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EXHIBIT 10.33
                 SECOND AMENDMENT TO CERTAIN
                    OPERATIVE AGREEMENTS

      THIS  SECOND AMENDMENT TO CERTAIN OPERATIVE AGREEMENTS
dated  as of December __, 2000 (this "Amendment") is by  and
among   PERFORMANCE   FOOD  GROUP   COMPANY,   a   Tennessee
corporation  (the  "Lessee"  or the  "Construction  Agent");
FIRST   SECURITY  BANK,  NATIONAL  ASSOCIATION,  a  national
banking  association, not individually  (in  its  individual
capacity,  the  "Trust Company"), but solely  as  the  Owner
Trustee  under the PFG Real Estate Trust 1997-1 (the  "Owner
Trustee", the "Borrower" or the "Lessor"); the various banks
and other lending institutions which are parties hereto from
time  to  time  as  lenders (subject to  the  definition  of
Lenders   in  Appendix  A  to  the  Participation  Agreement
(hereinafter   defined),  individually,   a   "Lender"   and
collectively, the "Lenders"); FIRST UNION NATIONAL  BANK,  a
national  banking association ("First Union"), as the  agent
for  the  Lenders and respecting the Security Documents,  as
the agent for the Lenders and the Holders, to the extent  of
their interests (in such capacity, the "Agent"); the various
banks  and  other lending institutions which are parties  to
the Participation Agreement from time to time as holders  of
certificates  issued  with respect to the  PFG  Real  Estate
Trust  1997-1  (subject  to  the definition  of  Holders  in
Appendix  A to the Participation Agreement, individually,  a
"Holder"  and  collectively,  the  "Holders").   Capitalized
terms used but not otherwise defined in this Amendment shall
have   the  meanings  set  forth  in  Appendix  A   to   the
Participation Agreement.

                    W I T N E S S E T H:

      WHEREAS, the parties to this Amendment are parties  to
that certain Participation Agreement dated as of August  29,
1997 (the "Participation Agreement").

      WHEREAS, concurrently with this Amendment, pursuant to
Section  28.1  of  the  Lease, the  Financing  Parties  have
consented  to  the amendment and consents set forth  in  the
Second  Amendment  to the Lessee Credit  Agreement  and  the
Third  Amendment to the Lessee Credit Agreement, each  dated
as  of  December  __, 2000 with respect to the  Incorporated
Representations   and   Warranties  and   the   Incorporated
Covenants.

     WHEREAS, in consideration for and as a condition of the
consent  from the Financing Parties to the Second  Amendment
to  the  Lessee Credit Agreement and the Third Amendment  to
the  Lessee Credit Agreement, each dated as of December  __,
2000,   the   parties  hereto  have  agreed  to  amend   the
Participation  Agreement  on the terms  and  conditions  set
forth in this Amendment.

                      A G R E E M E N T

      NOW,  THEREFORE, for good and valuable  consideration,
the   receipt   and   sufficiency  of   which   are   hereby
acknowledged,  the  parties  to  this  Amendment  agree   as
follows:

                           PART I
                      AMENDMENTS TO THE
                   PARTICIPATION AGREEMENT

      1.    Appendix  A  to the Participation  Agreement  is
hereby amended to add or modify the following defined  terms
as follows:

     "Applicable Percentage" shall mean for Eurodollar Loans
and Eurodollar Holder Advances, the appropriate applicable
percentages corresponding to the Leverage Ratio in effect as
of the most recent Calculation Date as shown below:

                                                          Applicable
                                             Applicable   Percentage
                                             Percentage      for
                                                for       Eurodollar
     Pricing                                 Eurodollar      Holder
      Level           Leverage Ratio           Loans       Advances

    Level I     >.50 to 1.0                    0.700%        1.300%
    Level II    >.40 to 1, but <=.50 to 1.0    0.575%        1.175%
    Level III   >.30 to 1, but <=.40 to 1.0    0.450%        1.050%
    Level IV    <=.30 to 1.0                   0.375%        0.975%

      The  Applicable  Percentage for Eurodollar  Loans  and
Eurodollar   Holder  Advances  shall,  in  each   case,   be
determined  and  adjusted  quarterly  on  the  tenth  (10th)
Business  Day  after  receipt  by  the  Agent  of  quarterly
financial statements for the Lessee and its Subsidiaries and
the  accompanying  Officer's Compliance Certificate  setting
forth  the Leverage Ratio of the Lessee and its Subsidiaries
as  of  the  most  recent fiscal quarter  end,  as  required
pursuant  to  Sections  7.1 and 7.2  of  the  Lessee  Credit
Agreement and, by incorporation, pursuant to Section 28.1 of
the  Lease  (each a "Calculation Date"); provided,  however,
that if the Lessee fails to provide the financial statements
and   related  Officer's  Compliance  Certificate   required
pursuant  to  Sections  7.1 and 7.2  of  the  Lessee  Credit
Agreement  (and, by incorporation, pursuant to Section  28.1
of  the  Lease)  to the Agent on or before the  most  recent
Calculation Date, the Applicable Percentage, in  each  case,
from such Calculation Date shall be based on Pricing Level I
until  such time that such financial statements and  related
Officer's Compliance Certificate are provided, whereupon the
Pricing  Level  shall  be determined  by  the  then  current
Leverage   Ratio.   Each  Applicable  Percentage  shall   be
effective   from  one  Calculation  Date  until   the   next
Calculation   Date.   Any  adjustment  in   the   Applicable
Percentage  shall  be applicable to all existing  Eurodollar
Loans  and  Eurodollar Holder Advances as well  as  any  new
Eurodollar  Loans  and Eurodollar Holder  Advances  made  or
issued.

      Notwithstanding  the foregoing, in the  event  of  any
replacement or amendment of the Lessee Credit Agreement,  or
any  replacement  or amendment of the pricing  grid  setting
forth the Applicable Margin Per Annum for the LIBOR Rate  in
the  definition  of  "Applicable Margin"  under  the  Lessee
Credit   Agreement,  (A)  the  Applicable   Percentage   for
Eurodollar  Loans  set forth herein for each  Pricing  Level
shall  be amended to equal the greater of (i) the Applicable
Percentage  for Eurodollar Loans set forth herein  for  each
Pricing  Level or (ii) the Applicable Margin Per  Annum  for
LIBOR  Rate  Loans set forth for each corresponding  Pricing
Level  in  the  Lessee  Credit  Agreement,  as  replaced  or
amended,  plus 0.10%, and (B) the Applicable Percentage  for
Eurodollar  Holder Advances shall be amended  to  equal  the
greater  of  (i)  the Applicable Percentage  for  Eurodollar
Holder  Advances set forth herein for each Pricing Level  or
(ii)  the  Applicable Margin Per Annum for LIBOR Rate  Loans
set forth for each corresponding Pricing Level in the Lessee
Credit Agreement, as replaced or amended, plus 0.10%.

