preliminary prospectus and prospectus filed as part of the
Registration Statement as originally filed or as part of any amendment thereto,
or filed pursuant to Rule&nbsp;424 under the 1933 Act, complied when so filed
in all material respects with the 1933 Act Regulations and the Prospectus
delivered to the Underwriters for use in connection with the offering of the
Shares will, at the time of such delivery, be identical to any electronically
transmitted copies thereof filed with the Commission pursuant to EDGAR, except
to the extent permitted by Regulation S-T.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160; <u>Incorporated Documents</u>.&#160;&#160; The documents incorporated or deemed to be
incorporated by reference in the Registration Statement and the Prospectus, at
the time they were or hereafter are filed with the Commission, complied and
will comply in all material respects with the requirements of the 1934 Act and
the rules&nbsp;and regulations of the Commission thereunder (the &#147;1934 Act
Regulations&#148;) and, when read together with the other information in the
Prospectus, at the date of the Prospectus and at the Closing Time did not and
will not include an untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160; <u>Independent Accountants</u>.&#160;&#160; The accountants who certified the financial
statements and any supporting schedules thereto included in the Registration
Statement and the Prospectus were, as of the dates of their respective
certifications, independent public accountants as required by the 1933 Act and
the 1933 Act Regulations.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160; <u>Financial Statements</u>.&#160;&#160; The financial statements of the Company
included in the Registration Statement and the Prospectus, together with the
related schedules and notes, as well as those financial statements, schedules
and notes of any other entity included therein, present fairly the financial
position of the Company and its consolidated</font></h3>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">subsidiaries, or such
other entity, as the case may be, at the dates indicated and the statement of
operations, shareholders&#146; equity and cash flows of the Company and its
consolidated subsidiaries, or such other entity, as the case may be, for the
periods specified.&#160; Such financial
statements have been prepared in conformity with generally accepted accounting
principles in the United States (&#147;GAAP&#148;) applied on a consistent basis
throughout the periods involved.&#160; The
supporting schedules, if any, included in the Registration Statement and the
Prospectus present fairly in accordance with GAAP the information required to
be stated therein.&#160; The selected financial
data and the summary financial information included in the Prospectus present
fairly the information shown therein and have been compiled on a basis
consistent with that of the audited financial statements included in the
Registration Statement and the Prospectus.&#160;
In addition, any pro forma financial statements of the Company and its
subsidiaries and the related notes thereto included in the Registration
Statement and the Prospectus present fairly the information shown therein, have
been prepared in accordance with the Commission&#146;s rules&nbsp;and guidelines
with respect to pro forma financial statements and have been properly compiled
on the bases described therein, and the assumptions used in the preparation
thereof are reasonable and the adjustments used therein are appropriate to give
effect to the transactions and circumstances referred to therein.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160; <u>No Material Adverse Change in Business</u>.&#160;&#160; Since the respective dates as of which
information is given in the Registration Statement and the Prospectus, except
as otherwise stated therein, (A)&nbsp;there has been no material adverse change
in the condition, financial or otherwise, or in the results of operations,
business affairs or business prospects of the Company and its subsidiaries
considered as one enterprise, whether or not arising in the ordinary course of
business (a &#147;Material Adverse Effect&#148;), (B)&nbsp;there have been no
transactions entered into by the Company or any of its subsidiaries, other than
those arising in the ordinary course of business, which are material with
respect to the Company and its subsidiaries considered as one enterprise, (C)&nbsp;except
for regular dividends on the Company&#146;s common shares or preferred shares, in
amounts per share that are consistent with past practice or the applicable
charter document or supplement thereto, respectively, there has been no
dividend or distribution of any kind declared, paid or made by the Company on any
class of its capital shares and (D)&nbsp;there has not been (i)&nbsp;any
material decrease in the Company&#146;s consolidated net worth or (ii)&nbsp;any
material increase in the short-term or long-term debt (including capitalized
lease obligations but excluding borrowings under existing bank lines of credit)
of the Company and its subsidiaries, on a consolidated basis.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&#160; <u>Good Standing of the Company</u>.&#160;&#160; The Company has been duly organized and is
validly existing as a real estate investment trust in good standing under the
laws of the State of Maryland and has power and authority to own, lease and
operate its properties and to conduct its business as described in the
Prospectus and to enter into and perform its obligations under, or as
contemplated under, this Underwriting Agreement.&#160; The Company is duly qualified to transact
business and is in good standing in each other jurisdiction in which such
qualification is required, whether by reason of the ownership or leasing of
property or the conduct of business, except where the failure to so qualify or
be in good standing would not result in a Material Adverse Effect.</font></h3>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)&#160; <u>Good Standing of Subsidiaries</u>.&#160;&#160; Each &#147;significant subsidiary&#148; of the Company
(as such term is defined in Rule&nbsp;1-02 of Regulation S-X promulgated
under the 1933 Act) (each, a &#147;Subsidiary&#148; and, collectively, the &#147;Subsidiaries&#148;),
if any, has been duly organized and is validly existing as a corporation,
limited liability company or real estate investment trust, as the case may be,
in good standing under the laws of the jurisdiction of its incorporation or
formation, as the case may be, has corporate, limited liability company or
trust, as the case may be, power and authority to own, lease and operate its
properties and to conduct its business as described in the Prospectus and is
duly qualified as a foreign corporation, limited liability company or real
estate investment trust, as the case may be, to transact business and is in
good standing in each jurisdiction in which such qualification is required,
whether by reason of the ownership or leasing of property or the conduct of
business, except where the failure to so qualify or be in good standing would
not result in a Material Adverse Effect.&#160;
Except as otherwise stated in the Registration Statement and the
Prospectus, all of the issued and outstanding capital shares of each Subsidiary
have been duly authorized and are validly issued, fully paid and non-assessable
and are owned by the Company, directly or through subsidiaries, free and clear
of any security interest, mortgage, pledge, lien, encumbrance, claim or equity.&#160; None of the outstanding capital shares of any
Subsidiary was issued in violation of preemptive or other similar rights of any
securityholder of such Subsidiary.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)&#160; <u>Capitalization</u>.&#160;&#160; The authorized, issued and outstanding
capital shares of the Company have been duly authorized and validly issued by
the Company and are fully paid and non-assessable (except as otherwise
described in the Registration Statement), and none of such capital shares was
issued in violation of preemptive or other similar rights of any securityholder
of the Company.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)&#160; <u>Authorization of this Underwriting
Agreement</u>.&#160;&#160; This Underwriting
Agreement has been duly authorized, executed and delivered by the Company.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10)&#160; <u>Authorization of the Shares</u>.&#160;&#160; The Shares to be issued and sold pursuant to
this Agreement have been duly authorized and, when issued and delivered to the
Underwriters against payment therefor as provided hereunder, will have been
validly issued and will be fully paid, non-assessable (except as otherwise
described in the Registration Statement) and free of preemptive or similar
rights; there are no outstanding subscriptions, rights, warrants, options,
calls, convertible securities, commitments of sale or liens related to or
entitling any person to purchase or otherwise to acquire any Common Shares of,
or other ownership interest in, the Company, except as otherwise disclosed in
the Registration Statement or the Prospectus and except for awards under the
Company&#146;s Incentive Share Award Plan made in the ordinary course of business;
all outstanding Common Shares, except for shares issued pursuant to the Company&#146;s
Incentive Share Award Plan and shares issued to the Advisor (as defined below)
and its affiliates, are listed on the New York Stock Exchange,&nbsp;Inc. (the &#147;NYSE&#148;)
and the Company knows of no reason or set of facts which is likely to result in
the delisting of such Common Shares or the inability to list the Shares; and
there are no rights of holders of securities of the Company to the registration
of Common Shares or other securities that would require inclusion of such
Common Shares or other securities in the offering of the Shares.</font></h3>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(11)&#160; <u>Descriptions of the Shares</u>.&#160;&#160; The Shares will conform in all material
respects to the statements relating thereto contained in the Prospectus.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(12)&#160; <u>Absence of Defaults and Conflicts</u>.&#160;&#160; Neither the Company nor any of its
subsidiaries is in violation of its declaration of trust, charter, bylaws or
other comparable governing document or in default in the performance or
observance of any obligation, agreement, covenant or condition contained in any
contract, indenture, mortgage, deed of trust, loan or credit agreement, note,
lease or other agreement or instrument to which the Company or any of its
subsidiaries is a party or by which it or any of them may be bound, or to which
any of the assets, properties or operations of the Company or any of its
subsidiaries is subject (collectively, &#147;Agreements and Instruments&#148;), except
for such defaults that would not result in a Material Adverse Effect.&#160; The execution, delivery and performance of
this Underwriting Agreement and any other agreement or instrument entered into
or issued or to be entered into or issued by the Company in connection with the
transactions contemplated hereby or thereby or in the Registration Statement
and the Prospectus and the consummation of the transactions contemplated herein
and in the Registration Statement and the Prospectus (including the issuance
and sale of the Shares and the use of the proceeds from the sale of the Shares
as described under the caption &#147;Use of Proceeds&#148;) and compliance by the Company
with its obligations hereunder and thereunder have been duly authorized by all
necessary trust action and do not and will not, whether with or without the
giving of notice or passage of time or both, conflict with or constitute a
breach of, or default or Repayment Event (as defined below) under, or result in
the creation or imposition of any lien, charge or encumbrance upon any assets,
properties or operations of the Company or any of its subsidiaries pursuant to,
any Agreements and Instruments, nor will such action result in any violation of
the provisions of the charter or bylaws of the Company or any of its subsidiaries
or any applicable law, statute, rule, regulation, judgment, order, writ or
decree of any government, government instrumentality or court, domestic or
foreign, having jurisdiction over the Company or any of its subsidiaries or any
of their assets, properties or operations.&#160;
As used herein, a &#147;Repayment Event&#148; means any event or condition which
gives the holder of any note, debenture or other evidence of indebtedness (or
any person acting on such holder&#146;s behalf) the right to require the repurchase,
redemption or repayment of all or a portion of such indebtedness by the Company
or any of its subsidiaries.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(13)&#160; <u>Absence of Labor Dispute</u>.&#160;&#160; To the knowledge of the Company, no labor
problem exists or is imminent with employees of the Company or any of its subsidiaries
that could have a Material Adverse Effect.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(14)&#160; <u>Absence of Proceedings</u>.&#160;&#160; There is no action, suit, proceeding,
inquiry or investigation before or brought by any court or governmental agency
or body, domestic or foreign, now pending, or to the knowledge of the Company
threatened or contemplated, against or affecting the Company or any of its
subsidiaries which is required to be disclosed in the Registration Statement
and the Prospectus (other than as stated therein), or which, if determined adversely
to the Company or any of its subsidiaries, might reasonably be expected to
result in a Material Adverse Effect, or which might reasonably be expected to
materially and adversely affect the consummation of the transactions
contemplated under the Prospectus, this Underwriting Agreement, or</font></h3>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the performance by the
Company of its obligations hereunder.&#160;
The aggregate of all pending legal or governmental proceedings to which
the Company or any of its subsidiaries is a party or of which any of their
respective assets, properties or operations is the subject which are not
described in the Registration Statement and the Prospectus, including ordinary
routine litigation incidental to the business, could not reasonably be expected
to result in a Material Adverse Effect.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(15)&#160; <u>Accuracy of Exhibits</u>.&#160;&#160; There are no contracts or documents which
are required to be described in the Registration Statement, the Prospectus or
the documents incorporated by reference therein or to be filed as exhibits
thereto which have not been so described and filed as required.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(16)&#160; <u>Absence of Further Requirements</u>.&#160;&#160; No filing with, or authorization, approval,
consent, license, order, registration, qualification or decree of, any court or
governmental authority or agency, domestic or foreign, is necessary or required
for the due authorization, execution and delivery by the Company of this
Underwriting Agreement or for the performance by the Company of the
transactions contemplated under the Prospectus or this Underwriting Agreement,
except such as may be required and will be obtained at or prior to the Closing
Time and such as may be required by the securities or Blue Sky laws or real
estate syndication laws of the various states in connection with the offer and
sale of the Shares and, in the case of the performance thereof, except as are
contemplated by the express terms of such documents to occur after the Closing
Time and except (x) such as are otherwise described in the Prospectus and (y)
such that the failure to obtain would not have a Material Adverse Effect.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(17)&#160; <u>Possession of Intellectual Property</u>.&#160;&#160; The Company and each of its subsidiaries
owns, or possesses adequate rights to use, all patents, trademarks, trade
names, service marks, copyrights, licenses and other rights necessary for the
conduct of their respective businesses as described in the Registration
Statement and in the Prospectus, and neither the Company nor any of its
subsidiaries has received any notice of conflict with, or infringement of, the
asserted rights of others with respect to any such patents, trademarks, trade
names, service marks, copyrights, licenses and other such rights (other than
conflicts or infringements that, if proven, would not have a Material Adverse
Effect), and neither the Company nor any of its subsidiaries knows of any basis
therefor.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(18)&#160; <u>Possession of Licenses and Permits</u>.&#160;&#160; The Company has, and as of the Closing Time
will have, all permits, licenses, approvals, certificates, franchises and
authorizations of governmental or regulatory authorities (&#147;Approvals&#148;) as may
be necessary for the conduct of its business as described in the Registration
Statement and in the Prospectus, except for those Approvals the absence of
which would not have a Material Adverse Effect, and to the best knowledge of
the Company, each lessee of the Hotels has, and as of the Closing Time, will
have, all Approvals as may be necessary to lease, operate or manage the Hotels
in the manner described in or contemplated by the Prospectus, except for those
Approvals the absence of which would not have a Material Adverse Effect.</font></h3>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(19)&#160; <u>Title to Property</u>.&#160;&#160; The Company and its subsidiaries have good
and marketable title to all real property owned by the Company and its
subsidiaries and good title to all other properties owned by them, in each
case, free and clear of all mortgages, pledges, liens, security interests,
claims, restrictions or encumbrances of any kind, except (A)&nbsp;as otherwise
stated in the Registration Statement and the Prospectus, (B)&nbsp;in the case
of personal property located at certain Hotels, such as are subject to purchase
money, equipment lease or similar financing arrangements which have been
entered into in the ordinary course of business or (C)&nbsp;those which do not,
singly or in the aggregate, materially affect the value of such property and do
not interfere with the use made and proposed to be made of such property by the
Company or any of its subsidiaries.&#160; Except
as otherwise stated in the Registration Statement and the Prospectus, all of
the leases and subleases material to the business of the Company and its
subsidiaries considered as one enterprise, and under which the Company or any
of its subsidiaries holds properties described in the Prospectus, are in full
force and effect, and neither the Company nor any of its subsidiaries has
received any notice of any material claim of any sort that has been asserted by
anyone adverse to the rights of the Company or any of its subsidiaries under
any of the leases or subleases mentioned above, or affecting or questioning the
rights of the Company or such subsidiary to the continued possession of the
leased or subleased premises under any such lease or sublease.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(20) &#160;<u>Investment Company Act</u>.&#160;&#160; The Company is not, and upon the issuance
and sale of the Shares as herein contemplated and the application of the net
proceeds therefrom as described in the Prospectus will not be, an &#147;investment
company&#148; within the meaning of the Investment Company Act of 1940, as amended
(the &#147;1940 Act&#148;).</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(21)&#160; <u>Environmental Laws</u>.&#160;&#160; (a)&nbsp; The Company has received and
reviewed certain environmental reports on (which included physical inspection
of the surface of) each Hotel&#146;s property and has obtained certain
representations and warranties relating to environmental matters from the
