Document:

EXHIBIT 4.9

                          SUPPLEMENTAL INDENTURE NO. 5

                                 by and between

                          HOSPITALITY PROPERTIES TRUST

                                       and

                       STATE STREET BANK AND TRUST COMPANY

                               as of July 28, 2000

           SUPPLEMENTAL TO THE INDENTURE DATED AS OF FEBRUARY 25, 1998

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

                          HOSPITALITY PROPERTIES TRUST

                          9.125% Senior Notes due 2010

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         This SUPPLEMENTAL INDENTURE NO. 5 (this "Supplemental  Indenture") made
and entered into as of July 28, 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 previously  issued  $35,000,000 of its 9.125%
Senior  Notes due 2010 under  Supplemental  Indenture No 4, dated as of July 14,
2000, between the Company and the Trustee ( "Supplemental Indenture No. 4" ) and
the Indenture; and

         WHEREAS,  under the previous of said Supplemental  Indenture No. 4, the
Company is permitted to reopen the series of Notes established  thereunder,  and
the Company has determined so to reopen said series,  and to issue an additional
$15,000,000 of its 9.125% Series Notes due 2010;

         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.
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         "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 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

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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 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.  The
Make-Whole  Amount  shall  be  calculated  by the  Company  and set  forth in an
Officer's  Certificate  delivered  to the  Trustee,  and the  Trustee  shall  be
entitled to rely on said Officer's Certificate.

         "Notes" means the Company's 9.125% Senior Notes due 2010,  issued under
this Supplemental  Indenture or Supplemental  Indenture No. 4 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.

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         "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,  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,  shall be of the same
series as those issued under  Supplemental  Indenture No. 4 and shall,  together
with those previously issued Notes under Supplemental  Indenture No. 4, 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

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Supplemental  Indenture  shall not, except as permitted by the provisions of the
Indenture,  exceed  $15,000,000,  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  Supplemental  Indenture in addition to the
$50,000,000 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 or in the form of Exhibit A to Supplemental Indenture No. 4,
each  which  is  hereby  incorporated  in and  made a part of this  Supplemental
Indenture. Supplemental Indenture No. 4 is hereby modified to provide that Notes
issued thereunder  (together with the Trustee's  certificate of  authentication)
shall be substantially in the form of Exhibit A hereto or in the form of Exhibit
A to Supplemental Indenture No. 4, each which is hereby incorporated in and made
a part of Supplemental Indenture No. 4.

         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.

         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  (except as  otherwise  provided in an
applicable  supplemental  indenture) 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

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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.

         (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 CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO THE ISSUER OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
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.

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         (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 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

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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  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.

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         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.

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         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/  Julie A. Balerna
                                            Name:  Julie A. Balerna
                                           Title:  Assistant Vice President

                                       10
<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>
             [THE FOLLOWING CONSTITUTES THE REVERSE OF THE SECURITY]

                          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 as a part of a series issued
under an Indenture dated as of February 25, 1998, a Supplemental Indenture No. 4
dated as of July 14, 2000 and a  Supplemental  Indenture  No. 5 dated as of July
28, 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.  The Notes initially  issued
pursuant to said  Supplemental  Indenture No. 4 or Supplemental  Indenture No. 5
are in an aggregate principal amount of $50,000,000.

         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,

                                      A-2
<PAGE>

plus accrued and unpaid interest to but excluding the applicable Redemption Date
and (ii) the Make-Whole Amount.

         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

                                      A-3
<PAGE>

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 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

                                      A-4
<PAGE>

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.

         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:EXHIBIT 10.5

                          HOSPITALITY PROPERTIES TRUST
             FIRST AMENDMENT AND LIMITED WAIVER TO CREDIT AGREEMENT

         This FIRST  AMENDMENT  AND  LIMITED  WAIVER TO CREDIT  AGREEMENT  (this
"Amendment")  is dated as of January  26,  2001 and  entered  into by and among
HOSPITALITY   PROPERTIES   TRUST,  a  Maryland  real  estate   investment  trust
("Borrower"),  the financial  institutions  listed on the signature pages hereof
("Lenders"), DRESDNER BANK AG, NEW YORK BRANCH AND GRAND CAYMAN BRANCH, as agent
for Lenders  ("Agent"),  and, for purposes of Section 4 hereof,  the  Guarantors
listed on the signature pages hereof, and is made with reference to that certain
Second Amended and Restated Revolving Credit Agreement dated as of June 10, 1998
(the "Credit Agreement") by and among Borrower,  Lenders and Agent.  Capitalized
terms used herein without  definition shall have the same meanings herein as set
forth in the Credit Agreement.