     "Capital  Lease" means, with respect to the Lessee  and
its Subsidiaries, any lease of any property that should,  in
accordance with GAAP, be classified and accounted for  as  a
capital lease on a Consolidated balance sheet of the  Lessee
and its Subsidiaries.

     "Capitalization" means, with respect to the Lessee  and
its  Subsidiaries  at any date and without duplication,  the
sum of the following calculated in accordance with GAAP: (a)
Total Debt plus (b) Consolidated Stockholders' Equity.

     "Consolidated"  means,  when  used  with  reference  to
financial  statements or financial statement  items  of  the
Lessee and its Subsidiaries, such statements or items  on  a
consolidated basis in accordance with applicable  principles
of consolidation under GAAP.

     "Debt"  means,  with  respect to  the  Lessee  and  its
Subsidiaries at any date and without duplication, the sum of
the   following  calculated  on  a  Consolidated  basis   in
accordance  with GAAP: (a) all liabilities, obligations  and
indebtedness for borrowed money including but not limited to
obligations evidenced by bonds, debentures, notes  or  other
similar instruments of the Lessee or any Subsidiary thereof,
(b)  all  obligations to pay the deferred purchase price  of
property  or  services  of  the  Lessee  or  any  Subsidiary
thereof, including without limitation all obligations  under
non-competition agreements but excluding (i) trade  payables
arising  in  the ordinary course of business  and  (ii)  all
amounts payable under any earn-out agreement unless any such
earn-out  payment  is payable in cash and  has  been  deemed
earned   and  required  to  be  included  on  the  financial
statements  of  the  Lessee  or any  Subsidiary  thereof  in
accordance with GAAP, (c) all obligations of the  Lessee  or
any  Subsidiary thereof as lessee under Capital Leases,  (d)
all  Debt of any other Person secured by a Lien on any asset
of  the  Lessee or any Subsidiary thereof, (e) all  Guaranty
Obligations   of  the  Lessee  or  any  Subsidiary   thereof
(excluding  any  Guaranty Obligations on  account  of  trade
payables  arising in the ordinary course of  business),  (f)
all  obligations, contingent or otherwise, of the Lessee  or
any  Subsidiary  thereof relative  to  the  face  amount  of
letters  of credit, whether or not drawn, including  without
limitation   any  Reimbursement  Obligation,  and   banker's
acceptances  issued for the account of  the  Lessee  or  any
Subsidiary thereof, (g) all obligations of the Lessee or any
Subsidiary thereof to redeem, repurchase, exchange,  defease
or  otherwise make payments in respect of capital  stock  or
other securities of the Lessee or any Subsidiary thereof and
(h) all obligations incurred by the Lessee or any Subsidiary
thereof pursuant to Hedging Agreements.

     "ELLF"  means, at any date with respect to  Lessee  and
its  Subsidiaries,  any synthetic lease,  end  loaded  lease
financing, tax retention operating lease, off-balance  sheet
loan or similar off-balance sheet financing product to which
Lessee  or  any  Subsidiary thereof is a party,  where  such
transaction  is  considered borrowed money indebtedness  for
tax  purposes  but  is classified as an operating  lease  in
accordance with GAAP on a consistent basis.

      "Facility  Fee" shall mean, collectively,  the  Holder
Facility Fee and the Lender Facility Fee.

      "Facility  Fee  Payment  Date"  shall  mean  the  last
Business Day of each March, June, September and December and
the Expiration Date.

     "Guaranty Obligation" means, with respect to Lessee and
its   Subsidiaries,  without  duplication,  any  obligation,
contingent  or  otherwise, of any such  Person  pursuant  to
which such Person has directly or indirectly guaranteed  any
Debt  or  other obligation of any other Person and,  without
limiting  the  generality of the foregoing, any  obligation,
direct  or  indirect, contingent or otherwise, of  any  such
Person  (a)  to purchase or pay (or advance or supply  funds
for   the  purchase  or  payment  of)  such  Debt  or  other
obligation   (whether  arising  by  virtue  of   partnership
arrangements, by agreement to keep well, to purchase assets,
goods,  securities  or  services,  to  take-or-pay,  or   to
maintain financial statement condition or otherwise) or  (b)
entered into for the purpose of assuring in any other manner
the  obligee of such Debt or other obligation of the payment
thereof  or to protect such obligee against loss in  respect
thereof  (in  whole  or in part); provided,  that  the  term
Guaranty  Obligation  shall  not  include  endorsements  for
collection or deposit in the ordinary course of business.

     "Hedging Agreement" means any agreement with respect to
an  interest rate swap, collar, cap, floor or a forward rate
agreement  or  other  agreement  regarding  the  hedging  of
interest  rate  risk  exposure executed in  connection  with
hedging  the  interest  rate exposure  of  Lessee,  and  any
confirming   letter  executed  pursuant  to   such   hedging
agreement, all as amended, restated or otherwise modified.

      "Holder Facility Fee" shall have the meaning given  to
such term in Section 9.4 of the Participation Agreement.

      "Lender Facility Fee" shall have the meaning given  to
such term in Section 9.4 of the Participation Agreement.

      "Lessee  Credit  Agreement" shall  mean  that  certain
Credit  Agreement dated as of March 5, 1999 among the Lessee
and the lenders referred to therein and First Union National
Bank,  as  Administrative Agent, as such  may  hereafter  be
amended,  modified, supplemented, restated  and/or  replaced
from time to time.

     "Leverage Ratio" shall mean the ratio of Total Debt  to
Capitalization.

      "Officer's  Compliance  Certificate"  shall  have  the
meaning  given  to such term in Section 7.2  of  the  Lessee
Credit Agreement.

     "Reimbursement Obligation" means the obligation of  the
Lessee  to reimburse the Issuing Lender pursuant to  Section
3.5  of the Lessee Credit Agreement for amounts drawn  under
Letters of Credit.

      "Total  Debt"  means, as of any date of  determination
with  respect  to  the  Lessee and  its  Subsidiaries  on  a
Consolidated basis without duplication, the sum of (a)  Debt
plus  (b)  all outstanding indebtedness obligations actually
incurred under or on account of any ELLF, each in accordance
with GAAP.