sellers of the Hotels set forth in purchase agreements therefor.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp; Except
as described in the Prospectus, (i)&nbsp;the Company, and, to its knowledge,
each Hotel&#146;s property, is, and as of the Closing Time will be, in compliance
with all applicable federal, state and local laws and regulations relating to
the protection of human health and safety, the environment, hazardous or toxic
substances and wastes, pollutants and contaminants (&#147;Environmental Laws&#148;), (ii)&nbsp;the
Company, or, to its knowledge, its lessees or managers, as applicable, have
received, or as of the Closing Time will receive, all permits, licenses or
other approvals required under applicable Environmental Laws to conduct the
respective hotel businesses presently conducted at each Hotel&#146;s property and (iii)&nbsp;the
Company or, to its knowledge, its lessees or managers, as applicable, are, or
as of the Closing Time will be, in compliance with all terms and conditions of
any such permit, license or approval, except, in respect of clauses (i), (ii)&nbsp;and
(iii), as otherwise disclosed in the Prospectus or as would not, singly or in
the aggregate, have a Material Adverse Effect.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp; To the
best knowledge of the Company, except as described in the Prospectus, there are
no costs or liabilities associated with Environmental Laws (including, without</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">limitation, any capital
or operating expenditures required for clean-up, remediation or closure of
properties or compliance with Environmental Laws and any potential liabilities
to third parties) that, as of the date hereof, would, or as of the Closing Time
will, singly or in the aggregate, have a Material Adverse Effect.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp; The
Company has received and reviewed engineering reports on each Hotel&#146;s property,
has obtained certain representations and warranties from the sellers of the
Hotels set forth in purchase agreements therefor and has conducted physical
inspections of each Hotel&#146;s property.&#160; In
respect of each Hotel, (i)&nbsp;each Hotel is not in violation of any
applicable building code, zoning ordinance or other law or regulation, except
where such violation of any applicable building code, zoning ordinance or other
law or regulation would not, singly or in the aggregate, have a Material
Adverse Effect; (ii)&nbsp;the Company has not received notice of any proposed
material special assessment or any proposed change in any property tax, zoning
or land use laws or availability of water affecting any Hotel that would have,
singly or in the aggregate, a Material Adverse Effect; (iii)&nbsp;except as
disclosed in the Prospectus, there does not exist any material violation of any
declaration of covenants, conditions and restrictions with respect to any Hotel
that would have, singly or in the aggregate, a Material Adverse Effect, or any
state of facts or circumstances or condition or event which could, with the
giving of notice or passage of time, or both, constitute such a violation; and (iv)&nbsp;the
improvements comprising any portion of each Hotel (the &#147;Improvements&#148;) are free
of any and all material physical, mechanical, structural, design and
construction defects that would have, singly or in the aggregate, a Material
Adverse Effect and the mechanical, electrical and utility systems servicing the
Improvements (including, without limitation, all water, electric, sewer,
plumbing, heating, ventilation, gas and air conditioning) are in good condition
and proper working order and are free of defects that would have, singly or in
the aggregate, a Material Adverse Effect.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(22)&#160; <u>REIT Qualification</u>.&#160; The Company is organized in conformity with
the requirements for qualification, and, as of the date hereof the Company
operates, and as of Closing Time the Company will operate, in a manner that
qualifies the Company as a &#147;real estate investment trust&#148; under the Internal
Revenue Code of 1986, as amended (the &#147;Code&#148;), and the rules&nbsp;and
regulations thereunder, for 2004 and subsequent years.&#160; The Company qualified as a real estate
investment trust under the Code for each of the taxable years ended December&nbsp;31,
1995 through December&nbsp;31, 2004.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(23)&#160; <u>Possession of Insurance</u>.&#160;&#160; The Company and its Hotels are, and as of
the Closing Time will be, insured in the manner described in the Prospectus by
insurers of recognized financial responsibility against such losses and risks
and in such amounts as are customary in the businesses in which the Company is
engaged and proposes to engage and the Company has no reason to believe that it
or its tenants will not be able to renew such insurance coverage as and when
such coverage expires or to obtain similar coverage as may be necessary to
continue its business at economically viable rates.&#160; The Company and/or its subsidiaries, as
applicable, has obtained an ALTA Extended Coverage Owner&#146;s Policy of Title
Insurance or its local equivalent (or an irrevocable commitment to issue such a
policy) on all of the Hotels owned by the Company or its subsidiaries and such
title insurance is in full force and effect.</font></h3>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(24)&#160; <u>Disclosure Controls</u>.&#160;&#160; The Company has established and maintains
disclosure controls and procedures (as such term is defined in Rule&nbsp;13a-14
and 15d-14 under the 1934 Act) in accordance with the rules&nbsp;and
regulations under the Sarbanes-Oxley Act, the Securities Act and the 1934 Act that
(a)&nbsp;are designed to ensure that material information relating to the
Company, including its consolidated subsidiaries, is made known to the Company&#146;s
Chief Executive Officer and its Chief Financial Officer (or persons performing
similar functions), particularly during the periods in which the filings made
by the Company with the Commission which it may make under Sections 13(a),
13(c), 14 or 15(d)&nbsp;of the 1934 Act are being prepared, (b)&nbsp;have been
evaluated for effectiveness as of a date within 90 days prior to the filing of
the Company&#146;s most recent Annual Report filed with the Commission and (c)&nbsp;are
effective to perform the functions for which they were established.&#160; The Company&#146;s accountants and the audit
committee of the board of trustees of the Company have been advised of (x) any
significant deficiencies in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Company&#146;s
ability to record, process, summarize, and report financial data and (y) any
fraud, whether or not material, that involves management or other employees who
have a role in the Company&#146;s internal control over financial reporting. The
principal executive officers (or their equivalents) and principal financial
officers (or their equivalents) of the Company have made all certifications
required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 (the &#147;Sarbanes-Oxley
Act&#148;) and any related rules&nbsp;and regulations promulgated by the Commission,
and the statements contained in any such certification are complete and correct.&#160; Since the date of the most recent evaluation
of such disclosure controls and procedures, there have been no significant
changes in the Company&#146;s internal control over financial reporting or in other
factors that have materially affected or are reasonably likely to materially
affect the Company&#146;s internal control over financial reporting.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(25)&#160; <u>Good Standing of the Advisor</u>.&#160;&#160; Except as otherwise disclosed in the
Prospectus, since the respective dates as of which information is given in the
Prospectus, there has been no material adverse change in the business,
operations, earnings, prospects, properties or condition (financial or
otherwise) of Reit Management&nbsp;&amp; Research, LLC (the &#147;Advisor&#148;), whether
or not arising in the ordinary course of business, that would have a Material
Adverse Effect. The Advisor (A)&nbsp;is a limited liability company duly
organized, validly existing and in good standing under the laws of the State of
Delaware, and (B)&nbsp;has the requisite limited liability company power and
authority to conduct its business as described in the Prospectus and to own and
operate its material properties.&#160; The Advisory
Agreement, dated as of January&nbsp;1, 1998 and Amendment No.&nbsp;1 thereto
dated as of March&nbsp;10, 2004 (the &#147;Advisory Agreement&#148;), between the Company
and the Advisor, has been duly authorized, executed and delivered by the
parties thereto and constitutes the valid agreement of the parties thereto,
enforceable in accordance with its terms, except as limited by (a)&nbsp;the
effect of bankruptcy, insolvency, reorganization, moratorium, fraudulent
transfer or other similar laws relating to or affecting the rights or remedies
of creditors or (b)&nbsp;the effect of general principles of equity (regardless
of whether enforcement is sought in a proceeding in equity or at law).</font></h3>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Officers&#146; Certificates.</font></i><font size="2" style="font-size:10.0pt;">&#160;&#160;
Any certificate signed by any officer of the Company or any of its
subsidiaries and delivered to the Underwriters or to counsel for the
Underwriters in connection with the offering of the Shares shall be deemed a
representation and warranty by the Company to the Underwriters as to the
matters covered thereby on the date of such certificate.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.&#160; <u>Sale and Delivery to Underwriters; Closing</u>.</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Shares.</font></i><font size="2" style="font-size:10.0pt;">&#160;&#160; The
commitments of the several Underwriters to purchase the Shares pursuant to the
terms hereof shall be deemed to have been made on the basis of the
representations, warranties and agreements herein contained and shall be
subject to the terms and conditions herein set forth.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Over-allotment Option</font></i><font size="2" style="font-size:10.0pt;">.&#160;
In addition, on the basis of the representations and warranties herein
included and subject to the terms and conditions herein set forth, the Company
hereby grants an option to the Underwriters to purchase up to an additional 675,000
Shares at the purchase price set forth on the first page&nbsp;of this
Agreement.&#160; The option hereby granted
will expire 30 days after the date of this Agreement and may be exercised in
whole or in part from time to time only for the purpose of covering
over-allotments which may be made in connection with the offering and
distribution of the Initial Shares upon notice by the Underwriters to the
Company setting forth the number of Option Shares as to which the Underwriters
are then exercising the option and the time, date and place of payment and
delivery for such Option Shares.&#160; Any
such time and date of delivery (a &#147;Date of Delivery&#148;) shall be determined by
the Underwriters but shall not be later than seven full business days, nor
earlier than two full business days, after the exercise of said option, nor in
any event prior to Closing Time, unless otherwise agreed upon by the
Underwriters and the Company.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Payment.</font></i><font size="2" style="font-size:10.0pt;">&#160; Payment of the
purchase price for, and delivery of, the Initial Shares shall be made at the
offices of Sullivan&nbsp;&amp; Worcester LLP, Boston, Massachusetts, or at such
other place as shall be agreed upon by the Underwriters and the Company, at
9:00&nbsp;A.M. (Eastern time) on the third (fourth, if the pricing occurs after
4:30&nbsp;P.M. (Eastern time) on any given day) business day following the date
of this Agreement, or such other time not later than ten business days after
such date as shall be agreed upon by the Underwriters and the Company (such
time and date of payment and delivery being herein called &#147;Closing Time&#148;).&#160; In addition, in the event that the
over-allotment option described in (b)&nbsp;above is exercised by the
Underwriters, payment of the purchase price for and delivery of the Option
Shares shall be made at the above-mentioned office of Sullivan&nbsp;&amp;
Worcester LLP, or at such other place as shall be agreed upon by the
Underwriters and the Company on each Date of Delivery as specified in the
notice to the Company.&#160; Payment shall be
made to the Company by wire transfer of immediately available funds to a bank
account designated by the Company, against delivery to the Underwriters of
certificates for the Shares to be purchased by them.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Registration.</font></i><font size="2" style="font-size:10.0pt;">&#160;&#160; The Shares
shall be issued and registered in such names as the Underwriters shall request
not later than two business days prior to the Closing Time or the Date of
Delivery, as the case may be.&#160; The Shares
shall be made available for inspection not later than 10:00&nbsp;a.m. (Eastern
Time) on the business day prior to the Closing Time or the</font></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Delivery, as the
case may be, at the office of The Depository Trust Company or its designated
custodian.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;3.&#160; <u>Covenants of the Company</u>.&#160;&#160; The Company covenants with each of the
Underwriters as follows:</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Immediately following the execution of this
Underwriting Agreement, the Company will prepare a Prospectus Supplement
setting forth the number of Shares covered thereby and their terms not
otherwise specified in the Prospectus, the names of the Underwriters, the price
at which the Shares are to be purchased by the Underwriters from the Company,
and such other information as the Underwriters and the Company deem appropriate
in connection with the offering of the Shares; and the Company will promptly
transmit copies of the Prospectus Supplement to the Commission for filing
pursuant to Rule&nbsp;424(b)&nbsp;of the 1933 Act Regulations and will furnish
to the Underwriters as many copies (including by electronic means, if so
requested in lieu of paper copies) of the Prospectus (including such Prospectus
Supplement) as they shall reasonably request.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Until the termination of the initial offering of the
Shares, the Company will notify the Underwriters immediately, and confirm the
notice in writing, (i)&nbsp;of the effectiveness of any amendment to the
Registration Statement, (ii)&nbsp;of the transmittal to the Commission for
filing of any supplement or amendment to the Prospectus or any document to be
filed pursuant to the 1934 Act, (iii)&nbsp;of the receipt of any comments from
the Commission with respect to the Shares, (iv)&nbsp;of any request by the
Commission for any amendment to the Registration Statement or any amendment or
supplement to the Prospectus with respect to the Shares or for additional
information relating thereto, and (v)&nbsp;of the issuance by the Commission of
any stop order suspending the effectiveness of the Registration Statement or
the initiation of any proceedings for that purpose.&#160; The Company will make every reasonable effort
to prevent the issuance of any such stop order and, if any stop order is
issued, to obtain the lifting thereof at the earliest possible moment.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Until the termination of the initial offering of the
Shares, the Company will give the Underwriters notice of its intention to file
or prepare any post-effective amendment to the Registration Statement or any
amendment or supplement to the Prospectus (including any revised prospectus
which the Company proposes for use by the Underwriters in connection with the
offering of the Shares which differs from the prospectus on file at the
Commission at the time that the Registration Statement becomes effective,
whether or not such revised prospectus is required to be filed pursuant to Rule&nbsp;424(b)&nbsp;of
the 1933 Act Regulations), will furnish the Underwriters with copies of any
such amendment or supplement a reasonable amount of time prior to such proposed
filing or use, as the case may be, and will not file any such amendment or
supplement or use any such prospectus to which counsel for the Underwriters
shall reasonably object.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Company will deliver to the Underwriters a
conformed copy of the Registration Statement as originally filed and of each
amendment thereto filed prior to the termination of the initial offering of the
Shares (including exhibits filed therewith or incorporated by reference therein
and the documents incorporated by reference into the Prospectus pursuant to
Item 12 of Form&nbsp;S-3).</font></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Company will furnish to the Underwriters, from
time to time during the period when the Prospectus is required to be delivered
under the 1933 Act or the 1934 Act, such number of copies (including by
electronic means, if so requested in lieu of paper copies) of the Prospectus
(as amended or supplemented) as the Underwriters may reasonably request for the
purposes contemplated by the 1933 Act, the 1933 Act Regulations, the 1934 Act
or 1934 Act Regulations.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Until the termination of the initial offering of the
Shares, if any event shall occur as a result of which it is necessary, in the
opinion of counsel for the Underwriters, which shall be communicated in writing
by the Underwriters to the Company, to amend or supplement the Prospectus in
order to make the Prospectus not misleading in the light of the circumstances
existing at the time it is delivered, the Company will promptly either (i)&nbsp;forthwith
prepare and furnish to the Underwriters an amendment of or supplement to the
Prospectus or (ii)&nbsp;make an appropriate filing pursuant to Section&nbsp;13,
14 or 15 of the 1934 Act, in each case, in form and substance reasonably
satisfactory to counsel for the Underwriters, which will amend or supplement
the Prospectus so that it will not include an untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances existing at the time it is
delivered, not misleading.&#160; The
Underwriters&#146; delivery of any such amendment or supplement shall not constitute
a waiver of any of the conditions in Section&nbsp;5 hereof.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Company will endeavor in good faith, in
cooperation with the Underwriters, to qualify the Shares for offering and sale
under the applicable securities laws and real estate syndication laws of such
states and other jurisdictions of the United States as the Underwriters may
designate; provided that, in connection therewith, the Company shall not be
required to qualify as a foreign corporation or trust or to file any general
consent to service of process.&#160; In each
jurisdiction in which the Shares have been so qualified the Company will file
such statements and reports as may be required by the laws of such jurisdiction
to continue such qualification in effect for so long as required for the
distribution of the Shares.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Company will make generally available to its
security holders as soon as reasonably practicable, but not later than 90 days
after the close of the period covered thereby, an earning statement of the
Company (in form complying with the provisions of Rule&nbsp;158 of the 1933 Act
Regulations) covering a period of at least twelve months beginning not later
than the first day of the Company&#146;s fiscal quarter next following the effective
date of the Registration Statement.&#160; &#147;Earning
statement&#148;, &#147;make generally available&#148; and &#147;effective date&#148; will have the