         WHEREAS,  Borrower  intends  to  acquire  100% of the shares of another
company  identified to the Lenders in a letter dated  December 20, 2000 from the
Borrower  to  the  Agent  and  the  Lenders  (the  "December  20  Letter"),   on
substantially the terms set forth therein (the "2001 Acquisition"),  and shortly
thereafter  to sell  certain  of the  properties  owned  by such  company  to an
Affiliate  of  Borrower   identified   in  the  December  20  Letter,   also  on
substantially the terms described therein; and

         WHEREAS,  Borrower,  Lenders  and  Agent  desire  (i) to  make  certain
amendments to the Credit Agreement in connection with the 2001 Acquisition,  and
(ii) to waive the provisions of the Credit  Agreement to the extent  required to
permit the 2001 Acquisition and certain related transactions.

         NOW,  THEREFORE,  in  consideration of the premises and the agreements,
provisions and covenants herein contained, the parties hereto agree as follows:

Section 1. AMENDMENTS TO THE CREDIT AGREEMENT.

1.1 Amendment to Article 1: Definitions.  Section 1.1 of the Credit Agreement is
hereby amended by:

         A. inserting the following new definitions, in the appropriate order:

         "2001 Acquisition" means the "2001 Acquisition" as defined in the First
         Amendment.

         "First  Amendment"  means the First  Amendment  and  Limited  Waiver to
         Credit Agreement dated as of January 26, 2001.

         "TRS"  means a  Subsidiary  of the  Borrower  which is a "taxable  REIT
         subsidiary" within the meaning of Section 856(l) of the Code.
<PAGE>

         B. changing the definition of "Business" as follows:

                  (i)  redesignating  the term defined  therein as "Business" as
         "Primary  Business,"  deleting  the words  "third  party"  which appear
         immediately  before the word  "Lessees"  in the second line thereof and
         reinserting  the  definition  (now  designated  as  the  definition  of
         "Primary Business") in the appropriate alphabetical order; and

                  (ii)   inserting  the  following   new   definitions   in  the
         appropriate alphabetical order:

         "Business"  means the  Primary  Business  and the  Permitted  Ancillary
         Business.

         "Permitted Ancillary Business" means (a) the management,  operation and
         maintenance in the ordinary course of business of the hotel  management
         business  acquired  in the  2001  Acquisition  and  ownership  of other
         non-qualified REIT assets acquired in the 2001 Acquisition in each case
         by  Subsidiaries  of  Borrower  approved  for such  purpose  by  Agent;
         provided,  that the aggregate gross revenues of such  Subsidiaries from
         the management and operation of such business  constitutes less than 5%
         of the consolidated  total revenues of Borrower and its Subsidiaries in
         any  calendar  year and (b) the  leasing of hotel  properties  by TRSs;
         provided,  that (i) Borrower is in compliance  with Section  7.1(k) and
         (ii) if the Lease is with the Borrower or another of its  Subsidiaries,
         Agent has approved the TRS as a Lessee under the Lease and the Lease is
         reasonably  consistent (in the reasonable  determination of Agent) with
         Leases that the Borrower and its Subsidiaries  have previously  entered
         with third parties.

         C. amending the  definition  of "Lessee" by deleting the  parenthetical
"(without  Agent's  approval)"  from the  first and  second  lines  thereof  and
substituting the following parenthetical  therefor:  "(without Agent's approval,
which shall not be granted  unless the Lease is  reasonably  consistent  (in the
reasonable  determination  of  Agent)  with  Leases  that the  Borrower  and its
Subsidiaries have previously entered with third parties)."

         D. changing the definition of "Permitted Mortgage Investments" by

                  (i)  inserting at the end of the third bullet point  paragraph
         thereof the  parenthetical  "(except as  permitted  by Section 2 of the
         First Amendment)" and

                  (ii)  inserting  the  following  words  at the end of the last
         sentence  of the last bullet  point  paragraph  thereof "or  properties
         acquired in the 2001 Acquisition."

