Exhibit 99.1

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

HPT Announces Second Quarter 2003 Operating Results

Newton, MA (August 5, 2003): Hospitality Properties Trust (NYSE:HPT) today announced its results of operations for the quarter ended June 30, 2003:

	(amounts in thousands, except per share amounts)

	Quarter Ended June 30,				Six Months Ended June 30,
	2003		2002		2003		2002

Net income	$	30,582	$	35,490	$	63,184	$	68,821

Net income available for common shareholders	$	26,887	$	33,709	$	55,794	$	65,258

Funds from operations (“FFO”)	$	54,108	$	62,495	$	114,478	$	121,882

Cash available for distribution (“CAD”)	$	46,615	$	52,912	$	98,431	$	103,636

Common distributions declared	$	45,063	$	45,034	$	90,117	$	89,436

Per common share amounts:

Net income available for common shareholders	$	0.43	$	0.54	$	0.89	$	1.04

Funds from operations (“FFO”)	$	0.86	$	1.00	$	1.83	$	1.95

Cash available for distribution (“CAD”)	$	0.74	$	0.85	$	1.57	$	1.66

Common distributions declared	$	0.72	$	0.72	$	1.44	$	1.43

Weighted average common shares outstanding	62,575		62,538		62,565		62,529

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

(end)

Hospitality Properties Trust

CONSOLIDATED STATEMENT OF INCOME, FUNDS FROM OPERATIONS

AND CASH AVAILABLE FOR DISTRIBUTION

(amounts in thousands, except per share data)

		Quarter Ended June 30,						Six Months Ended June 30,
		2003			2002			2003			2002
Revenues:
Rental income		$	50,755		$	62,082		$	112,088		$	120,429
Hotel operating revenues (1)		45,374			20,310			68,160			38,449
FF&E reserve income (2)		5,109			5,669			9,814			10,935
Interest income		76			54			290			236
Total revenues		101,314			88,115			190,352			170,049

Expenses:
Hotel operating expenses (1)		32,058			13,229			46,104			24,398
Interest (including amortization of deferred financing costs of $593, $718, $1,226 and $1,323, respectively)		9,733			11,066			20,402			21,113
Depreciation and amortization		25,146			24,186			50,217			47,920
General and administrative		3,795			4,144			7,863			7,797
Loss on early extinguishment of debt (5)		—			—			2,582			—
Total expenses		70,732			52,625			127,168			101,228

Net income		30,582			35,490			63,184			68,821
Preferred distributions		(3,695		)	(1,781		)	(7,390		)	(3,563		)
Net income available for common shareholders		$	26,887		$	33,709		$	55,794		$	65,258

Calculation of FFO (3):
Net income available for common shareholders		$	26,887		$	33,709		$	55,794		$	65,258
Add:	FF&E deposits not in net income (2)	1,874			3,959			5,424			7,398
	Depreciation and amortization	25,146			24,186			50,217			47,920
	Deferred percentage rent (4)	201			641			461			1,306
	Loss on early extinguishment of debt (5)	—			—			2,582			—

Funds from operations (“FFO”)		$	54,108		$	62,495		$	114,478		$	121,882

Calculation of CAD (3):
FFO		$	54,108		$	62,495		$	114,478		$	121,882
Add:	Non-cash expenses (6)	424			1,099			1,275			2,084

Less:	FF&E reserve income and escrows (1) (2)	(6,043		)	(6,723		)	(11,898		)	(12,932		)
	FF&E deposits not in net income (2)	(1,874		)	(3,959		)	(5,424		)	(7,398		)

Cash available for distribution (“CAD”)		$	46,615		$	52,912		$	98,431		$	103,636

Weighted average common shares outstanding		62,575			62,538			62,565			62,529

Per common share amounts:
	Net income available for common shareholders	$	0.43		$	0.54		$	0.89		$	1.04
	FFO (3)	$	0.86		$	1.00		$	1.83		$	1.95
	CAD (3)	$	0.74		$	0.85		$	1.57		$	1.66
	Common distributions declared	$	0.72		$	0.72		$	1.44		$	1.43

See Notes on page 4.

Hotel Revenue Data

The following table summarizes the hotel operating statistics reported to us by our third party tenants and managers for 250 hotels (34,160 rooms) that were open for a full year as of January 1, 2003.

	Second Quarter								Year to Date
	2003			2002			Change		2003			2002			Change

Average Daily Rate (“ADR”)	$	77.14		$	79.77		-3.3	%	$	78.27		$	80.67		-3.0	%
Occupancy	73.2		%	75.6		%	-2.4	pts	70.6		%	72.3		%	-1.7	pts
Revenue Per Available Room (“RevPAR”)	$	56.48		$	60.33		-6.4	%	$	55.29		$	58.36		-5.3	%

Key Balance Sheet Data

(in thousands)

	June 30, 2003		December 31, 2002

Real Estate, at cost	$	2,821,023	$	2,762,322

Debt
Floating rate – Credit Facility, due 2005	$	155,000	$	—
Fixed rate – 7.00% Senior Notes, due 2008	149,874		149,861
Fixed rate – 8.50% Senior Notes, due 2009	—		150,000
Fixed rate – 9.125% Senior Notes, due 2010	49,957		49,953
Fixed rate – 6.85% Senior Notes, due 2012	124,195		124,151
Fixed rate – 6.75% Senior Notes, due 2013	173,982		—
Total Debt	$	653,008	$	473,965

Book Equity
9.5% Series A Preferred (3,000,000 shares outstanding)	$	72,207	$	72,207
8.875% Series B Preferred (3,450,000 shares outstanding)	83,306		83,306
Common (62,575,825 and 62,547,348 shares outstanding)	1,457,222		1,489,507
Total Equity	$	1,612,735	$	1,645,020