meanings contained in Rule&nbsp;158 of the 1933 Act Regulations.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Company will use the net proceeds received by it
from the sale of the Shares in the manner specified in the Prospectus under the
caption &#147;Use of Proceeds&#148; in all material respects.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Company currently intends to continue to qualify
as a &#147;real estate investment trust&#148; under the Code, and use its best efforts to
continue to meet the requirements to qualify as a &#147;real estate investment trust&#148;
under the Code.</font></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Company will timely file any document which it is
required to file pursuant to the 1934 Act prior to the termination of the
offering of the Shares.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Company will use its best efforts to effect the
listing of the Shares on the NYSE.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Company will not, during a period of 60 days from
the date of this Agreement, without the Representatives&#146; prior written consent,
register, offer, sell, contract to sell, grant any option to purchase or
otherwise dispose of any Common Shares or any securities convertible into or
exercisable or exchangeable for Common Shares, or warrants to purchase Common
Shares, other than (i)&nbsp;the Shares which are to be sold pursuant to this
Agreement; (ii)&nbsp;Common Shares issued or to be issued pursuant to the
Company&#146;s incentive share award plans; (iii)&nbsp;Common Shares to be issued to
the Advisor in payment of its incentive fee; and (iv)&nbsp;Common Shares to be
issued as partial or full payment for properties directly or indirectly
acquired or to be acquired by the Company or its subsidiaries; provided that,
the Company shall have conditioned the issuance of such Common Shares upon the
agreement of the recipients to the restrictions of this paragraph (m).</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.&#160; <u>Payment of Expenses</u>.</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Expenses. </font></i><font size="2" style="font-size:10.0pt;">&#160;&#160;The Company
will pay all expenses incident to the performance of its obligations under this
Underwriting Agreement, including (i)&nbsp;the preparation, printing and filing
of the Registration Statement (including financial statements and exhibits) as
originally filed and of each amendment thereto, (ii)&nbsp;the preparation,
issuance and delivery of the Shares and any certificates for the Shares to the
Underwriters, including any transfer taxes and any stamp or other duties
payable upon the sale, issuance or delivery of the Shares to the Underwriters, (iii)&nbsp;the
fees and disbursements of the Company&#146;s counsel, accountants and other advisors
or agents, as well as their respective counsel, (iv)&nbsp;the qualification of
the Shares under state securities laws in accordance with the provisions of Section&nbsp;3(g)&nbsp;hereof,
including filing fees and the reasonable fees and disbursements of counsel in
connection therewith and in connection with the preparation, printing and
delivery of a Blue Sky Survey, and any amendment thereto, (v)&nbsp;the printing
and delivery to the Underwriters of copies of the Prospectus and any amendments
or supplements thereto, (vi)&nbsp;the fees and expenses incurred in connection
with the listing of the Shares on the NYSE, (vii)&nbsp;the filing fees incident
to, and the reasonable fees and disbursements of counsel for the Underwriters
in connection with, the review, if any, by the National Association of
Securities Dealers,&nbsp;Inc. (the &#147;NASD&#148;) of the terms of the sale of the
Shares and (viii)&nbsp;the cost of providing any CUSIP or other identification
numbers for the Shares.&#160; The Underwriters
hereby agree to pay the Company up to $287,148 in reimbursement of certain
itemized expenses incurred by the Company in connection with the offering.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Termination of Agreement.</font></i><font size="2" style="font-size:10.0pt;">&#160;&#160;
If this Underwriting Agreement is terminated by the Underwriters in accordance
with the provisions of Section&nbsp;5 or Section&nbsp;9(a)(i)&nbsp;hereof, the
Company shall reimburse the Underwriters for all of their out-of-pocket
expenses, including the reasonable fees and disbursements of counsel for the
Underwriters.</font></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;5.&#160; <u>Conditions of Underwriters&#146; Obligations</u>.&#160;&#160; The Underwriters&#146; obligations to purchase
and pay for the Shares pursuant to the terms hereof are subject to the accuracy
of the representations and warranties of the Company contained in Section&nbsp;1
hereof or in certificates of any officer of the Company or any of its
subsidiaries delivered pursuant to the provisions hereof, to the performance by
the Company of its covenants and other obligations hereunder, and to the following
further conditions:</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Effectiveness of Registration Statement.</font></i><font size="2" style="font-size:10.0pt;">&#160;&#160;
The Registration Statement, including any Rule&nbsp;462(b)&nbsp;Registration
Statement, has become effective under the 1933 Act and no stop order suspending
the effectiveness of the Registration Statement shall have been issued under
the 1933 Act and no proceedings for that purpose shall have been instituted or
be pending or threatened by the Commission, and any request on the part of the
Commission for additional information shall have been complied with to the
reasonable satisfaction of counsel for the Underwriters.&#160; A prospectus containing information relating
to the description of the Shares, the specific method of distribution and
similar matters shall have been filed with the Commission in accordance with Rule&nbsp;424(b).</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Opinion of Counsel for Company</font></i><font size="2" style="font-size:10.0pt;">.&#160;&#160;
At Closing Time, the Underwriters shall have received the favorable
opinion, dated as of Closing Time, of Sullivan&nbsp;&amp; Worcester LLP,
counsel for the Company, in form and substance satisfactory to counsel for the
Underwriters, to the effect set forth in Exhibit&nbsp;A hereto.&#160; In rendering their opinion, such counsel may
rely on an opinion dated the Closing Time of Venable LLP, as to matters
governed by the laws of the State of Maryland.&#160;
In addition, in rendering their opinion, such counsel may state that
their opinion as to laws of the State of Delaware is limited to the Delaware
General Corporation Law and the Delaware Limited Liability Company Act.&#160; Such counsel may also state that, insofar as
such opinion involves factual matters, they have relied, to the extent they
deem proper, upon certificates of officers of the Company and its subsidiaries
and certificates of public officials.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Opinion of Special Maryland Counsel for Company</font></i><font size="2" style="font-size:10.0pt;">.&#160;
At Closing Time, the Underwriters shall have received the favorable
opinion, dated as of Closing Time, of Venable LLP, special Maryland counsel for
the Company, in form and substance satisfactory to counsel for the
Underwriters, to the effect as counsel for the Underwriters may reasonably
request set forth in Exhibit&nbsp;B hereto.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Opinion of Counsel for Underwriters.</font></i><font size="2" style="font-size:10.0pt;">&#160;
At Closing Time, the Underwriters shall have received the favorable
opinion, dated as of Closing Time, of Sidley Austin Brown&nbsp;&amp; Wood LLP,
counsel for the Underwriters, in form and substance reasonably satisfactory to
the Underwriters and a statement to the following effect:&#160; no fact has come to their attention that has
caused them to believe that the Registration Statement (including any Rule&nbsp;462(b)&nbsp;Registration
Statement) or any post-effective amendment thereto (except for financial
statements and supporting schedules and other financial data included therein
or omitted therefrom, as to which they make no statement), at the time the
Registration Statement (including any Rule&nbsp;462(b)&nbsp;Registration
Statement) or any post-effective amendment thereto (including the filing of the
Company&#146;s Annual Report with the Commission) became effective, contained an
untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading or</font></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">that the Prospectus or
any amendment or supplement thereto (except for financial statements and
supporting schedules and other financial data included therein or omitted
therefrom, as to which they make no statement), at the time the Prospectus was
issued, at the time any such amended or supplemented prospectus was issued or
at the Closing Time, included or includes an untrue statement of a material
fact or omitted or omits to state a material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were
made, not misleading.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:54.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In giving such opinion, such counsel may rely, as to
all matters governed by the laws of jurisdictions other than the law of the
State of New York, and the federal law of the United States, upon the opinions
of counsel satisfactory to the Underwriters and may rely on an opinion dated
the Closing Time of Venable LLP as to matters governed by the laws of the State
of Maryland and on an opinion of Sullivan&nbsp;&amp; Worcester LLP as to
matters governed by the laws of the Commonwealth of Massachusetts.&#160; Such counsel may also state that, insofar as
such opinion involves factual matters, they have relied, to the extent they
deem proper, upon certificates of officers of the Company and its subsidiaries
and certificates of public officials.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:54.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Officers&#146; Certificate.</font></i><font size="2" style="font-size:10.0pt;">&#160;&#160;
At Closing Time, there shall not have been, since the date hereof or
since the respective dates as of which information is given in the Prospectus,
any Material Adverse Effect and the Underwriters shall have received a
certificate of the President or a Vice President of the Company and of the
chief financial officer or chief accounting officer of the Company, dated as of
Closing Time, to the effect that (i)&nbsp;there has been no Material Adverse
Effect, (ii)&nbsp;the representations and warranties in Section&nbsp;1(a)&nbsp;are
true and correct with the same force and effect as though expressly made at and
as of the Closing Time, (iii)&nbsp;the Company has complied with all agreements
and satisfied all conditions on its part to be performed or satisfied at or
prior to the Closing Time, and (iv)&nbsp;no stop order suspending the
effectiveness of the Registration Statement has been issued and no proceedings
for that purpose have been instituted, are pending or, to the best of such
officers&#146; knowledge, are threatened by the Commission.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Advisor&#146;s Certificate.</font></i><font size="2" style="font-size:10.0pt;"> &#160;&#160;At Closing Time, there shall not have been,
since the respective dates as of which information is given in the Prospectus,
any material adverse change in the business, operations, earnings, prospects,
properties or condition (financial or otherwise) of the Advisor, whether or not
arising in the ordinary course of business; and the Underwriters shall have
received, at Closing Time, a certificate of the President or a Vice President
of the Advisor evidencing compliance with this subsection&nbsp;(f).</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Accountant&#146;s Comfort Letter.</font></i><font size="2" style="font-size:10.0pt;">&#160;&#160;
At the time of the execution of this Underwriting Agreement, the
Underwriters shall have received from Ernst&nbsp;&amp; Young LLP a letter dated
such date, in form and substance satisfactory to the Underwriters, containing
statements and information of the type ordinarily included in accountants&#146; &#147;comfort
letters&#148; to underwriters with respect to the financial statements and certain
financial information contained in the Registration Statement and the
Prospectus.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Bring-down Comfort Letter.</font></i><font size="2" style="font-size:10.0pt;">&#160;&#160;
At Closing Time, the Underwriters shall have received from Ernst&nbsp;&amp;
Young LLP a letter, dated as of Closing Time, to the effect that they reaffirm
the statements made in the letter furnished pursuant to subsection&nbsp;(g)&nbsp;of
this Section 5,</font></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">except that the specified
date referred to shall be a date not more than three business days prior to the
Closing Time.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Lock-Up Agreements.&#160;&#160; </font></i><font size="2" style="font-size:10.0pt;">At the date hereof, the Representatives shall have
received an agreement substantially in the form of Exhibit&nbsp;C hereto signed
by the persons listed on Schedule&nbsp;B hereto.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Additional Documents.</font></i><font size="2" style="font-size:10.0pt;">&#160;&#160;
At Closing Time, counsel for the Underwriters shall have been furnished
with such documents and opinions as they may reasonably require for the purpose
of enabling them to pass upon the issuance and sale of the Shares as herein
contemplated, or in order to evidence the accuracy of any of the
representations or warranties, or the fulfillment of any of the conditions,
herein contained; and all proceedings taken by the Company in connection with
the issuance and sale of the Shares as herein contemplated shall be reasonably
satisfactory in form and substance to the Underwriters and counsel for the
Underwriters.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Date of Delivery Documentation</font></i><font size="2" style="font-size:10.0pt;">.&#160;&#160;
In the event the Underwriters exercise the option described in Section&nbsp;2
hereof to purchase all or any portion of the Option Shares, the representations
and warranties of the Company included herein and the statements in any
certificates furnished by the Company hereunder shall be true and correct as of
the Date of Delivery (except those which speak as of a certain date, in which
case as of such date), and the Underwriters shall have received:</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">A certificate of the President or a Vice
President and of the chief financial officer or chief accounting officer of the
Company, dated such Date of Delivery, confirming that their certificate
delivered at Closing Time pursuant to Section&nbsp;5(e)&nbsp;hereof remains
true as of such Date of Delivery.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">A certificate of the President or Vice
President of the Advisor confirming that his certificate delivered at Closing
Time pursuant to Section&nbsp;5(f)&nbsp;hereof remains true as of such Date of
Delivery.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The favorable opinion of Sullivan&nbsp;&amp;
Worcester LLP, counsel for the Company, in form and substance satisfactory to
counsel for the Underwriters, dated such Date of Delivery, relating to the
Option Shares and otherwise to the same effect as the opinion required by Section&nbsp;5(b)&nbsp;hereof.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The favorable opinion of Venable LLP,
counsel for the Company, in form and substance satisfactory to counsel for the
Underwriters, dated such Date of Delivery, relating to the Option Shares and
otherwise to the same effect as the opinion required by Section&nbsp;5(c)&nbsp;hereof.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The favorable opinion of Sidley Austin
Brown&nbsp;&amp; Wood LLP, counsel for the Underwriters, dated such Date of
Delivery, relating to the Option Shares and otherwise to the same effect as the
opinion required by Section&nbsp;5(d)&nbsp;hereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">A letter from Ernst&nbsp;&amp; Young LLP,
dated such Date of Delivery, substantially the same in scope and substance as
the letter furnished to the Underwriters pursuant to Section&nbsp;5(g)&nbsp;hereof.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Termination of this Agreement.</font></i><font size="2" style="font-size:10.0pt;">&#160;&#160;
If any condition specified in this Section&nbsp;5 shall not have been
fulfilled when and as required to be fulfilled, this Underwriting Agreement may
be terminated by the Underwriters by notice to the Company at any time at or
prior to the Closing Time, and such termination shall be without liability of
any party to any other party except as provided in Section&nbsp;4 and except
that Sections 1, 6, 7 and 8 shall survive any such termination and remain in
full force and effect.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;6.&#160; <u>Indemnification</u>.</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Indemnification of Underwriters.</font></i><font size="2" style="font-size:10.0pt;">&#160;&#160;
The Company agrees to indemnify and hold harmless each Underwriter,
their officers and directors and each person, if any, who controls each
Underwriter within the meaning of Section&nbsp;15 of the 1933 Act or Section&nbsp;20
of the 1934 Act as follows:</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;</font><font size="2" style="font-size:10.0pt;"> against any and all loss, liability, claim, damage
and expense whatsoever, as incurred, arising out of any untrue statement or
alleged untrue statement of a material fact contained in the Registration
Statement (or any amendment thereto), or the omission or alleged omission
therefrom of a material fact required to be stated therein or necessary to make
the statements therein not misleading or arising out of any untrue statement or
alleged untrue statement of a material fact included in any preliminary
prospectus or the Prospectus (or any amendment or supplement thereto), or the
omission or alleged omission therefrom of a material fact necessary in order to
make the statements therein, in the light of the circumstances under which they
were made, not misleading;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;</font><font size="2" style="font-size:10.0pt;"> against any and all loss, liability, claim, damage
and expense whatsoever, as incurred, to the extent of the aggregate amount paid
in settlement of any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or any claim whatsoever
based upon any such untrue statement or omission, or any such alleged untrue
statement or omission; provided that (subject to Section&nbsp;6(d)&nbsp;below)
any such settlement is effected with the written consent of the Company; and</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&nbsp;</font><font size="2" style="font-size:10.0pt;"> against any and all expense whatsoever, as incurred
(including the fees and disbursements of counsel chosen by the Underwriters),
reasonably incurred in investigating, preparing or defending against any
litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim whatsoever based upon any such
untrue statement or omission, or any such alleged untrue statement or omission,
to the extent that any such expense is not paid under (i)&nbsp;or (ii)&nbsp;above;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">provided</font></u><font size="2" style="font-size:10.0pt;">, <u>however</u>, that this indemnity agreement shall
not apply to any loss, liability, claim, damage or expense to the extent
arising out of any untrue statement or omission or alleged untrue statement or
omission made in reliance upon and in conformity with written information
furnished to the Company by the Underwriters through the Representatives
expressly for use in</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>