1.2 Amendment to Article 5: Representations and Warranties.

         A.  The  first  sentence  of  Section  5.11  of  the  Credit  Agreement
(Subsidiaries;  Ownership  of Stock) is hereby  amended  by  deleting  it in its
entirety and inserting the following in substitution therefor:

         "The only direct or indirect  Subsidiaries of Borrower are those listed
         in Section 5.11 of the Disclosure Schedule or those created or acquired
         after the Closing  Date  pursuant to

                                       2
<PAGE>

         Section  7.7(c) or  pursuant  to the 2001  Acquisition  and  separately
         identified  to the Agent in writing  promptly  upon their  creation  or
         acquisition."

         B. The first  sentence of Section 5.14 of the Credit  Agreement  (Labor
Matters)  is hereby  amended  by  deleting  the first  sentence  thereof  in its
entirety and substituting the following therefor:

         "There are no labor  contracts  to which any  Credit  Party is a party,
         except such as have been identified by Borrower to the Agent in writing
         promptly upon their assumption or execution."

1.3 Amendment to Article 6: Affirmative Covenants.

         Section 6.1 of the Credit  Agreement  (Financial  Reporting)  is hereby
amended by  inserting  the words "the 2001  Acquisition"  immediately  after the
words "the business affairs and financial  condition of all or any of the Credit
Parties" in the second and third lines of clause (f) thereof.  Without  limiting
the  foregoing  amendment  Agent hereby  requests and Borrower  hereby agrees to
provide  Agent  promptly  with full  details of any  non-qualified  REIT  assets
acquired in the 2001 Acquisition.

1.4 Amendment to Article 7: Financial Covenants; Negative Covenants.

         A. Section 7.1 of the Credit Agreement (Financial  Covenants) is hereby
amended by inserting the following as a new clause (k) at the end thereof:

         "(k) At the end of each Fiscal Quarter, the aggregate net book value of
         the assets of the  Subsidiaries of the Borrower that are TRSs shall not
         exceed the lesser of (x) $200 million or (y) 10% of Consolidated  Total
         Assets."

         B. Section 7.7 of the Credit Agreement  (Investments) is hereby amended
by inserting the words "Permitted Mortgage  Investments and" at the beginning of
clause (g) thereof.

         C. Section 7.10 of the Credit  Agreement  (Additional  Subsidiaries) is
hereby  amended by  deleting  the word  "and"  after  clause  (iii) of the first
sentence  thereof and  inserting the following as a new clause (v) at the end of
such sentence "and (v) the 2001 Acquisition."

Section 2. LIMITED WAIVER.

2.1 Waiver. Subject to the terms and conditions set forth herein and in reliance
on the  representations  and warranties of Borrower  herein  contained,  Lenders
hereby waive  compliance  with the provisions of (a) Sections  7.3(d) and 7.5 of
the Credit Agreement to the extent, and only to the extent,  necessary to permit
Borrower to incur (and the  Guarantors to guaranty)  Permitted New  Indebtedness
that matures  before the Maturity Date in an amount up to  $200,000,000  for the
sole purpose of financing the 2001  Acquisition;  provided,  that such Permitted
New  Indebtedness  is unsecured  and (b) Sections 7.2, 7.3 and 7.8 of the Credit
Agreement,  to the extent,  and only to the extent  necessary to permit Borrower
and its  Subsidiaries to (i) own certain  non-hotel  properties  acquired in the
2001  Acquisition  and  identified  in  the  December  20  Letter,

                                       3
<PAGE>

assume  the  Indebtedness  secured  thereby  and sell  such  properties  and the
Subsidiary that is the direct owner of the properties to an Affiliate identified
in the first  paragraph  of the  December  20  Letter;  provided,  that (x) such
Indebtedness is existing on the date of the 2001  Acquisition and not created in
anticipation  thereof;  (y) such  properties are sold to, and such  Indebtedness
assumed by, such  Affiliate  within 35 days of the date of  consummation  of the
2001  Acquisition  and (z) none of the Credit  Parties  remain liable after such
sale with respect to such  Indebtedness;  (ii) provide  seller  financing not to
exceed  $250,000,000  to such  Affiliate  in  connection  with  the sale of such
properties and (iii) manage and operate such properties;  provided, that (x) the
transactions  described  in  clauses  (ii) and  (iii)  hereof  are upon fair and
reasonable terms no less favorable to any Credit Party than could be obtained in
a comparable arm's length  transaction with an unaffiliated  Person; and (y) the
financing  described  in clause  (ii)  hereof is secured by  Permitted  Mortgage
Investments.