2.    Section 9.4 of the Participation Agreement  is  hereby
amended to read as follows:

     The  Lessee agrees to pay or to cause to be paid to the
     Agent for the account of (a) the Lenders, respectively,
     a facility fee (the "Lender Facility Fee") equal to the
     product  of the aggregate Commitments multiplied  by  a
     rate   of   0.150%  per  annum  and  (b)  the  Holders,
     respectively,  a  facility fee  (the  "Holder  Facility
     Fee")  equal  to  the product of the  aggregate  Holder
     Commitments multiplied by a rate of 0.150%  per  annum.
     Such  Facility  Fees  shall  be  payable  quarterly  in
     arrears on each Facility Fee Payment Date.  If all or a
     portion of any such Facility Fee shall not be paid when
     due,  such overdue amount shall bear interest,  payable
     by  the Lessee on demand, at a rate per annum equal  to
     the  ABR (or in the case of Holder Yield, the ABR  plus
     the   Applicable   Percentage  for  Eurodollar   Holder
     Advances) plus two percent (2%) from the date  of  such
     non-payment until such amount is paid in full (as  well
     as before judgment).

                           PART II
                        MISCELLANEOUS

       1.     This   Amendment  shall  be   effective   upon
satisfaction of the following conditions:

           (a)  execution and delivery of this Amendment  by
     the  parties hereto and execution and delivery of  such
     other   documents,  agreements  or  instruments  deemed
     necessary or advisable by the Agent; and

                (b)   receipt  by the Agent of an  officer's
     certificate  and/or  a secretary's certificate  of  the
     Lessee   (in   form   and   in   substance   reasonably
     satisfactory to the Agent) certifying that a resolution
     has   been  adopted  by  Lessee's  Board  of  Directors
     approving and authorizing the execution, delivery,  and
     performance  of  this  Amendment,  specifying  that  no
     Default or Event of Default shall have occurred and  be
     continuing,  specifying  that the  representations  and
     warranties  of  Lessee set forth in  the  Participation
     Agreement  are true and correct (except  for  any  such
     representations and warranties which relate  solely  to
     an earlier time) and certifying as to the incumbency of
     the officer of Lessee executing this Amendment; and

           (c)   receipt by the Agent of legal  opinions  of
     counsel  to  the Lessee relating to this  Amendment  in
     form  and  substance  reasonably  satisfactory  to  the
     Agent;

      2.    Except as modified hereby, all of the terms  and
provisions of the Operative Agreements (including  Schedules
and Exhibits) shall remain in full force and effect.

      3.   The Lessee agrees to pay all reasonable costs and
expenses  of  the Agent in connection with the  preparation,
execution and delivery of this Amendment, including  without
limitation the reasonable fees and expenses of Moore  &  Van
Allen, PLLC.

      4.    This Amendment may be executed in any number  of
counterparts,  each of which when so executed and  delivered
shall be deemed an original and it shall not be necessary in
making  proof  of this Amendment to produce or  account  for
more than one such counterpart.

      5.    This  Amendment shall be deemed to be a contract
made  under,  and  for all purposes shall  be  construed  in
accordance with the laws of the State of North Carolina.

     IN WITNESS WHEREOF, the parties hereto have caused this
Amendment  to be duly executed by their respective  officers
thereunto duly authorized as of the day and year first above
written.

                              PERFORMANCE FOOD GROUP
                              COMPANY, as the Construction
                              Agent and as the Lessee

                              By:
                              Name:
                              Title:

                              FIRST SECURITY BANK, NATIONAL
                              ASSOCIATION, not individually,
                              except as expressly stated
                              herein, but solely as the
                              Owner Trustee under the PFG
                              Real Estate Trust 1997-1

                              By:
                              Name:
                              Title:

                              FIRST UNION NATIONAL BANK, as
                              a Holder, as a Lender and as
                              the Agent

                              By:
                              Name:
                              Title:

                              SUNTRUST BANK, ATLANTA, as a
                              Holder and as a Lender

                              By:
                              Name:
                              Title:

                              By:
                              Name:
                              Title:

                              HIBERNIA NATIONAL BANK,  as  a
                              Lender

                              By:
                              Name:
                              Title:EXHIBIT 4.8

                          SUPPLEMENTAL INDENTURE NO. 4

                                 by and between

                          HOSPITALITY PROPERTIES TRUST

                                       and

                       STATE STREET BANK AND TRUST COMPANY

                               as of July 14, 2000

           SUPPLEMENTAL TO THE INDENTURE DATED AS OF FEBRUARY 25, 1998

                      ------------------------------------

                          HOSPITALITY PROPERTIES TRUST

                          9.125% Senior Notes due 2010

<PAGE>
         This SUPPLEMENTAL INDENTURE NO. 4 (this "Supplemental  Indenture") made
and entered into as of July 14, 2000 between  HOSPITALITY  PROPERTIES  TRUST,  a
Maryland real estate investment trust (the "Company"), and STATE STREET BANK AND
TRUST COMPANY, a Massachusetts trust company, as Trustee (the "Trustee").

                                WITNESSETH THAT:

         WHEREAS,  the Company and the Trustee have  executed  and  delivered an
Indenture,  dated as of  February  25, 1998 (the  "Indenture"),  relating to the
Company's issuance, from time to time, of various series of debt securities; and

         WHEREAS,  the Company has determined to issue debt securities  known as
its 9.125% Senior Notes due 2010; and

         WHEREAS,  the Indenture  provides that certain terms and conditions for
each series of debt securities issued by the Company thereunder may be set forth
in an indenture supplemental to the Indenture;

         NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH:

                                    ARTICLE 1

                                  DEFINED TERMS

         Section 1.1 The following  definitions  supplement,  and, to the extent
inconsistent with, replace the definitions in Section 101 of the Indenture:

         "Acquired  Debt"  means Debt of a Person (i)  existing at the time such
Person becomes a Subsidiary or (ii) assumed in connection  with the  acquisition
of assets from such Person, in each case, other than Debt incurred in connection
with,  or in  contemplation  of,  such  Person  becoming  a  Subsidiary  or such
acquisition.  Acquired  Debt shall be deemed to be  incurred  on the date of the
related  acquisition  of assets from any Person or the date the acquired  Person
becomes a Subsidiary.

         "Annual Debt Service" as of any date means the maximum  amount which is
expensed  in any  12-month  period for  interest  on Debt of the Company and its
Subsidiaries.

         "Business  Day" means any day other than a Saturday  or Sunday or a day
on which  banking  institutions  in the City of New York or in the city in which
the Corporate Trust Office of the Trustee is located, are required or authorized
to close.

         "Capital  Stock" means,  with respect to any Person,  any capital stock
(including preferred stock), shares, interests, participation or other ownership
interests  (however  designated)  of such Person and any rights (other than debt
securities  convertible  into or exchangeable  for capital  stock),  warrants or
options to purchase any thereof.