<div style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">

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</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the Registration Statement (or any amendment thereto),
or any preliminary prospectus or the Prospectus (or any amendment or supplement
thereto); and provided, further, that the foregoing indemnity agreement with
respect to any preliminary prospectus shall not inure to the benefit of any
Underwriter, its officers or directors, or the benefit of any person
controlling any Underwriter, if a copy of the Prospectus (as then amended or
supplemented if the Company shall have furnished any amendments or supplements
thereto sufficiently in advance of the required delivery time to enable the
Underwriters to make delivery and excluding documents incorporated or deemed to
be incorporated by reference therein) was not sent or given by or on behalf of
such Underwriter to such person asserting any such losses, claims, damages or
liabilities at or prior to the written confirmation of the sale of such Shares
to such person, if required by law so to have been delivered, and if the
Prospectus (as so amended or supplemented) would have cured the defect giving
rise to such loss, claim, damage or expense.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Indemnification of Company, Trustees and Officers.</font></i><font size="2" style="font-size:10.0pt;">&#160;&#160;
Each Underwriter agrees to indemnify and hold harmless the Company, its
trustees, each of its officers who signed the Registration Statement, and each
person, if any, who controls the Company within the meaning of Section&nbsp;15
of the 1933 Act or Section&nbsp;20 of the 1934 Act against any and all loss,
liability, claim, damage and expense described in the indemnity contained in
subsection&nbsp;(a)&nbsp;of this Section, as incurred, but only with respect to
untrue statements or omissions, or alleged untrue statements or omissions, made
in the Registration Statement (or any amendment thereto), or any preliminary
prospectus or the Prospectus (or any amendment or supplement thereto) in
reliance upon and in conformity with written information furnished to the
Company by the Underwriters expressly for use in the Registration Statement (or
any amendment thereto) or such preliminary prospectus or the Prospectus (or any
amendment or supplement thereto).</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Actions against Parties; Notification.</font></i><font size="2" style="font-size:10.0pt;">&#160;&#160;
Each indemnified party shall give notice as promptly as reasonably
practicable to each indemnifying party of any action commenced against it in
respect of which indemnity may be sought hereunder, but failure to so notify an
indemnifying party shall not relieve such indemnifying party from any liability
hereunder to the extent it is not materially prejudiced as a result thereof and
in any event shall not relieve it from any liability which it may have
otherwise than on account of this indemnity agreement.&#160; The indemnifying party shall assume the
defense thereof, including the employment of counsel reasonably satisfactory to
such indemnified parties and payment of all fees and expenses.&#160; The indemnified parties shall have the right
to employ separate counsel in any such action and participate in the defense
thereof, but the fees and expenses of such counsel shall be at the expense of
the indemnified parties unless (i)&nbsp;the employment of such counsel shall
have been specifically authorized in writing by the indemnifying party, (ii)&nbsp;the
indemnifying party shall have failed to assume the defense and employ counsel
or (iii)&nbsp;the named parties to any such action (including any impleaded
parties) include both the indemnified parties and the indemnifying party and
the indemnified parties shall have been advised by such counsel that there may
be one or more legal defenses available to them which are different from or
additional to those available to the indemnifying party (in which case the
indemnifying party shall not have the right to assume the defense of such
action on behalf of the indemnified parties, it being understood, however, that
the indemnifying party shall not, in connection with any one such action or
separate but substantially similar or related actions in the same jurisdiction
arising out of the same general allegations or</font></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">circumstances, be liable
for the fees and expenses of more than one separate firm of attorneys (in
addition to any local counsel) for the indemnified parties, which firm shall be
designated in writing by the indemnified parties and that all such fees and
expenses shall be reimbursed as they are incurred).&#160; No indemnifying party shall, without the
prior written consent of the indemnified parties, settle or compromise or
consent to the entry of any judgment with respect to any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or
threatened, or any claim whatsoever in respect of which indemnification or
contribution could be sought under this Section&nbsp;6 or Section&nbsp;7 hereof
(whether or not the indemnified parties are actual or potential parties
thereto), unless such settlement, compromise or consent (i)&nbsp;includes an
unconditional release of each indemnified party from all liability arising out
of such litigation, investigation, proceeding or claim and (ii)&nbsp;does not
include a statement as to or an admission of fault, culpability or a failure to
act by or on behalf of any indemnified party.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Settlement without Consent if Failure to Reimburse.</font></i><font size="2" style="font-size:10.0pt;">&#160;&#160;
If at any time an indemnified party shall have requested an indemnifying
party to reimburse the indemnified party for fees and expenses of counsel, such
indemnifying party agrees that it shall be liable for any settlement of the
nature contemplated by Section&nbsp;6(a)(ii)&nbsp;effected without its written
consent if (i)&nbsp;such settlement is entered into more than 45 days after
receipt by such indemnifying party of the aforesaid request, (ii)&nbsp;such
indemnifying party shall have received notice of the terms of such settlement
at least 30 days prior to such settlement being entered into and (iii)&nbsp;such
indemnifying party shall not have reimbursed such indemnified party in
accordance with such request prior to the date of such settlement.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.&#160; <u>Contribution</u>.&#160;&#160; If the indemnification provided for in Section&nbsp;6
hereof is for any reason unavailable to or insufficient to hold harmless an
indemnified party in respect of any losses, liabilities, claims, damages or
expenses referred to therein, then each indemnifying party shall contribute to
the aggregate amount of such losses, liabilities, claims, damages and expenses
incurred by such indemnified party, as incurred, (i)&nbsp;in such proportion as
is appropriate to reflect the relative benefits received by the Company, on the
one hand, and the Underwriters, on the other hand, from the offering of the
Shares pursuant hereto or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;is
not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits referred to in clause (i)&nbsp;above but
also the relative fault of the Company, on the one hand, and the Underwriters,
on the other hand, in connection with the statements or omissions which
resulted in such losses, liabilities, claims, damages or expenses, as well as
any other relevant equitable considerations.</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The relative benefits received by the Company, on the
one hand, and the Underwriters, on the other hand, in connection with the
offering of the Shares pursuant hereto shall be deemed to be in the same
respective proportions as the total net proceeds from the offering of such
Shares (before deducting expenses) received by the Company and the total
underwriting discount received by the Underwriters, in each case as set forth
on the cover of the Prospectus, bear to the aggregate initial public offering
price of such Shares as set forth on such cover.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The relative fault of the Company, on the one hand,
and the Underwriters, on the other hand, shall be determined by reference to,
among other things, whether any such untrue or alleged untrue statement of a
material fact or omission or alleged omission to state a material fact</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>