2.2  Consent to Change in Basis of  Calculations  of  Assigned  Value in Certain
Cases.  The Required Lenders hereby consent to the "Assigned Value" for those 10
Hotels  (as  identified  in the first  bullet  point of the third  paragraph  of
December  20  Letter)  that  will be  acquired  in the  2001  Acquisition  being
calculated on the basis  described in the second  bullet point  paragraph of the
definition of "Assigned  Value" set forth in Section 1.1 of the Credit Agreement
even  though  the  Hotels  will  have been  owned for less than six full  Fiscal
Quarters.

2.3 Limitation of Waiver.  Without  limiting the generality of the provisions of
Section  10.12 of the Credit  Agreement,  the waiver  set forth  above  shall be
limited precisely as written and nothing in this Amendment shall be deemed to:

                  (a) constitute a waiver of compliance by Borrower with respect
         to (i) Sections  7.2,  7.3,  7.5 or 7.8 of the Credit  Agreement in any
         other  instance or (ii) any other term,  provision  or condition of the
         Credit  Agreement  or any other  instrument  or  agreement  referred to
         therein  (whether  in  connection  with  the 2001  Acquisition  and the
         related transactions or otherwise); or

                  (b) prejudice any right or remedy that Agent or any Lender may
         now have or may have in the  future  under  or in  connection  with the
         Credit  Agreement  or any other  instrument  or  agreement  referred to
         therein.

Section 3. BORROWER'S REPRESENTATIONS AND WARRANTIES.

         In order to induce  Lenders to enter into this  Amendment  and to amend
the Credit  Agreement in the manner  provided  herein,  Borrower  represents and
warrants to each  Lender that the  following  statements  are true,  correct and
complete:

         A. Trust or Corporate Power and Authority.  Borrower and each Guarantor
has all  requisite  organizational  power  and  authority  to  enter  into  this
Amendment  and to carry out the  transactions  contemplated  by, and perform its
respective  obligations under, the Credit Agreement as amended by this Amendment
(the "Amended Agreement").

                                       4
<PAGE>

         B.  Authorization  of  Agreements.  The  execution and delivery of this
Amendment and the performance of the Amended Agreement have been duly authorized
by all  necessary  trust  or  corporate  action  on the  part  of  Borrower  and
Guarantors.

         C. No Conflict.  The execution and delivery by Borrower and  Guarantors
of this Amendment and the  performance by Borrower and Guarantors of the Amended
Agreement  do not and  will  not (i)  violate  any  provision  of any law or any
governmental   rule  or  regulation   applicable  to  Borrower  or  any  of  its
Subsidiaries,   the  Declaration  of  Trust,  or  Certificates  or  Articles  of
Incorporation  or Bylaws of  Borrower or any of its  Subsidiaries  or any order,
judgment  or decree  of any  court or other  agency  of  government  binding  on
Borrower or any of its  Subsidiaries,  (ii) conflict with, result in a breach of
or  constitute  (with due  notice or lapse of time or both) a default  under any
contractual  obligation of Borrower or any of its Subsidiaries,  (iii) result in
or require the creation or imposition of any Lien upon any of the  properties or
assets of Borrower or any of its  Subsidiaries,  or (iv) require any approval of
stockholders  or any  approval  or consent of any Person  under any  contractual
obligation of Borrower or any of its Subsidiaries,  except for such approvals or
consents which will be obtained on or before the date hereof.

         D.  Governmental  Consents.  The execution and delivery by Borrower and
Guarantors of this  Amendment and the  performance by Borrower and Guarantors of
the Amended Agreement do not and will not require any registration with, consent
or approval of, or notice to, or other action to, with or by, any federal, state
or other governmental authority or regulatory body.

         E. Binding  Obligation.  This Amendment and the Amended  Agreement have
been duly  executed and  delivered by Borrower  and each  Guarantor  and are the
legally  valid and  binding  obligations  of  Borrower  and  Guarantors  against
Borrower and each Guarantor in accordance with their respective terms, except as
may be limited by bankruptcy, insolvency, reorganization,  moratorium or similar
laws  relating  to or  limited  creditors'  rights  generally  or  by  equitable
principles relating to enforceability.