         "Consolidated  Income  Available for Debt Service" for any period means
Earnings from Operations of the Company and its Subsidiaries  plus amounts which
have been deducted,  and
<PAGE>

minus amounts which have been added,  for the following  (without  duplication):
(i)  interest on Debt of the Company and its  Subsidiaries,  (ii) cash  reserves
made by lessees as required by the Company's leases for periodic replacement and
refurbishment of the Company's assets,  (iii) provision for taxes of the Company
and its  Subsidiaries  based on income,  (iv)  amortization of debt discount and
deferred  financing costs, (v) provisions for gains and losses on properties and
property  depreciation and  amortization,  (vi) the effect of any noncash charge
resulting from a change in accounting  principles in  determining  Earnings from
Operations for such period and (vii) amortization of deferred charges.

         "Debt" of the Company or any Subsidiary means, without duplication, any
indebtedness  of the Company or any Subsidiary,  whether or not  contingent,  in
respect of (i)  borrowed  money or  evidenced  by bonds,  notes,  debentures  or
similar  instruments,  (ii)  indebtedness  for  borrowed  money  secured  by any
Encumbrance existing on property owned by the Company or any Subsidiary,  to the
extent of the lesser of (x) the amount of  indebtedness  so secured  and (y) the
fair  market  value of the  property  subject  to such  Encumbrance,  (iii)  the
reimbursement  obligations,  contingent  or otherwise,  in  connection  with any
letters of credit  actually  issued  (other  than  letters  of credit  issued to
provide credit  enhancement or support with respect to other indebtedness of the
Company or any  Subsidiary  otherwise  reflected as Debt  hereunder)  or amounts
representing  the  balance  deferred  and  unpaid of the  purchase  price of any
property  or  services,  except any such  balance  that  constitutes  an accrued
expense or trade payable,  or all  conditional  sale  obligations or obligations
under  any  title  retention  agreement,   (iv)  the  principal  amount  of  all
obligations  of the  Company  or any  Subsidiary  with  respect  to  redemption,
repayment or other  repurchase of any  Disqualified  Stock,  or (v) any lease of
property by the Company or any  Subsidiary  as lessee  which is reflected on the
Company's  consolidated  balance sheet as a capitalized lease in accordance with
GAAP,  to the  extent,  in the case of items of  indebtedness  under (i) through
(iii) above,  that any such items (other than letters of credit) would appear as
a liability on the Company's consolidated balance sheet in accordance with GAAP,
and also includes,  to the extent not otherwise included,  any obligation by the
Company or any Subsidiary to be liable for, or to pay, as obligor,  guarantor or
otherwise  (other than for  purposes of  collection  in the  ordinary  course of
business), Debt of another Person (other than the Company or any Subsidiary) (it
being  understood that Debt shall be deemed to be incurred by the Company or any
Subsidiary  whenever  the  Company  or such  Subsidiary  shall  create,  assume,
guarantee or otherwise become liable in respect thereof).

         "Disqualified  Stock"  means,  with respect to any Person,  any Capital
Stock of such Person which by the terms of such  Capital  Stock (or by the terms
of any security into which it is convertible or for which it is  exchangeable or
exercisable),  upon the  happening of any event or  otherwise  (i) matures or is
mandatorily  redeemable,  pursuant to a sinking  fund  obligation  or  otherwise
(other than  Capital  Stock which is  redeemable  solely in exchange  for common
stock or shares),  (ii) is convertible  into or  exchangeable or exercisable for
Debt or  Disqualified  Stock, or (iii) is redeemable at the option of the holder
thereof,  in whole or in part (other  than  Capital  Stock  which is  redeemable
solely in exchange for common stock or shares),  in each case on or prior to the
stated maturity of the Notes.

         "Earnings from Operations" for any period means net earnings  excluding
gains  and  losses on sales of  investments,  extraordinary  items and  property
valuation  losses,  as reflected in the

                                       2
<PAGE>

financial  statements  of the  Company  and its  Subsidiaries  for such  period,
determined on a consolidated basis in accordance with GAAP.

         "Encumbrance"  means any  mortgage,  lien,  charge,  pledge or security
interest of any kind.

         "Make-Whole  Amount" means, in connection with any optional  redemption
or accelerated  payment of any Notes,  the excess,  if any, of (i) the aggregate
present value as of the date of such  redemption or accelerated  payment of each
dollar of principal being redeemed or paid and the amount of interest (exclusive
of interest accrued to the date of redemption or accelerated payment) that would
have been payable in respect of such dollar if such  redemption  or  accelerated
payment had not been made,  determined by  discounting,  on a semiannual  basis,
such principal and interest at the  Reinvestment  Rate  (determined on the third
Business  Day  preceding  the  date  such  notice  of  redemption  is  given  or
declaration of  acceleration  is made) from the  respective  dates on which such
principal and interest would have been payable if such redemption or accelerated
payment had not been made, over (ii) the aggregate principal amount of the Notes
being  redeemed or paid.  For purposes of this  Supplemental  Indenture  and the
Notes, references in the Indenture to the payment of the principal (and premium,
if any) and  interest on the Notes shall be deemed to include the payment of the
Make-Whole Amount, if any, due upon redemption with respect to the Notes.

         "Notes" means the Company's 9.125% Senior Notes, due 2010, issued under
this Supplemental  Indenture and the Indenture,  as amended or supplemented from
time to time.

         "Reinvestment  Rate"  means a rate per annum  equal to the sum of 0.50%
(fifty one  hundredths of one percent) plus the yield on treasury  securities at
constant  maturity under the heading "Week Ending"  published in the Statistical
Release  under the  caption  "Treasury  Constant  Maturities"  for the  maturity
(rounded to the nearest month)  corresponding to the remaining life to maturity,
as of the payment date of the principal  being  redeemed or paid. If no maturity
exactly  corresponds to such maturity,  yields for the two published  maturities
most closely  corresponding to such maturity shall be calculated pursuant to the
immediately  preceding  sentence and the Reinvestment Rate shall be interpolated
or extrapolated from such yields on a straight-line  basis,  rounding in each of
such relevant  periods to the nearest  month.  For purposes of  calculating  the
Reinvestment  Rate, the most recent  Statistical  Release published prior to the
date of determination of the Make-Whole Amount shall be used.

         "Secured Debt" means Debt secured by any mortgage, lien, charge, pledge
or security interest of any kind.

         "Statistical   Release"  means  the  statistical   release   designated
"H.15(519)"  or any  successor  publication  which is  published  weekly  by the
Federal  Reserve System and which  establishes  yields on actively traded United
States  government  securities  adjusted  to  constant  maturities  or,  if such
statistical release is not published at the time of any determination under this
Supplemental  Indenture,  then any publicly  available  source of similar market
data which shall be designated by the Company.