<div style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">relates to information supplied by the Company or by
the Underwriters and the parties&#146; relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company and the Underwriters agree that it would
not be just and equitable if contribution pursuant to this Section&nbsp;7 were
determined by pro rata allocation or by any other method of allocation which
does not take account of the equitable considerations referred to above in this
Section&nbsp;7.&#160; The aggregate amount of
losses, liabilities, claims, damages and expenses incurred by an indemnified
party and referred to above in this Section&nbsp;7 shall be deemed to include
any legal or other expenses reasonably incurred by such indemnified party in
investigating, preparing or defending against any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or
threatened, or any claim whatsoever based upon any such untrue or alleged
untrue statement or omission or alleged omission.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the provisions of this Section&nbsp;7,
the Underwriters shall not be required to contribute any amount in excess of
the amount by which the total price at which the Shares underwritten by the
Underwriters and distributed to the public were offered to the public exceeds
the amount of any damages which the Underwriters have otherwise been required
to pay by reason of any such untrue or alleged untrue statement or omission or
alleged omission.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No person guilty of fraudulent misrepresentation (within
the meaning of Section&nbsp;11(f)&nbsp;of the 1933 Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of this Section&nbsp;7, each person, if
any, who controls each Underwriter within the meaning of Section&nbsp;15 of the
1933 Act or Section&nbsp;20 of the 1934 Act shall have the same rights to
contribution as such Underwriter, and each trustee of the Company, each officer
of the Company who signed the Registration Statement, and each person, if any,
who controls the Company within the meaning of Section&nbsp;15 of the 1933 Act
or Section&nbsp;20 of the 1934 Act shall have the same rights to contribution
as the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;8.&#160; <u>Representations, Warranties and Agreements
to Survive Delivery</u>.&#160;&#160; All
representations, warranties and agreements contained in this Underwriting
Agreement or in certificates of officers of the Company or any of its
subsidiaries submitted pursuant hereto or thereto shall remain operative and in
full force and effect, regardless of any investigation made by or on behalf of
the Underwriters or controlling persons, or by or on behalf of the Company, and
shall survive delivery of and payment for the Shares.</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;9.&#160; <u>Termination</u>.</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Underwriters may terminate this Underwriting
Agreement, by notice to the Company, at any time at or prior to Closing Time (i)&nbsp;if
there has occurred any change, or any development or event involving a
prospective change, in the condition (financial or other), business, properties
or results of operations of the Company and its subsidiaries taken as one
enterprise which, in the judgment of the Underwriters, is material and adverse
and makes it impractical or inadvisable to proceed with completion of the
public offering or the sale of and payment for the Shares; (ii)&nbsp;any change
in U.S. or international financial, political or</font></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">economic conditions or
currency exchange rates or exchange controls as would, in the judgment of the
Underwriters, be likely to prejudice materially the success of the proposed
issue, sale or distribution of the Shares, whether in the primary market or in
respect of dealings in the secondary market; (iii)&nbsp;if trading in the
Company&#146;s Common Shares has been suspended by the Commission or the NYSE; (iv)&nbsp;any
material suspension or material limitation of trading in securities generally
on the NYSE, or any setting of minimum prices for trading on such exchange, or
any suspension of trading of any securities of the Company on any exchange or
in the over-the-counter market; (v)&nbsp;any banking moratorium declared by
U.S. Federal or New York authorities; (vi)&nbsp;any major disruption of
settlements of securities or clearance services in the United States; or (vii)&nbsp;any
attack on, outbreak or escalation of hostilities or act of terrorism involving
the United States, any declaration of war by Congress or any other national or
international calamity or emergency if, in the judgment of the Underwriters,
the effect of any such attack, outbreak, escalation, act, declaration, calamity
or emergency makes it impractical or inadvisable to proceed with completion of
the public offering or the sale of and payment for the Shares.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">If this Agreement is terminated pursuant to this Section&nbsp;9,
such termination shall be without liability of any party to any other party
except as provided in Section&nbsp;4, and provided further that Sections 6 and
7 hereof shall survive such termination.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;10.&#160; <u>Default by One or More of the Underwriters</u>.&#160;&#160; If one or more of the Underwriters shall
fail at the Closing Time to purchase the Initial Shares which it or they are
obligated to purchase hereunder (the &#147;Defaulted Securities&#148;), then the
Representatives shall have the right, within 24 hours thereafter, to make
arrangements for one or more of the non-defaulting Underwriters, or any other
underwriters, to purchase all, but not less than all, of the Defaulted
Securities in such amounts as may be agreed upon and upon the terms herein set
forth; if, however, the Representatives shall not have completed such
arrangements within such 24-hour period, then:</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;</font><font size="2" style="font-size:10.0pt;"> if the number of Defaulted Securities does not exceed
10% of the Initial Shares to be purchased on such date pursuant hereto, the non-defaulting
Underwriters shall be obligated, severally and not jointly, to purchase the
full amount thereof in the proportions that their respective underwriting
obligations hereunder bear to the underwriting obligations of all non-defaulting
Underwriters, or</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;</font><font size="2" style="font-size:10.0pt;"> if the number of Defaulted Securities exceeds 10% of
the Initial Shares to be purchased on such date pursuant hereto, this
Underwriting Agreement shall terminate without liability on the part of any non-defaulting
Underwriter or the Company.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No action taken pursuant to this Section&nbsp;10 shall
relieve any defaulting Underwriter from liability in respect of its default.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event of any such default which does not result
in a termination of this Agreement, either the Representatives or the Company
shall have the right to postpone the Closing Time for a period not exceeding
seven days in order to effect any required changes in the Registration
Statement or the Prospectus or in any other documents or arrangements.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;11.&#160; <u>Notices</u>.&#160;&#160; All notices and other communications
hereunder shall be in writing and shall be deemed to have been duly given if
mailed or transmitted by any standard form of telecommunication.&#160; Notices to the Underwriters shall be directed
to Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated at 4 World
Financial Center, New York, NY 10080, Attention: Jack Vissicchio, Managing
Director; and notices to the Company shall be directed to it at 400 Centre
Street, Newton, MA 02458, attention of John G. Murray.</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;12.&#160; <u>Parties</u>.&#160;&#160; This Underwriting Agreement shall inure to
the benefit of and be binding upon the Company and the Underwriters and its and
their respective successors.&#160; Nothing
expressed or mentioned in this Underwriting Agreement is intended or shall be
construed to give any person, firm or corporation, other than the Underwriters
and the Company and their respective successors and the controlling persons and
officers and trustees referred to in Sections 6 and 7 and their heirs and legal
representatives, any legal or equitable right, remedy or claim under or in
respect of this Underwriting Agreement or any provision herein contained.&#160; This Underwriting Agreement and all
conditions and provisions hereof are intended to be for the sole and exclusive
benefit of the parties hereto and their respective successors, and said
controlling persons and officers and trustees and their heirs and legal
representatives, and for the benefit of no other person, firm or
corporation.&#160; No purchaser of Shares from
an Underwriter shall be deemed to be a successor by reason merely of such
purchase.</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;13.&#160; <u>GOVERNING LAW AND TIME</u>.&#160;&#160; THIS UNDERWRITING AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK.&#160; SPECIFIED TIMES OF DAY REFER TO
NEW YORK CITY TIME.</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;14.&#160; <u>Effect of Headings</u>.&#160;&#160; The Article&nbsp;and Section&nbsp;headings
herein are for convenience only and shall not affect the construction hereof.</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Signature Page&nbsp;Follows]</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>