         F.  Incorporation  of   Representations   and  Warranties  From  Credit
Agreement.  The  representations  and  warranties  contained in Article 5 of the
Credit  Agreement  are and will be true,  correct and  complete in all  material
respects  on and as of the date  hereof and to the same extent as though made on
and as of that date,  except to the extent such  representations  and warranties
specifically  relate to an earlier date,  in which case they were true,  correct
and complete in all material respects on and as of such earlier date.

         G. Absence of Default.  No event has occurred and is continuing or will
result from the consummation of the transactions  contemplated by this Amendment
that would constitute a Default or an Event of Default.

Section 4. ACKNOWLEDGEMENT AND CONSENT

         Each Guarantor hereby  acknowledges  that it has reviewed the terms and
provisions  of the Credit  Agreement  and this  Amendment  and  consents  to the
amendment of the Credit  Agreement

                                       5
<PAGE>

effected pursuant to this Amendment. Each Guarantor hereby confirms that it will
continue  to  guaranty  to the fullest  extent  possible  the full and  punctual
payment of the principal and interest (including,  without limitation,  interest
which,  but for the filing of a petition in bankruptcy  with respect to Borrower
would accrue  hereunder) on all Loans made to Borrower and the full and punctual
payment of all other  amounts  payable by  Borrower  under the Credit  Agreement
(including  amounts that would become due but for the operation of the automatic
stay under Section 362(e) of the United States  Bankruptcy  Code) subject to the
limitations expressly set forth in the Guaranty.

         Each Guarantor  acknowledges  and agrees that (i)  notwithstanding  the
conditions to effectiveness  set forth in this Amendment,  such Guarantor is not
required by the terms of the Credit  Agreement or any other  Credit  Document to
consent to the  amendments  to the Credit  Agreement  effected  pursuant to this
Amendment and (ii) nothing in the Credit Agreement,  this Amendment or any other
Credit  Document shall be deemed to require the consent of such Guarantor to any
future amendments to the Credit Agreement.

Section 5. CONSENT TO CERTAIN AFFILIATE LESSEES.

         Agent hereby confirms to Borrower its approval (as  contemplated by the
definition  of Lessee  set forth in  Section  1.1 of the  Credit  Agreement)  of
Subsidiaries  of the  Borrower  becoming the Lessees  (whether  under a lease or
sublease)  of (i)  certain  Hotels  pursuant to the 2001  Acquisition,  and (ii)
Hotels purchased  following the 2001 Acquisition for an aggregate  consideration
not  to  exceed  the  cash  received  in  partial  consideration  for  the  2001
Acquisition;  provided,  that Borrower is in compliance with Section 7.1(k) and,
in each case,  the Lease and the Lessee meet the  conditions set forth in clause
(ii) of the  proviso to clause (b) of the  definition  of  "Permitted  Ancillary
Business".

Section 6. MISCELLANEOUS

6.1  Reference  to and  Effect on the  Credit  Agreement  and the  Other  Credit
Documents.

         A. On and  after the  Effective  Date,  each  reference  in the  Credit
Agreement to "this Agreement,"  "hereunder,"  "hereof," "herein" or words of the
like import referring to the Credit  Agreement,  and each reference in the other
Credit Documents to the "Credit Agreement,"  "thereunder," "thereof" or words of
like import  referring to the Credit  Agreement shall mean and be a reference to
the Amended Agreement.

         B.  Except as  specifically  amended or waived by this  Amendment,  the
Credit  Agreement and the other Credit  Documents shall remain in full force and
effect and are hereby ratified and confirmed.

         C. The execution, delivery and performance of this Amendment shall not,
except as expressly provided herein, constitute a waiver of any provision of, or
operate as a waiver of any right,  power or remedy of Agent or any Lender under,
the Credit Agreement or any of the other Credit Documents.

                                       6
<PAGE>

6.2 Fees and Expenses.  Borrower  acknowledges that all costs, fees and expenses
as described in Section 10.11 of the Credit Agreement  incurred by Agent and its
counsel  with  respect to this  Amendment  and the  documents  and  transactions
contemplated hereby shall be for the account of Borrower.

6.3 Headings.  Sections and  subsection  heading in this  Amendment are included
herein for convenience of reference only and shall not constitute a part of this
amendment for any other purpose or be given any substantive effect.