         "Subsidiary"  means any corporation or other entity of which a majority
of (i) the voting power of the voting equity  securities or (ii) the outstanding
equity interests of which are owned,

                                       3
<PAGE>

directly or indirectly,  by the Company or one or more other Subsidiaries of the
Company.  For the purposes of this definition,  "voting equity securities" means
equity securities having voting power for the election of directors,  whether at
all times or only so long as no senior  class of security  has such voting power
by reason of any contingency.

         "Total  Assets" as of any date  means the sum of (i) the  Undepreciated
Real Estate Assets and (ii) all other assets of the Company and its Subsidiaries
determined  in  accordance  with GAAP (but  excluding  accounts  receivable  and
intangibles).

         "Total  Unencumbered  Assets" means the sum of (i) those  Undepreciated
Real Estate Assets not subject to an Encumbrance for borrowed money and (ii) all
other assets of the Company and its  Subsidiaries  not subject to an Encumbrance
for borrowed money  determined in accordance  with GAAP (but excluding  accounts
receivable and intangibles).

         "Undepreciated  Real  Estate  Assets"  as of any  date  means  the cost
(original cost plus capital  improvements)  of real estate assets of the Company
and  its  Subsidiaries  on  such  date,  before  depreciation  and  amortization
determined on a consolidated basis in accordance with GAAP.

         "Unsecured  Debt"  means  Debt  which  is  not  secured  by  any of the
properties of the Company or any Subsidiary.

                                    ARTICLE 2

                               TERMS OF THE NOTES

         Section 2.1 Pursuant to Section 301 of the  Indenture,  the Notes shall
have the following terms and conditions:

         (a) Title; Limitation on Aggregate Principal Amount; Form of Notes. The
Notes shall be Registered  Securities  under the Indenture and shall be known as
the Company's "9.125% Senior Notes due 2010." The aggregate  principal amount of
Notes which may be authenticated  and delivered under this Indenture  Supplement
shall not,  except as  permitted  by the  provisions  of the  Indenture,  exceed
$35,000,000,  provided that the Company may,  without the consent of the holders
of the Notes,  reopen this series and issue additional Notes under the Indenture
and this Indenture Supplement in addition to the $35,000,000 of Notes authorized
as of the date hereof.  The Notes  (together  with the Trustee's  certificate of
authentication) shall be substantially in the form of Exhibit A hereto, which is
hereby incorporated in and made a part of this Supplemental Indenture.

         The Notes will be issued in the form of one or more  registered  global
security  without coupons  ("Global  Notes") which will be deposited with, or on
behalf of, The Depository Trust Company  ("DTC"),  and registered in the name of
DTC's nominee,  Cede & Co. Except under the  circumstance  described  below, the
Notes will not be issuable in definitive form.  Unless and until it is exchanged
in whole or in part for the individual notes represented  thereby, a Global Note
may not be  transferred  except  as a whole by DTC to a  nominee  of DTC or by a
nominee of DTC to DTC or another  nominee of DTC or by DTC or any nominee of DTC
to a successor depositary or any nominee of such successor.

                                       4
<PAGE>

         So long as DTC or its nominee is the registered owner of a Global Note,
DTC or such nominee,  as the case may be, will be  considered  the sole owner or
holder of the Notes  represented by such Global Note for all purposes under this
Supplemental Indenture. Except as described below, owners of beneficial interest
in Notes  evidenced  by a Global  Note will not be  entitled  to have any of the
individual Notes represented by such Global Note registered in their names, will
not  receive or be entitled  to receive  physical  delivery of any such Notes in
definitive  form and will not be considered the owners or holders  thereof under
the Indenture or this Supplemental Indenture.

         If DTC is at any time  unwilling,  unable or  ineligible to continue as
depositary and a successor  depositary is not appointed by the Company within 90
days, the Company will issue individual Notes in exchange for the Global Note or
Global Notes  representing such Notes. In addition,  the Company may at any time
and in its sole  discretion,  subject  to certain  limitations  set forth in the
Indenture,  determine not to have any of such Notes  represented  by one or more
Global Notes and, in such event, will issue individual Notes in exchange for the
Global Note or Global Notes  representing the Notes.  Individual Notes so issued
will be issued in denominations of $1,000 and integral multiples thereof.

         (b) Interest and Interest  Rate. The Notes will bear interest at a rate
of 9.125% per annum,  from July 14, 2000 (or,  in the case of Notes  issued upon
the reopening of this series of Notes,  from the date  designated by the Company
in connection with such reopening) or from the  immediately  preceding  Interest
Payment  Date to which  interest  has been paid or duly  provided  for,  payable
semi-annually  in arrears  on  January  15 and July 15 of each year,  commencing
January 15, 2001 (each of which shall be an  "Interest  Payment  Date"),  to the
Persons in whose names the Notes are registered in the Security  Register at the
close of  business  on the  date 14  calendar  days  immediately  preceding  the
applicable  interest  payment date (whether or not a Business  Day), as the case
may be, (each, a "Regular Record Date").

         (c) Principal Repayment;  Currency. The stated maturity of the Notes is
July 15,  2010,  provided,  however,  the Notes may be earlier  redeemed  at the
option of the Company as provided in paragraph (d) below.  The principal of each
Note  payable  on its  maturity  date  shall be paid  against  presentation  and
surrender  thereof  at  the  Corporate  Trust  Office  of the  Trustee,  located
initially at Two Avenue de Lafayette,  Boston, Massachusetts 02111, in such coin
or currency  of the United  States of America as at the time of payment is legal
tender for the  payment of public or private  debts.  The  Company  will not pay
Additional Amounts (as defined in the Indenture) on the Notes.

         (d)  Redemption at the Option of the Company;  Acceleration.  The Notes
will be subject to redemption at any time at the option of the Company, in whole
or in part,  upon not less than 30 nor more than 60 days'  notice to each Holder
of Notes to be redeemed at its address appearing in the Security Register,  at a
price equal to the sum of (i) the principal  amount of the Notes being redeemed,
plus accrued and unpaid interest to but excluding the applicable Redemption Date
and (ii) the Make-Whole Amount. Upon the acceleration of the Notes in accordance
with  Section 502 of the  Indenture,  the  principal  amount of the Notes,  plus
accrued and unpaid interest thereon and the Make-Whole Amount,  shall become due
and payable immediately.

                                       5
<PAGE>

         (e) Notices. 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. Notices to the Company shall be directed
to it at 400 Centre Street, Newton,  Massachusetts 02458, Attention:  President;
notices to the  Trustee  shall be  directed  to it at Two  Avenue de  Lafayette,
Boston,   Massachusetts  02111,  Attention:   Corporate  Trust  Department,  Re:
Hospitality  Properties  Trust  9.125%  Senior  Notes due 2010,  or as to either
party,  at such other  address as shall be designated by such party in a written
notice to the other party.