<div style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the foregoing is in accordance with your
understanding of our agreement, please sign and return to the Company a
counterpart hereof, whereupon this Underwriting Agreement, along with all
counterparts, will become a binding agreement between the Underwriters and the
Company in accordance with its terms.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly
  yours,</font></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">HOSPITALITY PROPERTIES TRUST</font></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="26%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Mark L. Kleifges<font color="black" style="color:black;">&nbsp;</font></font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:39.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Mark L.
  Kleifges<font color="black" style="color:black;">&nbsp;</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:39.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Chief
  Financial Officer</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt 238.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing
Underwriting Agreement is hereby,</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">confirmed and accepted as
of the date first above written.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MERRILL LYNCH, PIERCE, FENNER&nbsp;&amp; SMITH <br>
INCORPORATED</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WACHOVIA CAPITAL MARKETS,
LLC</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Merrill Lynch,
  Pierce, Fenner&nbsp;&amp; Smith</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.06%;">
  <p style="margin:0in 0in .0001pt 60.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Incorporated</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Alexander
  Virtue</font></p>
  </td>
  <td width="54%" valign="top" style="padding:0in 0in 0in 0in;width:54.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Alexander
  Virtue</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Vice
  President, Investment Banking</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.06%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For themselves and as Representatives of the several</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.06%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Underwriters named in Schedule&nbsp;A hereto.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
<!-- SEQ.=1,FOLIO='24',FILE='C:\JMS\eudelhofen\05-10353-1\task459376\10353-1-ka.htm',USER='eudelho',CD='Jun  3 16:04 2005' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Schedule&nbsp;A</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="85%" valign="bottom" style="padding:0in 0in 0in 0in;width:85.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:85.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Underwriter</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">of Shares</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:85.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">810,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" style="padding:0in 0in 0in 0in;width:85.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wachovia Capital Markets, LLC</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">810,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:85.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan Stanley&nbsp;&amp; Co. Incorporated</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">567,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" style="padding:0in 0in 0in 0in;width:85.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RBC Capital Markets Corporation</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">567,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:85.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UBS Securities LLC</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">567,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" style="padding:0in 0in 0in 0in;width:85.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Legg Mason Wood Walker, Incorporated</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">283,500</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:85.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ferris, Baker Watts, Incorporated</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">222,750</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" style="padding:0in 0in 0in 0in;width:85.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stifel, Nicolaus&nbsp;&amp; Company, Incorporated</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">222,750</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:85.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Advest,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" style="padding:0in 0in 0in 0in;width:85.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BNY Capital Markets,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:85.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Comerica Securities,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" style="padding:0in 0in 0in 0in;width:85.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dominick&nbsp;&amp; Dominick LLC</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:85.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Harris Nesbitt Corp.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" style="padding:0in 0in 0in 0in;width:85.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J.J.B. Hilliard, W.L. Lyons,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:85.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Janney Montgomery Scott LLC</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" style="padding:0in 0in 0in 0in;width:85.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">KeyBanc Capital Markets, A Division of McDonald
  Investments Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:85.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">McGinn, Smith&nbsp;&amp; Co.,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" style="padding:0in 0in 0in 0in;width:85.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan Keegan&nbsp;&amp; Company,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:85.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Oppenheimer&nbsp;&amp; Co. Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" style="padding:0in 0in 0in 0in;width:85.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ryan Beck&nbsp;&amp; Co.,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:85.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SG Americas Securities, LLC</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" style="padding:0in 0in 0in 0in;width:85.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SunTrust Capital Markets,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:85.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wedbush Morgan Securities Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" style="padding:0in 0in 0in 0in;width:85.0%;">
  <p style="margin:0in 0in .0001pt 60.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,500,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-1</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Schedule&nbsp;B</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Frank J. Bailey<br>
Gerard M. Martin<br>
Arthur G. Koumantzelis<br>
John L. Harrington<br>
Barry M. Portnoy<br>
John G. Murray<br>
Mark L. Kleifges<br>
Ethan S. Bornstein</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B-1</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;A</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FORM&nbsp;OF OPINION OF COMPANY&#146;S COUNSEL<br>
TO BE DELIVERED PURSUANT TO<br>
SECTION&nbsp;5(b)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160; The Company
is duly qualified to transact business and is in good standing in each
jurisdiction other than the State of Maryland in which the ownership or leasing
of its properties requires such qualification, except where the failure to so
qualify or be in good standing would not result in a Material Adverse Effect.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160; To such
counsel&#146;s knowledge, none of the Company&#146;s issued and outstanding capital
shares were issued in violation of any rights similar to preemptive rights of
any holder of capital shares of the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160; The
Underwriting Agreement has been duly delivered by the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160; To such
counsel&#146;s knowledge, the Shares, when issued and delivered to the Underwriters
against payment therefor in accordance with the terms of the Underwriting
Agreement, will be free of any rights similar to preemptive rights that entitle
any person (other than the Underwriters and their successors and assigns) to
acquire any Shares upon the issuance thereof by the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160; (a)&nbsp;
The statements under the captions (i)&nbsp;&#148;The Company&#148; and &#147;Recent
Developments&#148; in the Prospectus Supplement and (ii)&nbsp;&#148;Description of Common
Shares,&#148; &#147;Shareholder Liability,&#148; &#147;Trustees,&#148; &#147;Business Combinations&#148; and &#147;Control
Share Acquisitions&#148; in the Base Prospectus and (b)&nbsp;the statements under
the captions (i)&nbsp;&#148;Item 1. Business &#150; Principal Management Agreement or
Lease Features&#148; and &#147;Item 7. Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations &#150; Recent Developments&#148; and &#147;Item 7.
Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations &#150; Liquidity and Capital Resources&#148; in the Annual Report, (ii)&nbsp;&#148;Other
Information &#150; Certain Relationships and Related Transactions&#148; in the Company&#146;s
Proxy Statement relating to the May&nbsp;11, 2005 Annual Meeting of
Shareholders (incorporated by reference in the Annual Report), insofar as such
statements constitute summaries of matters arising under Massachusetts law or
the federal law of the United States, documents or proceedings referred to
therein, fairly present in all material respects the information called for
with respect to such legal matters, documents and proceedings.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&#160; The
statements under the captions &#147;Federal Income Tax and ERISA Considerations&#148; in
the Prospectus Supplement and the statements under the captions &#147;Item 1.
Business &#150; Federal Income Tax Considerations&#148; and &#147;Item 1. Business &#150; ERISA
Plans, Keogh Plans and Individual Retirement Accounts&#148;, as of the date of
filing of the Annual Report with the Commission, insofar as such statements
constitute summaries of legal matters or documents referred to therein, fairly
present in all material respects the information called for with respect to
such legal matters and documents.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-1</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)&#160; To such
counsel&#146;s knowledge, except as disclosed in the Prospectus the Company is not
in violation of its declaration of trust or bylaws and no default by the
Company exists in the due performance or observance of any obligation,
agreement, covenant or condition contained in any contract, indenture,
mortgage, loan agreement, note, lease or other agreement or instrument that is
described or referred to in the Registration Statement or the Prospectus or
filed or incorporated by reference as an exhibit to the Registration Statement
and to which the Company or any of its subsidiaries is a party or by which it
or any of them may be bound or to which any of the assets, properties or
operations of the Company is subject, except for such violations or defaults
which would not result in a Material Adverse Effect.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)&#160; The
execution, delivery and performance of the Underwriting Agreement and the
consummation of the transactions contemplated in the Underwriting Agreement and
in the Registration Statement and the Prospectus (including the issuance and
sale of the Shares and the use of the proceeds from the sale of the Shares as
described under the caption &#147;Use of Proceeds&#148; in the Prospectus Supplement) and
compliance by the Company with its obligations thereunder do not and will not,
whether with or without the giving of notice or passage of time or both,
conflict with or constitute a breach of, or default or Repayment Event under,
or result in the creation or imposition of any lien, charge or encumbrance upon
any assets, properties or operations of the Company pursuant to, any material
contract, indenture, mortgage, deed of trust, loan or credit agreement, note,
lease or any other agreement or instrument that is described or referred to in
the Registration Statement or the Prospectus or filed or incorporated by
reference as an exhibit to the Registration Statement and to which the Company
or any of its subsidiaries is a party or by which it or any of them may be
bound or to which any of the assets, properties or operations of the Company is
subject, nor will such action result in any violation in any material respect
any applicable Massachusetts or United States federal law, statute, rule,
regulation, judgment, order, writ or decree, known to such counsel, of any
government, government instrumentality or court, domestic or foreign, having
jurisdiction over the Company or any of its subsidiaries or any of their
assets, properties or operations, in each case except as disclosed in the Prospectus.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)&#160; To such
counsel&#146;s knowledge, except as disclosed in the Prospectus there is not pending
or threatened any action, suit, proceeding, inquiry or investigation to which
the Company is a party or to which the assets, properties or operations of the
Company is subject, before or by any court or government agency or body which
would, if determined adversely to the Company, result in a Material Adverse
Effect or materially and adversely affect the consummation of the transactions
contemplated under the Underwriting Agreement, the issuance of the Shares
pursuant thereto or the right or ability of the Company to perform its
obligations thereunder.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10)&#160; To such
counsel&#146;s knowledge, there is no contract or other document which is required
to be described in the Registration Statement or the Prospectus that is not
described therein or is required to be filed as an exhibit to the Registration
Statement which is not so filed.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(11)&#160; To such
counsel&#146;s knowledge, there are no statutes or regulations that are required to
be described in the Prospectus that are not described as required.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-2</font></p>

<div style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(12)&#160; The
Registration Statement has been declared effective under the 1933 Act.&#160; Any required filing of the Prospectus
pursuant to Rule&nbsp;424(b)&nbsp;has been made in the manner and within the
time period required by Rule&nbsp;424(b).&#160;
To such counsel&#146;s knowledge, no stop order suspending the effectiveness
of the Registration Statement has been issued under the 1933 Act and no proceedings
for that purpose have been initiated or are pending or threatened by the
Commission.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(13)&#160; The
Registration Statement and the Prospectus, excluding the documents incorporated
by reference therein, and each amendment or supplement to the Registration
Statement and Prospectus, excluding the documents incorporated by reference
therein, as of their respective effective or issue dates (other than financial
statements and other financial data and schedules, as to which such counsel
need not express any opinion), complied as to form in all material respects
with the requirements of the 1933 Act.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(14)&#160; Each
document incorporated by reference in the Registration Statement or Prospectus
(other than financial statements and other financial data and schedules, as to
which such counsel need not express any opinion) complied as to form in all
material respects with the 1934 Act when filed with the Commission.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(15)&#160; No
authorization, approval, consent, license, order, registration, qualification,
or decree of any federal or Massachusetts court or governmental authority or
agency is necessary or required for the due authorization, execution or
delivery by the Company of the Underwriting Agreement or for the performance by
the Company of the transactions contemplated under the Prospectus or the
Underwriting Agreement, other than those which have already been made, obtained
or rendered as applicable.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(16)&#160; The
Company is not, and upon the issuance and sale of the Shares as contemplated by
the Underwriting Agreement and the application of the net proceeds therefrom as
described in the Prospectus will not be, an &#147;investment company&#148; within the
meaning of the Investment Company Act of 1940, as amended.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(17)&#160; The
Company has qualified to be taxed as a real estate investment trust pursuant to
Sections 856-860 of the Code for each of the taxable years ended December&nbsp;31,
1995 through December&nbsp;31, 2004, and the Company&#146;s current anticipated
investments and its current plan of operation will enable it to continue to
meet the requirements for qualification and taxation as a real estate
investment trust under the Code; actual qualification of the Company as a real
estate investment trust, however, will depend upon the Company&#146;s continued
ability to meet, and its meeting, through actual annual operating results and
distributions, the various qualification tests imposed under the Code.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(18)&#160; The
Advisor is a limited liability company, duly organized, validly existing and in
good standing under the laws of the State of Delaware, and has the requisite
limited liability company power and authority to conduct its business as
described in the Prospectus and to own and operate its material properties.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-3</font></p>

<div style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(19)&#160; The
Advisory Agreement has been duly authorized and executed by the Advisor and
delivered by parties thereto and constitutes the valid agreement of the parties
thereto, enforceable in accordance with its terms.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(20)&#160; Although
such counsel is not passing upon, and does not assume responsibility for, the
factual accuracy, completeness or fairness of the statements contained in the
Registration Statement and Prospectus and need not have made any independent
check or verification thereof (except as and to the extent stated in paragraphs
5 and 6 above), on the basis of such counsel&#146;s participation, in the course of
the Company&#146;s preparation of the Registration Statement and the Prospectus, in
conferences with officers and other representatives of the Company, counsel for
the Underwriters and representatives of the independent public accountants for
the Company and of the Underwriters, at which the contents of the Registration
Statement and Prospectus and related matters were discussed, no facts have come
to such counsel&#146;s attention that would lead them to believe that (x) the
Registration Statement, as of the filing of the Annual Report with the
Commission, contained an untrue statement of a material fact or omitted to
state a material fact required to be stated therein or necessary in order to
make the statements therein not misleading or (y) the Prospectus at the time it
was first provided to the Underwriters for use in connection with the offering
of the Shares or at the date of issuance thereof included or includes an untrue
statement of a material fact or omitted or omits to state a material fact
necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading, except that such counsel need not
express any views as to the financial statements and other financial data and
schedules included in the Registration Statement or the Prospectus.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Such counsel need not express any opinion as to
compliance with, or filings with or authorizations, approvals, consents,
licenses, orders, registrations, qualifications or decrees under, state
securities or &#147;Blue Sky&#148; laws.&#160; Such
counsel&#146;s opinions with respect to the validity or enforceability of agreements
may be qualified to the extent that the obligations, rights and remedies of
parties may be limited by (i)&nbsp;bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting generally creditors&#146; rights and
remedies, and (ii)&nbsp;general principles of equity (regardless of whether
considered in a proceeding at law or in equity), and otherwise in a manner
acceptable to the Underwriters.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-4</font></p>

<div style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;B</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FORM&nbsp;OF OPINION OF SPECIAL MARYLAND COUNSEL<br>
TO BE DELIVERED PURSUANT TO SECTION&nbsp;5(c)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160; The Company
is a real estate investment trust duly formed and validly existing under and by
virtue of the laws of the State of Maryland and is in good standing with the
State Department of Assessments and Taxation of the State of Maryland, with
trust power to own and lease its properties and to conduct its business, in all
material respects as described in the Prospectus, and to enter into and perform
its obligations under, or as contemplated under, the Underwriting Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160; As of the
date hereof, immediately prior to the issuance of the Shares, the issued and
outstanding shares of beneficial interest of the Company consist of (a)&nbsp;67,204,728
Common Shares (the &#147;Outstanding Common Shares&#148;), and (b)&nbsp;3,450,000 8 7/8% Series&nbsp;B
Cumulative Redeemable Preferred Shares of beneficial interest, without par
value (the &#147;Outstanding Series&nbsp;B Preferred Shares&#148; and, together with the
Outstanding Common Shares, the &#147;Outstanding Shares&#148;).&#160; Except as otherwise set forth in the
Registration Statement and the Prospectus, the Outstanding Shares have been
duly authorized and validly issue and are fully paid and nonassessable and are
not subject to preemptive rights to purchase or subscribe for shares of
beneficial interest of the Company arising under the Maryland REIT Law, the
Declaration of Trust or the Bylaws.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160; The Company
has trust power to execute, deliver and perform its obligations under the
Underwriting Agreement and to issue and deliver the Shares.&#160; The execution and delivery of the
Underwriting Agreement and the performance by the Company of its obligations
thereunder have been duly authorized by the Board of Trustees of the
Company.&#160; The Underwriting Agreement has
been duly executed by the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160; The sale
and issuance of the Shares to the Underwriters pursuant to the Underwriting
Agreement have been duly authorized by the Board of Trustees of the Company and
when issued and delivered against payment of the consideration therefor
specified in the Underwriting Agreement, the Shares will be validly issued,
fully paid and nonassessable (except as otherwise described in the Registration
Statement), and are not subject to preemptive rights to purchase or subscribe
for shares of beneficial interest of the Company arising under the Maryland
REIT Law, the Declaration of Trust or the Bylaws in connection with the issuance
of the Shares.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160; The
execution, delivery and performance by the Company of the Underwriting
Agreement and the consummation of the transactions contemplated therein will
not constitute a violation of the Maryland REIT Law, the Declaration of Trust or
the Bylaws.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&#160; The
authorized shares of beneficial interest of the Company conform as to legal
maters in all material respects to the description thereof contained in the
Prospectus under the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B-1</font></p>

