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Hospitality Properties Trust Oct 11
Standard & Poors, October 2011
The hotel properties in the portfolio are predominantly operated by well-positioned national managers, and are diversified by location and brand; Financial leverage is moderate; and HPT's conservatively-structured leases and management contracts insulate its earnings and debt coverage measures to some extent from property-level weakness. Performance of both hotel and travel center properties is volatile and cyclical; Hotel tenant coverage of rent at the property level remains weak, although there has been significant improvement since the cyclical trough; and HPT's portfolio is concentrated with properties operated by just five operators, and its largest such relationship is with relatively weakly positioned travel center operator TravelCenters of America LLC. Standard & Poor's Ratings Services' ratings on Hospitality Properties Trust (HPT) reflect our view...
Companies mentioned in this report are: Hospitality Properties Trust
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Research Type: Full Analysis
Hospitality Properties Trust