         (f) Global  Note  Legend.  Each  Global  Note shall bear the  following
legend on the face thereof:

         UNLESS THIS NOTE IS PRESENTED BY AN  AUTHORIZED  REPRESENTATIVE  OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"), TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY  PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED  REPRESENTATIVE  OF DTC), ANY
TRANSFER,  PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

         (g)  Applicability  of Discharge,  Defeasance  and Covenant  Defeasance
Provisions.  The  Discharge,  Defeasance and Covenant  Defeasance  provisions in
Article Fourteen of the Indenture will apply to the Notes.

                                    ARTICLE 3

                              ADDITIONAL COVENANTS

         Section 3.1 In addition  to the  covenants  of the Company set forth in
Article Ten of the Indenture, for the benefit of the holders of the Notes:

         (a)  Limitations on Incurrence of Debt.

         (i) The Company will not, and will not permit any  Subsidiary to, incur
any  Debt  if,  immediately  after  giving  effect  to the  incurrence  of  such
additional  Debt and the  application  of the proceeds  thereof,  the  aggregate
principal  amount of all outstanding Debt of the Company and its Subsidiaries on
a consolidated  basis  determined in accordance with GAAP is greater than 60% of
the sum ("Adjusted Total Assets") of (without  duplication) (i) the Total Assets
of the  Company  and  its  Subsidiaries  as of the end of the  calendar  quarter
covered in the Company's  Annual Report on Form 10-K, or the Quarterly Report on
Form 10-Q,  as the case may be,  most  recently  filed with the  Securities  and
Exchange  Commission  (or, if such filing is not permitted  under the Securities
Exchange Act of 1934, as amended (the "Exchange  Act"),  with the Trustee) prior
to the  incurrence of such  additional  Debt and (ii) the purchase  price of any
real  estate  assets or  mortgages  receivable  acquired,  and the amount of any
securities offering proceeds received (to the extent that such proceeds were not
used to acquire  real estate  assets or mortgages  receivable  or used to reduce
Debt), by the Company or any Subsidiary since the end of such

                                       6
<PAGE>

calendar  quarter,  including  those  proceeds  obtained in connection  with the
incurrence of such additional Debt.

         (ii) In addition to the  foregoing  limitations  on the  incurrence  of
Debt,  the Company  will not, and will not permit any  Subsidiary  to, incur any
Secured Debt if,  immediately  after  giving  effect to the  incurrence  of such
additional  Secured  Debt  and the  application  of the  proceeds  thereof,  the
aggregate  principal  amount of all outstanding  Secured Debt of the Company and
its  Subsidiaries on a consolidated  basis is greater than 40% of Adjusted Total
Assets.

         (iii) In addition to the  foregoing  limitations  on the  incurrence of
Debt,  the Company  will not, and will not permit any  Subsidiary  to, incur any
Debt if the ratio of  Consolidated  Income  Available  for Debt  Service  to the
Annual Debt Service for the four consecutive fiscal quarters most recently ended
prior to the date on which such  additional  Debt is to be  incurred  shall have
been less than 1.5x, on a pro forma basis after giving effect thereto and to the
application of the proceeds therefrom, and calculated on the assumption that (i)
such Debt and any other Debt incurred by the Company and its Subsidiaries  since
the first day of such  four-quarter  period and the  application of the proceeds
therefrom,  including to refinance  other Debt, had occurred at the beginning of
such period;  (ii) the  repayment or retirement of any other Debt by the Company
and its Subsidiaries  since the first date of such four-quarter  period had been
repaid or retired at the  beginning of such period  (except that, in making such
computation,  the amount of Debt under any revolving  credit  facility  shall be
computed  based upon the average daily balance of such Debt during such period);
(iii) in the case of  Acquired  Debt or Debt  incurred  in  connection  with any
acquisition  since  the  first  day of such  four-quarter  period,  the  related
acquisition  had  occurred as of the first day of such  period with  appropriate
adjustments  with respect to such  acquisition  being included in such pro forma
calculation;  and  (iv) in the case of any  acquisition  or  disposition  by the
Company or its  Subsidiaries of any asset or group of assets since the first day
of such four-quarter period, whether by merger, stock purchase or sale, or asset
purchase or sale,  such  acquisition or disposition or any related  repayment of
Debt had  occurred  as of the  first  day of such  period  with the  appropriate
adjustments  with respect to such  acquisition or disposition  being included in
such pro  forma  calculation.  If the Debt  giving  rise to the need to make the
foregoing  calculation  or any other  Debt  incurred  after the first day of the
relevant  four-quarter  period  bears  interest  at a floating  rate  then,  for
purposes of calculating the Annual Debt Service,  the interest rate on such Debt
shall be computed on a pro forma  basis as if the  average  interest  rate which
would have been in effect  during the entire such  four-quarter  period had been
the applicable rate for the entire such period.

         (b)  Maintenance  of Total  Unencumbered  Assets.  The  Company and its
Subsidiaries  will maintain at all times Total  Unencumbered  Assets of not less
than 200% of the aggregate outstanding principal amount of the Unsecured Debt of
the Company and its Subsidiaries on a consolidated basis.

                                    ARTICLE 4

                          ADDITIONAL EVENTS OF DEFAULT

         Section 4.1 For purposes of this Supplemental  Indenture and the Notes,
in addition to the Events of Default set forth in Section 501 of the  Indenture,
it shall also  constitute  an "Event of

                                       7
<PAGE>

Default"  if a default  under any bond,  debenture,  note or other  evidence  of
indebtedness  of the  Company  (including  a default  with  respect to any other
series of securities),  or under any mortgage,  indenture or other instrument of
the Company  under which there may be issued or by which there may be secured or
evidenced  any  indebtedness  for  money  borrowed  by  the  Company  (or by any
Subsidiary,  the repayment of which the Company has  guaranteed or for which the
Company is directly  responsible  or liable as obligor or  guarantor)  having an
aggregate  principal amount  outstanding of at least  $20,000,000,  whether such
indebtedness now exists or shall hereafter be incurred or created, which default
shall have  resulted in such  indebtedness  becoming or being  declared  due and
payable  prior  to the date on which it  would  otherwise  have  become  due and
payable,  without such indebtedness  having been discharged or such acceleration
having been rescinded or annulled  within a period of ten days after there shall
have been given,  by registered or certified mail, to the Company by the Trustee
or to the Company  and the  Trustee by the Holders of at least 25% in  principal
amount of the  outstanding  Notes, a written notice  specifying such default and
requiring the Company to cause such  indebtedness to be discharged or cause such
acceleration  to be  rescinded  or annulled  and  stating  that such notice is a
"Notice of Default" hereunder.