<div style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">captions &#147;Description of Shares&#148; and &#147;Description of
Preferred Shares,&#148; as modified by the related disclosure in the documents
incorporated by reference in the Registration Statement and in the Prospectus.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)&#160; The
information in the base prospectus under the caption &#147;Description of Certain
Provisions of Maryland Law and our Declaration of Trust and Bylaws&#148; as of the
Closing Time, insofar as such information relates to provisions of Maryland
law, fairly summarizes such provisions of Maryland law in all material
respects.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)&#160; So far as
is known to such counsel, except as disclosed in the Prospectus, the Company is
not in violation of the Declaration of Trust or Bylaws except for any such
violations which would not in the aggregate result in a material adverse effect
on the business, operations, earnings, business prospects, properties or
condition (financial or otherwise) of the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)&#160; The
execution, delivery and performance of the Underwriting Agreement and the
consummation of the transactions contemplated therein and in the Registration
Statement and the Prospectus (including the issuance of the Shares and the use
of the proceeds from the offering of the Shares as described under the caption &#147;Use
of Proceeds&#148; in the Prospectus Supplement) and compliance by the Company with
its obligations thereunder do not and will not result in a violation of the
Declaration of Trust or the Bylaws or in any material respect the Maryland REIT
Law.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10)&#160; No
authorization, approval, consent, license, order or decree of, or filing,
registration of qualification with, any Maryland governmental authority or
agency (other than any Maryland governmental authority or agency dealing with
securities laws or laws relating to the ownership or operation of the
properties owned by the Company located in the State of Maryland, as to neither
of which such counsel need express any opinion) is necessary or required for
the due authorization, execution or delivery by the Company of the Underwriting
Agreement or for the performance by the Company of the transactions
contemplated under the Prospectus or the Underwriting Agreement, other than
those which have already been made, obtained or rendered, as applicable.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(11)&#160; The
Advisory Agreement has been duly authorized and executed by the Company.<b><font style="font-weight:bold;"> </font></b></font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B-2</font></p>

<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="center">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;page-break-after:auto;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;C</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;page-break-after:auto;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;3, 2005</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 58.5pt;text-indent:-58.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith<br>
Incorporated</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wachovia Capital Markets,
LLC</font></p>

<p style="margin:0in 0in .0001pt 9.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as
Representatives of the several underwriters named in <br>
Schedule&nbsp;A to the Underwriting Agreement</font></p>

<p style="margin:0in 0in .0001pt 9.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith<br>
Incorporated</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4 World Financial Center</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, New York 10080</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Proposed
Public Offering by Hospitality Properties Trust</u></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Sirs:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned, a shareholder and an executive
officer and/or trustee of Hospitality Properties Trust, a Maryland real estate
investment trust (the &#147;Company&#148;), understands that Merrill Lynch, Pierce,
Fenner&nbsp;&amp; Smith Incorporated (&#147;Merrill Lynch&#148;) and Wachovia Capital
Markets, LLC (&#147;Wachovia&#148;), as representatives of the several underwriters named
therein, propose to enter into a Underwriting Agreement (the &#147;Underwriting
Agreement&#148;) with the Company providing for the public offering of common shares
of beneficial interest, par value $.01 per share (the &#147;Common Shares&#148;) of the
Company.&#160; In recognition of the benefit
that such an offering will confer upon the undersigned as a shareholder, and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the undersigned agrees with each underwriter to be
named in the Underwriting Agreement that, during a period of 60 days from the
date of the Underwriting Agreement, the undersigned will not, without the prior
written consent of Merrill Lynch and Wachovia, directly or indirectly, (i)&nbsp;offer,
pledge, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant for
the sale of, or otherwise dispose of or transfer any shares of the Company&#146;s
Common Shares or any securities convertible into or exchangeable or exercisable
for Common Shares, whether now owned or hereafter acquired by the undersigned
or with respect to which the undersigned has or hereafter acquires the power of
disposition, or file, or cause to be filed, any registration statement under
the Securities Act of 1933, as amended, with respect to any of the foregoing
(collectively, the &#147;Lock-Up Securities&#148;) or (ii)&nbsp;enter into any swap or
any other agreement or any transaction that transfers, in whole or in part,
directly or indirectly, the economic consequence of ownership of the Lock-Up
Securities, whether any such swap or transaction is to be settled by delivery
of Common Shares or other securities, in cash or otherwise.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the
foregoing, the undersigned may nonetheless (a)&nbsp;transfer Common Shares by
way of testate or intestate succession or by operation of law, (b)&nbsp;transfer
Common</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C-1</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shares to members of the undersigned&#146;s immediate
family or to a trust, partnership, limited liability company or other entity,
all of the beneficial interests of which are held by the undersigned or members
of the undersigned&#146;s immediate family, and (c)&nbsp;transfer Common Shares to
charitable organizations; provided, however, in each case, the transferee shall
have agreed in writing to be bound by the restrictions on transfer contained in
the immediately preceding paragraph and such transfer is not effective until
the agreement to be bound by the restrictions on transfer is executed by the
transferee.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
letter shall terminate and be of no further force and effect unless the
Underwriting Agreement has been entered into and dated not later than June&nbsp;8,
2005.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.76%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:44.24%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.76%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:44.24%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.76%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:44.24%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.76%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature:</font></p>
  </td>
  <td width="35%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.66%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.76%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:44.24%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:10.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Print Name: </font></p>
  </td>
  <td width="34%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="417" style="border:none;"></td>
  <td width="64" style="border:none;"></td>
  <td width="12" style="border:none;"></td>
  <td width="254" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C-2</font></p>

<div style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<TYPE>EX-5.1
<SEQUENCE>3
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<DESCRIPTION>EX-5.1
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<body lang="EN-US">

<div style="font-family:Times New Roman;">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;5.1</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[LETTERHEAD OF
VENABLE LLP]</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;3, 2005</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hospitality
Properties Trust<br>
400 Centre Street<br>
Newton, Massachusetts 02458</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Registration
Statement on Form&nbsp;S-3 (File No.&nbsp;333-84064)</u></p>

<p style="margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and
Gentlemen:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have served as Maryland counsel to Hospitality Properties Trust, a
Maryland real estate investment trust (the &#147;Company&#148;), in connection with
certain matters of Maryland law arising out of the issuance of up to 5,175,000
common shares (the &#147;Shares&#148;) of beneficial interest, $.01 par value per share,
of the Company (including up to 675,000 Shares which the underwriters in the
Offering (as defined herein) have the option to purchase solely to cover
over-allotments), covered by the above-referenced Registration Statement, and
all amendments thereto (the &#147;Registration Statement&#148;), filed by the Company
with the United States Securities and Exchange Commission (the &#147;Commission&#148;)
under the Securities Act of 1933, as amended (the &#147;1933 Act&#148;).&#160; The Shares are to be issued in an
underwritten public offering (the &#147;Offering&#148;) pursuant to a Prospectus
Supplement, dated June&nbsp;3, 2005 (the &#147;Prospectus Supplement&#148;).&#160; Unless otherwise defined herein, capitalized
terms used but not defined herein shall have the meanings given to them in the
Registration Statement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with our representation of the Company, and as a basis
for the opinion hereinafter set forth, we have examined originals, or copies
certified or otherwise identified to our satisfaction, of the following
documents (collectively, the &#147;Documents&#148;):</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Registration
Statement and the related prospectus included therein;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Prospectus
Supplement, substantially in the form to be filed with the Commission;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Amended and
Restated Declaration of Trust, as amended and supplemented, of the Company (the
&#147;Declaration of Trust&#148;), certified as of a recent date by the State Department
of Assessments and Taxation of Maryland (the &#147;SDAT&#148;);</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Bylaws of the
Company, certified as of the date hereof by an officer of the Company;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A certificate of the
SDAT as to the good standing of the Company, dated as of a recent date;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Resolutions adopted
by the Board of Trustees of the Company relating to the authorization of the
issuance of the Shares, certified as of the date hereof by an officer of the
Company (the &#147;Resolutions&#148;);</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A certificate
executed by an officer of the Company, dated as of the date hereof; and</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Such other documents
and matters as we have deemed necessary or appropriate to express the opinion
set forth below, subject to the assumptions, limitations and qualifications
stated herein.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In expressing the opinion set forth below, we have assumed the
following:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each individual
executing any of the Documents, whether on behalf of such individual or another
person, is legally competent to do so.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each individual
executing any of the Documents on behalf of a party (other than the Company) is
duly authorized to do so.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each of the parties
(other than the Company) executing any of the Documents has duly and validly
executed and delivered each of the Documents to which such party is a
signatory, and such party&#146;s obligations set forth therein are legal, valid and
binding and are enforceable in accordance with all stated terms.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All Documents
submitted to us as originals are authentic.&#160;
All Documents submitted to us as certified or photostatic
copies conform to the original documents.&#160;
All signatures on all such Documents are genuine.&#160; All public records reviewed or relied upon by
us or on our behalf are true and complete.&#160;
All representations, warranties, statements and information contained in
the Documents are true and complete.&#160;
There has been no oral or written modification of or amendment to any of
the Documents, and there has been no waiver of any provision of any of the
Documents, by action or omission of the parties or otherwise.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Shares will not
be issued in violation of any restriction or limitation contained in Section&nbsp;5.14
of the Declaration of Trust.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based upon the foregoing, and subject to the assumptions, limitations
and qualifications stated herein, it is our opinion that:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company is a real
estate investment trust duly formed and existing under and by virtue of the
laws of the State of Maryland and is in good standing with the SDAT.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The issuance of the
Shares has been duly authorized and, when issued and delivered by the Company
pursuant to the Resolutions and the applicable underwriting agreement against
payment of the consideration set forth therein, the Shares will be validly
issued, fully paid and nonassessable.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing opinion is limited to the laws of the State of Maryland
and we do not express any opinion herein concerning any other law.&#160; We express no opinion as to compliance with,
or the applicability of, federal or state securities laws, including the
securities laws of the State of Maryland.&#160;
The opinion expressed herein is subject to the effect of judicial
decisions which may permit the introduction of parol evidence to modify the
terms or the interpretation of agreements.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The opinion expressed herein is limited to the matters specifically set
forth herein and no other opinion shall be inferred beyond the matters
expressly stated.&#160; We assume no
obligation to supplement this opinion if any applicable law changes after the
date hereof or if we become aware of any fact that might change the opinion
expressed herein after the date hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This opinion is being furnished to you for submission to the Commission
as an exhibit to the Company&#146;s Current Report on Form&nbsp;8-K, dated June&nbsp;3,
2005 (the &#147;Current Report&#148;), which is incorporated by reference in the
Registration Statement.&#160; We hereby
consent to the filing of this opinion as an exhibit to the Current Report and
the said incorporation by reference and to the use of the name of our firm
therein.&#160; In giving this consent, we do
not admit that we are within the category of persons whose consent is required
by Section&nbsp;7 of the 1933 Act.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ VENABLE LLP</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<DESCRIPTION>EX-8.1
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;8.1</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[LETTERHEAD OF SULLIVAN&nbsp;&amp; WORCESTER LLP]</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 4.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;3, 2005</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hospitality Properties
Trust<br>
400 Centre Street<br>
Newton, Massachusetts 02458</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following opinion is furnished to Hospitality
Properties Trust, a Maryland real estate investment trust (the &#147;Company&#148;), to
be filed with the Securities and Exchange Commission (the &#147;SEC&#148;) as Exhibit&nbsp;8.1
to the Company&#146;s Current Report on Form&nbsp;8-K (the &#147;Form&nbsp;8-K&#148;),
to be filed within one week of the date hereof under the Securities Exchange
Act of 1934, as amended.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have acted as counsel for the Company in connection
with its Registration Statement on Form&nbsp;S-3, File No.&nbsp;333-84064
(the &#147;Registration Statement&#148;) under the Securities Act of 1933, as amended
(the &#147;Act&#148;), and we have reviewed originals or copies, certified or otherwise
identified to our satisfaction, of the Registration Statement, corporate
records, certificates and statements of officers and accountants of the Company
and of public officials, and such other documents as we have considered
relevant and necessary in order to furnish the opinion hereinafter set
forth.&nbsp; In doing so, we have assumed the genuineness of all signatures,
the legal capacity of natural persons, the authenticity of all documents
submitted to us as originals, the conformity to original documents of all
documents submitted to us as copies, and the authenticity of the originals of
such documents.&#160; Specifically, and
without limiting the generality of the foregoing, we have reviewed:&nbsp; (i)&nbsp;the
declaration of trust and the by-laws of the Company, each as amended and
restated; (ii)&nbsp;the prospectus supplement dated June&nbsp;3, 2005 (the &#147;Prospectus
Supplement&#148;) to the final prospectus dated March&nbsp;20, 2002 (as supplemented
by the Prospectus Supplement, the &#147;Prospectus&#148;), which forms a part of the
Registration Statement, relating to, <i><font style="font-style:italic;">inter
alia,</font></i> the Company&#146;s offering of common shares of beneficial
interest; and (iii)&nbsp;the sections of Item 1 of the Company&#146;s Annual Report
on Form&nbsp;10-K for its fiscal year ended December&nbsp;31, 2004 (the &#147;Form&nbsp;10-K&#148;)
captioned &#147;Federal Income Tax Considerations&#148; and &#147;ERISA
Plans, Keogh Plans and Individual Retirement Accounts&#148;.&#160; With respect to all questions of fact on
which the opinion set forth below is based, we have assumed the accuracy and
completeness of and have relied on the information set forth in the Prospectus,
the Form&nbsp;10-K and in the documents incorporated therein by
reference, and on representations and certifications made to us by officers of
the Company.&#160; We have not independently
verified such information.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The opinion set forth below is based upon the Internal
Revenue Code of 1986, as amended, the Treasury Regulations issued thereunder,
published administrative interpretations thereof, and judicial decisions with
respect thereto, all as of the date hereof (collectively, &#147;Tax</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Laws&#148;), and upon the
Employee Retirement Income Security Act of 1974, as amended, the Department of
Labor regulations issued thereunder, published administrative interpretations
thereof, and judicial decisions with respect thereto, all as of the date hereof
(collectively, &#147;ERISA Laws&#148;).&#160; No
assurance can be given that Tax Laws or ERISA Laws will not change.&#160; The discussions with respect to Tax Laws and
ERISA Laws in the sections of Item 1 of the Form&nbsp;10-K captioned &#147;Federal
Income Tax Considerations&#148; and &#147;ERISA Plans, Keogh Plans and Individual
Retirement Accounts&#148;, as supplemented by the section&nbsp;of the Prospectus
Supplement captioned &#147;Federal Income Tax and ERISA Considerations&#148; express
certain assumptions, conditions and qualifications therein, all of which
assumptions, conditions and qualifications are incorporated herein by
reference.&#160; With respect to all questions
of fact on which our opinion is based, we have assumed the initial and
continuing truth, accuracy and completeness of:&#160;
(i)&nbsp;the information set forth in the Form&nbsp;10-K, the
Prospectus and in the documents incorporated therein by reference; and (ii)&nbsp;representations
by officers of the Company made to us or contained in the Form&nbsp;10-K,
the Prospectus and in the documents incorporated therein by reference, in each
such instance without regard to qualifications such as &#147;to the best knowledge
of&#148; or &#147;in the belief of&#148;.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have relied upon, but not independently verified,
the foregoing assumptions.&#160; If any of the
foregoing assumptions are inaccurate or incomplete for any reason, or if the
transactions described in the Form&nbsp;10-K, the Prospectus, or the
documents incorporated therein by reference, have been consummated in a manner
that is inconsistent with the manner contemplated therein, our opinion as
expressed below may be adversely affected and may not be relied upon.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based upon and subject to the foregoing, we are of the
opinion that the discussions with respect to Tax Laws and ERISA Laws in the
sections of Item 1 of the Form&nbsp;10-K captioned &#147;Federal Income Tax
Considerations&#148; and &#147;ERISA Plans, Keogh Plans and Individual Retirement
Accounts&#148;, as supplemented by the discussion in the section&nbsp;of the
Prospectus Supplement captioned &#147;Federal Income Tax and ERISA Considerations&#148;,
in all material respects are accurate and fairly summarize the Tax Laws and the
ERISA Laws addressed therein, and hereby confirm that the opinions of counsel
referred to in said sections represent our opinions on the subject matter thereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our opinion above is limited to the matters
specifically covered hereby, and we have not been asked to address, nor have we
addressed, any other matters or any other transactions.&#160; Further, we disclaim any undertaking to
advise you of any subsequent changes of the matters stated, represented or
assumed herein or any subsequent changes in Tax Laws or ERISA Laws.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This opinion is intended solely for the benefit and
use of the Company, and is not to be used, released, quoted, or relied upon by
anyone else for any purpose (other than as required by law) without our prior
written consent.&#160; We hereby consent to
the filing of a copy of this opinion as an exhibit to the Form&nbsp;8-K,
which is incorporated by reference in the Registration Statement, and to the
references to our firm in the Prospectus Supplement.&#160; In giving such consent, we do not thereby
admit that we come within the category of persons whose consent is required
under Section&nbsp;7 of the Act or under the rules&nbsp;and regulations of the
SEC promulgated thereunder.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
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  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ SULLIVAN&nbsp;&amp; WORCESTER LLP</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