Additional Data

(in thousands, except percentages and ratios)

	June 30, 2003		December 31, 2002
Leverage Ratios
Total Debt / Total Assets	25.5	%	19.7	%
Total Debt / Real Estate, at cost	23.1	%	17.2	%
Total Debt / Total Book Capitalization	28.8	%	22.4	%
Variable Rate Debt / Total Book Capitalization	6.8	%	—

		Quarter Ended June 30,						Six Months Ended June 30,
Coverage Ratios		2003			2002			2003			2002

Net Income		$	30,582		$	35,490		$	63,184		$	68,821
Add:	Loss on early extinguishment of debt	—			—			2,582			—
	Interest expense	9,733			11,066			20,402			21,113
	Depreciation and amortization	25,146			24,186			50,217			47,920
Less:	FF&E reserve income	(6,043		)	(6,723		)	(11,898		)	(12,932		)
EBITDA (3)		$	59,418		$	64,019		$	124,487		$	124,922

EBITDA / Interest expense		6.1		x	5.8		x	6.1		x	5.9		x
EBITDA / Interest Expense + Preferred Dividend		4.4		x	5.0		x	4.5		x	5.1		x

		Six Months Ended June 30,
Cash Flow Data		2003			2002

Cash flow from (used in):
	Operating activities	$	107,385		$	101,081
	Investing activities	$	(24,234	)	$	(139,419	)
	Financing activities	$	81,271		$	(137	)

See Notes on page 4.

(1) All of our hotels are leased to or operated by third-parties; we do not operate hotels. As of June 30, 2003, 52 of our properties are leased to our taxable REIT subsidiary, or TRS, and operated by third parties under three agreements. One agreement includes 35 hotels, which as of June 30, 2003, includes 25 hotels operated by affiliates of Marriott International under long term management contracts and leased to our TRS. Payment obligations due to us for these 25 hotels are pooled with 10 other hotels that continue to be leased by Marriott International until it elects to operate them under the management agreement. Each of these 10 hotels are required to begin to be leased to our TRS and managed by Marriott prior to June 30, 2004. The hotels formerly leased to Marriott International which are now leased to our TRS generated net operating results that were $301 and $720 less than the minimum return due to us for the 2003 and 2002 second quarter, respectively, and $2,527 and $2,315 less than the minimum return due to us for the six months ended 2003 and 2002, respectively. These amounts were funded by Marriott and are reflected as a reduction in hotel operating expenses. On April 1, 2003, Wyndham International defaulted two of our leases for 27 hotels and we retained $33.3 million of security deposits previously paid us by Wyndham. In late April and early May, 2003, we replaced Wyndham as operator of these hotels, and all of these hotels began to be managed by third parties and leased to our TRS. We have recorded no revenue or expenses related to Wyndham’s defaults or for the periods from these defaults to the dates Wyndham was replaced as operator of these 27 hotels, pending the outcome of discussions with Wyndham regarding claims which we have against Wyndham or which Wyndham may assert against us as a result of Wyndham’s defaults or prior operations. The amounts in the following table include the net revenues over expenses for the 52 hotels leased to our TRS, including amounts after Wyndham was replaced as an operator of our hotels.

	Quarter Ended June 30,						Six Months Ended June 30,
	2003			2002			2003			2002

Hotel operating revenues	$	45,374		$	20,310		$	68,160		$	38,449
Less: Hotel operating expenses	(32,058		)	(13,229		)	(46,104		)	(24,398		)
Net payments by our managers to our subsidiary tenant	13,316			7,081			22,056			14,051
Less: Payments made into FF&E Reserve escrows	(934		)	(1,054		)	(2,084		)	(1,997		)
Net	$	12,382		$	6,027		$	19,972		$	12,054

(2) Some of our leases with third parties provide that FF&E Reserve escrows are owned by us. Other leases with third parties provide that FF&E Reserve escrows are owned by the tenants and we have a security and remainder interest in the escrow accounts. When we own the escrow, at hotels leased to third parties, generally accepted accounting principles require that payments into the escrow be reported as additional rent. When we have a security and remainder interest in the escrow accounts, at hotels leased to third parties, deposits are not included in revenue but are included in FFO. CAD and EBITDA exclude all FF&E reserves.

(3) We compute FFO, CAD and earnings before interest, taxes, depreciation and amortization, or EBITDA, as shown in the calculations above. Our calculation of FFO differs from the NAREIT definition because we include FF&E deposits not included in net income (See footnote 2) and deferred percentage rent (See footnote 4) and exclude loss on early extinguishment of debt not settled in cash (See footnote 5). We consider FFO, CAD and EBITDA to be appropriate measures of performance or liquidity for a REIT, along with net income and cash flow from operating, investing and financing activities, because they provide investors with an indication of a REIT’s operating performance and its ability to incur and service debt, make capital expenditures, pay distributions and fund other cash needs. FFO, CAD and EBITDA do not represent cash generated by operating activities in accordance with generally accepted accounting principles, or GAAP, and should not be considered alternatives to net income or cash flow from operating activities as a measure of financial performance or liquidity. FFO, CAD and EBITDA are three important factors considered by our board of trustees when determining the amount of distributions to shareholders. Other important factors include, but are not limited to, requirements to maintain our status as a REIT, limitations in our revolving bank credit facility and public debt covenants, the availability of debt and equity capital to us and our expectation of our future performance.

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

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

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

Maryland		04-3262075
(State of Organization)		(IRS Employer Identification No.)

	HOSPITALITY PROPERTIES TRUST

	By:	/s/ Mark L. Kleifges
		Mark L. Kleifges
		Treasurer and Chief Financial Officer
		Dated: August 5, 2003