         Section  4.2  Notwithstanding  any  provisions  to the  contrary in the
Indenture,  upon  any  acceleration  of  the  Notes  under  Section  502  of the
Indenture,  the amount immediately due and payable in respect of the Notes shall
equal the Outstanding principal amount thereof, plus accrued interest,  plus the
Make-Whole Amount.

                                    ARTICLE 5

                                  EFFECTIVENESS

         This  Supplemental  Indenture shall be effective for all purposes as of
the date and time this Supplemental Indenture has been executed and delivered by
the Company and the Trustee in accordance with Article Nine of the Indenture. As
supplemented  hereby,  the Indenture is hereby  confirmed as being in full force
and effect.

                                    ARTICLE 6

                                  MISCELLANEOUS

         Section 6.1 In the event any provision of this  Supplemental  Indenture
shall be held invalid or unenforceable  by any court of competent  jurisdiction,
such holding shall not invalidate or render  unenforceable  any other  provision
hereof or any provision of the Indenture.

         Section 6.2 To the extent that any terms of this Supplemental Indenture
or the Notes are inconsistent with the terms of the Indenture, the terms of this
Supplemental Indenture or the Notes shall govern and supersede such inconsistent
terms.

         Section  6.3  This  Supplemental  Indenture  shall be  governed  by and
construed in accordance with the laws of The Commonwealth of Massachusetts.

         Section  6.4 This  Supplemental  Indenture  may be  executed in several
counterparts,  each  of  which  shall  be an  original  and all of  which  shall
constitute but one and the same instrument.

                                       8
<PAGE>

         IN WITNESS  WHEREOF,  the  Company  and the  Trustee  have  caused this
Supplemental  Indenture  to be  executed  as an  instrument  under seal in their
respective corporate names as of the date first above written.

                                     HOSPITALITY PROPERTIES TRUST

                                     By: /s/  John G. Murray
                                         Name:  John G. Murray
                                        Title:  President

                                     STATE STREET BANK AND TRUST
                                        COMPANY, as Trustee

                                     By: /s/  Ruth A. Smith
                                         Name:  Ruth A. Smith
                                        Title:  Vice President

<PAGE>

                                                                 EXHIBIT A

                                 (Face of Note)

                          9.125% Senior Notes due 2010

No.                                                             $__________

                          HOSPITALITY PROPERTIES TRUST

promises  to  pay  to   _______________________________________   or  registered
assigns, the principal sum of  _____________________________________  Dollars on
July 15, 2010.

                  Interest Payment Dates:  January 15 and July 15.
                  Record Dates:  January 1 and July 1.

CUSIP No:  _____________

                                      HOSPITALITY PROPERTIES TRUST

                                      By:______________________________
                                         Name:
                                         Title:

Dated:

This is one of the Notes referred to in the within-mentioned Indenture:

STATE STREET BANK AND TRUST COMPANY, as Trustee

By:______________________________
    Authorized Officer

                                      A-1

<PAGE>

                                 (Back of Note)

                          HOSPITALITY PROPERTIES TRUST

                          9.125% Senior Notes due 2010

         Capitalized terms used herein have the meanings assigned to them in the
Indenture (as defined below) unless otherwise indicated.

         1.  Interest.  Hospitality  Properties  Trust,  a Maryland  real estate
investment  trust (the  "Company"),  promises to pay  interest on the  principal
amount of this Note at the rate and in the manner specified below.

         The Company shall pay in cash interest on the principal  amount of this
Note  at  the  rate  per  annum  of  9.125%.   The  Company  will  pay  interest
semi-annually  in arrears on January 15 and July 15 of each year,  commencing on
January  15,  2001 or if any such day is not a Business  Day (as  defined in the
Indenture),  on the next  succeeding  Business  Day (each an  "Interest  Payment
Date"), to Holders of record on the immediately preceding January 1 and July 1.

         Interest will be computed on the basis of a 360-day year  consisting of
twelve 30-day  months.  Interest shall accrue from the most recent date to which
interest  has been paid or, if no interest  has been paid,  from the date of the
original issuance of the Notes.

         2.  Method of  Payment.  The  Company  will pay  interest  on the Notes
(except defaulted  interest) to the Persons who are registered  Holders of Notes
at the close of business on the record date next preceding the Interest  Payment
Date,  even if such Notes are  canceled  after such record date and on or before
such Interest Payment Date. The Company will pay principal and interest in money
of the United  States that at the time of payment is legal tender for payment of
public and private debts. The Company,  however, may pay principal,  premium, if
any, and interest by check payable in such money.  It may mail an interest check
to a Holder's registered address.

         3. Indenture.  The Company issued the Notes under an Indenture dated as
of February 25, 1998 and Supplemental  Indenture No. 4 dated as of July 14, 2000
(collectively,  the "Indenture")  between the Company and the Trustee. The terms
of the Notes  include  those stated in the  Indenture and those made part of the
Indenture by reference to the Trust  Indenture  Act of 1939 (15 U.S. Code ss.ss.
77aaa-77bbbb)  as in effect on the date of the Indenture.  The Notes are subject
to all such terms,  and Holders of the Notes are referred to the  Indenture  and
such Act for a statement of such terms.  The terms of the Indenture shall govern
any inconsistencies between the Indenture and the Notes. The Notes are unsecured
general  obligations of the Company  initially issued in an aggregate  principal
amount of $35,000,000.

         4. Optional Redemption.  The Notes will be subject to redemption at any
time at the option of the  Company,  in whole or in part,  upon not less than 30
nor more than 60 days' notice, at a redemption price equal to the sum of (i) the
principal  amount of the Notes being redeemed,  plus accrued and unpaid interest
to but excluding the applicable Redemption Date and (ii) the Make-Whole Amount.

                                      A-2
<PAGE>

         As used herein the term  "Make-Whole  Amount" means, in connection with
any optional redemption or accelerated payment of any Notes, the excess, if any,
of (i)  the  aggregate  present  value  as of the  date of  such  redemption  or
accelerated  payment of each dollar of principal  being redeemed or paid and the
amount of interest  (exclusive of interest  accrued to the date of redemption or
accelerated  payment)  that would have been payable in respect of such dollar if
such  redemption  or  accelerated  payment  had not  been  made,  determined  by
discounting,  on  a  semiannual  basis,  such  principal  and  interest  at  the
Reinvestment  Rate (as defined  herein)  (determined  on the third  Business Day
preceding  the date  such  notice  of  redemption  is given  or  declaration  of
acceleration  is made) from the  respective  dates on which such  principal  and
interest would have been payable if such  redemption or accelerated  payment had
not been  made,  over (ii) the  aggregate  principal  amount of the Notes  being
redeemed or paid.