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</font></div>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>5
<FILENAME>a05-10353_1ex10d1.htm
<DESCRIPTION>EX-10.1
<TEXT>
<html>

<head>





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<body lang="EN-US">

<div style="font-family:Times New Roman;">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;10.1</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FIRST
AMENDMENT TO MANAGEMENT AGREEMENT</font></u></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THIS
FIRST AMENDMENT TO MANAGEMENT AGREEMENT</font></b> (this &#147;<u>Amendment</u>&#148;) is made as of May&nbsp;31,
2005 by and between: (i)&nbsp;IHG MANAGEMENT (MARYLAND) LLC, a Maryland limited
liability company (&#147;<u>IHG Maryland</u>&#148;), and INTERCONTINENTAL HOTELS GROUP
(CANADA), INC., a corporation under the laws of Ontario, Canada (&#147;<u>IHG Canada</u>&#148;,
and together with IHG Maryland, collectively, &#147;<u>Manager</u>&#148;), and (ii)&nbsp;HPT TRS IHG-2, INC., a Maryland
corporation (&#147;<u>Owner</u>&#148;).</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>,
IHG Maryland and Owner entered into that certain Management Agreement, dated as
of February&nbsp;16, 2005 (the &#147;<u>Management
Agreement</u>&#148;); and</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS,
</font></b>pursuant to that certain Assignment and Assumption of
Management Agreement, dated as of February&nbsp;16, 2005, by and between IHG Maryland
and IHG Canada (the &#147;<u>Assignment</u>&#148;), IHG Maryland assigned to IHG Canada,
and IHG Canada assumed from IHG Maryland, certain rights and obligations in the
Management Agreement, as more particularly described in the Assignment; and</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>,
Manager and Owner wish to amend the Management Agreement to include, among
other things, the Hotel located at the Site listed on <u>Exhibit&nbsp;A</u>
attached hereto(the &#147;<u>Additional Hotel</u>&#148;);</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOW,
THEREFORE, </font></b>in consideration of the mutual promises and
covenants herein contained and other good and valuable consideration, the
receipt and sufficiency of which are herein acknowledged, Owner and Manager,
intending to be legally bound, hereby agree as follows:</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Capitalized
terms used in this Amendment and not otherwise defined herein shall have the
meaning ascribed thereto in the Management Agreement.</h1>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Section&nbsp;1.10
of the Management Agreement is deleted in its entirety and replaced with the
following:</h1>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.10&#160; &#147;<u>Base Priority Amount</u>&#148;&#160; shall initially mean the following annual
amounts with respect to the corresponding periods:</font></h4>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Effective
Date with respect to Austin, Texas InterContinental Hotel is on or before December&nbsp;31,
2005:</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="75%" style="border-collapse:collapse;margin-left:.5in;width:75.0%;">
 <tr>
  <td width="80%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Period</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Annual Amount</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="80%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="80%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February&nbsp;16, 2005 until the Effective Date with
  respect to Austin, TX InterContinental Hotel</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26,018,731.00</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="80%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">From such Effective Date until December&nbsp;31,
  2005</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28,900,000.00</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="80%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thereafter</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,706,250.00</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If
such Effective Date is after December&nbsp;31, 2005:&#160; </font></h4>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="75%" style="border-collapse:collapse;margin-left:.5in;width:75.0%;">
 <tr>
  <td width="80%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Period</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Annual Amount</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="80%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="80%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February&nbsp;16, 2005 &#150; December&nbsp;31, 2005</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26,018,731.00</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="80%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;1, 2006 until such Effective Date</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27,644,902.00</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="80%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thereafter</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,706,250.00</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Provided
that Purchaser performs its obligations under Section&nbsp;3.2(b)&nbsp;of the
Purchase Agreement, the Base Priority Amount shall be increased by $850,000 per
annum on each of January&nbsp;1, 2006 and January&nbsp;1, 2007 and by $425,000
per annum on January&nbsp;1, 2008.</font></h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h1 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Intentionally
deleted.</h1>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Section&nbsp;1.34
of the Management Agreement is deleted in its entirety and the following
inserted into its place:</h1>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;1.34 &#147;Effective Date&#148;
shall mean February&nbsp;16, 2005 with respect to all Hotels hereunder except
for the Austin, TX InterContinental Hotel, for which the &#147;Effective Date: shall
be May&nbsp;31, 2005.&#148;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Section&nbsp;1.108
of the Management Agreement is deleted in its entirety and the following
inserted in its place:</h1>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;1.108&#160; &#147;<u>Sites</u>&#148;&#160; shall mean, collectively, the parcels of real
estate more particularly described in <u>Exhibits A-1</u> and <u>A-2</u>.&#148;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Exhibit&nbsp;A</u>
to the Management Agreement is hereby amended by renaming it <u>Exhibit&nbsp;A-1</u>.&#160; <u>Exhibit&nbsp;A</u> to this Amendment is
inserted as <u>Exhibit&nbsp;A-2</u> to the Management Agreement after
such <u>Exhibit&nbsp;A-1</u>.</h1>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Exhibit&nbsp;C</u>
to the Management Agreement is hereby deleted in its entirety and replaced with
the <u>Exhibit&nbsp;C</u> attached hereto.</h1>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>There
is added to the end of <u>Exhibit&nbsp;D</u> to the Management Agreement the
maps showing, or other descriptions of, the Restricted Area for the Additional
Hotel set forth in <u>Exhibit&nbsp;D</u> hereto.</h1>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>As
of the date hereof, no event has occurred and is continuing under the
Management Agreement that constitutes a Manager Default or Manager Event of
Default.</h1>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">Manager
hereby consents to the amendment to the Lease of even date herewith pursuant to
which Owner leases the Additional Hotel from Purchaser.</font></h1>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All
references in the Management Agreement to the Management Agreement shall be
deemed to be references thereto as amended hereby.</h1>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>As
modified hereby, the Management Agreement is in full force and effect and is
hereby ratified and confirmed.</h1>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>This
Amendment may be executed in one or more counterparts, all of which
counterparts shall constitute but one and the same document.</h1>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">[Remainder of Page&nbsp;Intentionally Blank]</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IN
WITNESS WHEREOF</font></b><font face="Times New Roman">, the parties hereto have duly executed
and delivered this Amendment effective as of the day and year first above
written.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">OWNER</font></b>:</p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">HPT
  TRS IHG-2, INC.</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ John G.
  Murray</font></p>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="38%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:38.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John G. Murray</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="38%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:38.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="48%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">MANAGER</font></b>:</p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="48%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IHG
  MANAGEMENT (MARYLAND) LLC</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="14%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Robert J.
  Chitty</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:8.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="39%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:39.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert J. Chitty</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:8.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="39%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:39.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:8.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:39.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:8.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:39.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="48%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INTERCONTINENTAL
  HOTELS GROUP<br>
  (CANADA), INC.</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="14%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Robert J.
  Chitty</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:8.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="39%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:39.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert J. Chitty</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:8.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="39%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:39.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="385" style="border:none;"></td>
  <td width="37" style="border:none;"></td>
  <td width="28" style="border:none;"></td>
  <td width="80" style="border:none;"></td>
  <td width="218" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following exhibits
have been omitted and will be supplementally furnished to the Securities and
Exchange Commission upon request:</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Times New Roman">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="75%" style="border-collapse:collapse;width:75.0%;">
 <tr>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibits</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.78%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="84%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:84.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Document</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="12%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="84%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:84.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;A-2
  to the Management Agreement: Legal Descriptions</font></p>
  </td>
 </tr>
 <tr>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Substitute Exhibit&nbsp;C
  to the Management Agreement: Allocations</font></p>
  </td>
 </tr>
 <tr>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restricted Areas for
  the Additional Hotel</font></p>
  </td>
 </tr>
</table>

</div>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;B has
been reserved and was not used in the document.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>6
<FILENAME>a05-10353_1ex23d3.htm
<DESCRIPTION>EX-23.3
<TEXT>
<html>

<head>





</head>

<body lang="EN-US">

<div>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;23.3</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Independent Registered Public
Accounting Firm</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We consent to the reference to our firm under the caption &#147;Experts&#148; in
the Registration Statement (Form S-3 No.&nbsp;333-84064) and
related Prospectus Supplement of Hospitality Properties Trust for the
registration of 4,500,000 common shares of beneficial interest and to the
incorporation by reference therein of our reports dated March&nbsp;7, 2005,
with respect to the consolidated financial statements and schedule&nbsp;of
Hospitality Properties Trust, Hospitality Properties Trust management&#146;s
assessment of the effectiveness of internal control over financial reporting,
and the effectiveness of internal control over financial reporting of
Hospitality Properties Trust, included in its Annual Report (Form&nbsp;10-K)
for the year ended December&nbsp;31, 2004, filed with the Securities and
Exchange Commission.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Ernst&nbsp;&amp; Young LLP</font></p>
  </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Boston, Massachusetts<br>
June&nbsp;3, 2005</font></p>

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