Hospitality Properties Trust
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Hospitality Properties Trust is a REIT that owns hotels and "travel centers" in 44 states of the US, in Puerto Rico and in Ontario Canada. Actually operations of these units is carried out by unaffiliated operating management companies under long term leases or agreements.
Hospitality Properties Trust Hotels
Their New York Stock Exchange (NYSE) symbol is HPT. They were founded in 1995. As of March 31, 2008 they were the only hotel real estate investment trust with a credit rating of Baa2/BBB.
They own 291 hotels and 185 travel centers, for $6.3 billion. Some of their hotels are operated by such well-known brand names as Marriott, the Hyatt Corporation and Carlson Hotels Worldwide.
Their travel centers are operated by TravelCenters of America LLC, with the brand name "TA." These are places along highways where you can get food and gas.
Their strategy is to have a portfolio of hotels and travel centers diversified by geography and with a focus on income. That is, price appreciation is secondary. Hotel operators are generally required to pay a minimum fee, plus a share of profits.
As a real estate investment trust, HPT obviously does depend on travel to and within the United States.
Next: What is the HRPT Properties Trust -- office buildings.
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