         As used  herein  the term  "Reinvestment  Rate"  means a rate per annum
equal to the sum of 0.50% (fifty one  hundredths  of one percent) plus the yield
on treasury  securities  at constant  maturity  under the heading  "Week Ending"
published  in the  Statistical  Release  (as defined  herein)  under the caption
"Treasury  Constant  Maturities" for the maturity (rounded to the nearest month)
corresponding  to the remaining life to maturity,  as of the payment date of the
principal  being  redeemed or paid. If no maturity  exactly  corresponds to such
maturity,  yields for the two published maturities most closely corresponding to
such maturity shall be calculated pursuant to the immediately preceding sentence
and the Reinvestment Rate shall be interpolated or extrapolated from such yields
on a  straight-line  basis,  rounding  in each of such  relevant  periods to the
nearest  month.  For purposes of  calculating  the  Reinvestment  Rate, the most
recent  Statistical  Release published prior to the date of determination of the
Make-Whole Amount shall be used.

         As used herein the term  "Statistical  Release"  means the  statistical
release designated  "H.15(519)" or any successor  publication which is published
weekly by the Federal  Reserve System and which  establishes  yields on actively
traded United States government  securities  adjusted to constant maturities or,
if such  statistical  release is not published at the time of any  determination
under the Supplemental Indenture,  then any publicly available source of similar
market data which shall be designated by the Company.

         5.  Mandatory  Redemption.  The  Company  shall not be required to make
sinking fund or redemption payments with respect to the Notes.

         6. Notice of Redemption.  Notice of redemption shall be mailed at least
30 days but not more than 60 days before the  Redemption  Date to each Holder of
Notes to be redeemed at its  registered  address.  Notes may be redeemed in part
but only in whole multiples of $1,000,  unless all of the Notes held by a Holder
are to be redeemed.  On and after the redemption date, interest ceases to accrue
on Notes or portions of them called for redemption.

         7. Denominations,  Transfer, Exchange. The Notes are in registered form
without coupons in denominations  of $1,000 and integral  multiples of $1,000 in
excess  thereof.  The  transfer  of Notes  may be  registered  and  Notes may be
exchanged as provided in the Indenture.  The Security  Registrar and the Trustee
may require a Holder,  among other things, to furnish  appropriate  endorsements
and  transfer  documents  and to pay  any  taxes  and  fees  required  by law or
permitted by the Indenture. The Security Registrar need not exchange or register
the transfer

                                      A-3
<PAGE>

of any Note or portion of a Note  selected  for  redemption.  Also,  it need not
exchange  or register  the  transfer of any Notes for a period of 15 days before
the mailing of a notice of redemption of Notes,  or during the period  between a
record date and the corresponding Interest Payment Date.

         8.  Defaults and  Remedies.  In case an Event of Default (as defined in
the Indenture)  with respect to the Notes shall have occurred and be continuing,
the principal hereof may be declared,  and upon such  declaration  shall become,
due and payable,  in the manner,  with the effect and subject to the  provisions
provided in the Indenture.

         9. Actions of Holders. The Indenture contains provisions permitting the
holders of not less than a majority  of the  aggregate  principal  amount of the
outstanding  Notes,  subject to certain exceptions as provided in the Indenture,
on behalf of the holders of all such Notes at a meeting  duly called and held as
provided  in  the  Indenture,  to  make,  give  or  take  any  request,  demand,
authorization,  direction,  notice,  consent, waiver or other action provided in
the Indenture to be made, given or taken by the holders of the Notes,  including
without  limitation,   waiving  (a)  compliance  by  the  Company  with  certain
provisions of the  Indenture,  and (b) certain past defaults under the Indenture
and their  consequences.  Any resolution passed or decision taken at any meeting
of the holders of the Notes in accordance  with the  provisions of the Indenture
shall be conclusive and binding upon such holders and upon all future holders of
this Note and other Notes issued upon the  registration of transfer hereof or in
exchange heretofore or in lieu hereof

         10. Persons Deemed Owners. The Company,  the Trustee,  and any agent of
the Company or the Trustee may deem and treat the Person in whose name this Note
is registered on the Security Register as its absolute owner for all purposes.

         11. Authentication. This Note shall not be valid until authenticated by
the manual signature of the Trustee or an authenticating agent.

         12.   Governing   Law.  THE  INTERNAL  LAW  OF  THE   COMMONWEALTH   OF
MASSACHUSETTS SHALL GOVERN AND BE USED TO CONSTRUE THE INDENTURE AND THE NOTES.

         13. No Personal  Liability.  THE  DECLARATION  OF TRUST OF THE COMPANY,
AMENDED AND  RESTATED ON AUGUST 21,  1995,  A COPY OF WHICH,  TOGETHER  WITH ALL
AMENDMENTS  THERETO  (THE  "DECLARATION"),  IS DULY  FILED IN THE  OFFICE OF THE
DEPARTMENT OF ASSESSMENTS  AND TAXATION OF THE STATE OF MARYLAND,  PROVIDES THAT
THE NAME  "HOSPITALITY  PROPERTIES  TRUST"  REFERS  TO THE  TRUSTEES  UNDER  THE
DECLARATION  COLLECTIVELY AS TRUSTEES,  BUT NOT INDIVIDUALLY OR PERSONALLY,  AND
THAT NO TRUSTEE, OFFICER, SHAREHOLDER, EMPLOYEE OR AGENT OF THE COMPANY SHALL BE
HELD TO ANY PERSONAL LIABILITY,  JOINTLY OR SEVERALLY, FOR ANY OBLIGATION OF, OR
CLAIM AGAINST,  THE COMPANY.  ALL PERSONS DEALING WITH THE COMPANY,  IN ANY WAY,
SHALL LOOK ONLY TO THE ASSETS OF THE  COMPANY  FOR THE PAYMENT OF ANY SUM OR THE
PERFORMANCE OF ANY OBLIGATION.

                                      A-4
<PAGE>

         The Company will furnish to any Holder upon written request and without
charge a copy of the Indenture. Request may be made to:

                                            Hospitality Properties Trust
                                            400 Centre Street
                                            Newton, MA 02458
                                            Telecopier No.:  (617) 969-5730
                                            Attention: President

                                      A-5
<PAGE>

                                 ASSIGNMENT FORM

To assign  this Note,  fill in the form below:  (I) or (we) assign and  transfer
this Note to

                  (Insert assignee's soc. sec. or tax I.D. no.)

              (Print or type assignee's name, address and zip code)

and irrevocably  appoint to transfer this Note on the books of the Company.  The
agent may substitute another to act for him.

Date:

                                      Your Signature:

                                      (Sign exactly as your name appears on
                                      the face of this Note)

Signature Guarantee:

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