6.4 Applicable Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER  SHALL  BE  GOVERNED  BY,  AND  SHALL BE  CONSTRUED  AND  ENFORCED  IN
ACCORDANCE  WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING  WITHOUT
LIMITATION SECTION 5-1401 OF THE GENERAL  OBLIGATIONS OF LAW OF THE STATE OF NEW
YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

6.5 Counterparts; Effectiveness. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate  counterparts,  each of
which when so executed and delivered  shall be deemed an original,  but all such
counterparts  together  shall  constitute  but  one  and  the  same  instrument;
signature pages may be detached from multiple separate counterparts and attached
to a single  counterpart so that all signature pages are physically  attached to
the same document.  This Amendment shall become effective upon (i) the execution
of a counterpart hereof by Borrower,  Agent and Required Lenders, and receipt by
Borrower and Agent of written or telephonic  notification  of such execution and
authorization of delivery thereof, (ii) the payment by Borrower to Agent for its
own account of a non-refundable  amendment fee in immediately available funds in
the amount separately agreed between Borrower and Agent and (iii) the payment by
Borrower to Agent,  for  distribution  to the Lenders  that have  executed  this
Amendment,  of a non-refundable  amendment fee in immediately available funds in
an amount equal to 0.05% of each such Lender's Commitment.

6.6 Non-Liability of Trustees.  THE DECLARATION OF TRUST ESTABLISHING  BORROWER,
DATED MAY 12, 1995, A COPY OF WHICH,  TOGETHER WITH ALL AMENDMENTS  THERETO (THE
"DECLARATION"), IS DULY FILED WITH 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  BORROWER  SHALL  BE HELD TO ANY  PERSONAL  LIABILITY,  JOINTLY  OR
SEVERALLY,  FOR ANY  OBLIGATION  OF, OR CLAIM  AGAINST,  BORROWER.  ALL  PERSONS
DEALING WITH BORROWER, IN ANY WAY, SHALL LOOK ONLY TO THE ASSETS OF BORROWER FOR
THE PAYMENT OF ANY SUM OR THE PERFORMANCE OF ANY OBLIGATION.

                                       7
<PAGE>

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

                                  HOSPITALITY PROPERTIES TRUST

                                  By:  /s/  Thomas M. O'Brien
                                       Name:   Thomas M. O'Brien
                                       Title:  Treasurer and CFO

                                  DRESDNER BANK AG, New York Branch
                                  and Grand Cayman Branch, as Agent and as
                                  a Lender

                                  By:  /s/  Michael Seton
                                       Name:   Michael Seton
                                       Title:  Vice President

                                  By:  /s/  David Sarner
                                       Name:   David Sarner
                                       Title:  Assistant Treasurer

                                  ALLIED IRISH BANKS, P.L.C.,
                                  as a Lender

                                  By:  /s/  Brian Oliver
                                       Name:   Brian Oliver
                                       Title:  Senior Vice President

                                  By:  /s/  Germaine Reusch
                                       Name:   Germaine Reusch
                                       Title:  Vice President

                                      S-1
<PAGE>

                                  BANK HAPOALIM B.M.,
                                  as a Lender

                                  By:
                                     -----------------------------------------
                                       Name:
                                       Title:

                                  By:
                                     -----------------------------------------
                                       Name:
                                       Title:

                                  BANK OF MONTREAL,
                                  as a Lender

                                  By:  /s/  Thomas A Batterham
                                       Name:   Thomas A. Batterham
                                       Title:  Director

                                  BANK ONE, NA,
                                  as a Lender

                                  By:  /s/  Patricia Leung
                                       Name:   Patricia Leung
                                       Title:  Senior Vice President

                                  BW BANK IRELAND PLC,
                                  as a Lender

                                  By:  /s/  Sinead O'Hara
                                       Name:   Sinead O'Hara
                                       Title:  Portfolio Management Director

                                  By:  /s/  Roger Coen
                                       Name:   Roger Coen
                                       Title:  Manager, Portfolio Management

                                      S-2
<PAGE>

                                  CIBC INC.,
                                  as a Lender

                                  By:  /s/  Dean J. Decker
                                       Name:   Dean J. Decker
                                       Title:  Executive Director

                                  COMMERZBANK AG, New York Branch,
                                  as a Lender

                                  By:
                                     ----------------------------------------
                                       Name:
                                       Title:

                                  By:
                                     ----------------------------------------
                                       Name:
                                       Title:

                                  ERSTE BANK,
                                  as a Lender

                                  By:  /s/  Paul Judicke
                                       Name:   Paul Judicke
                                       Title:  Vice President

                                  By:  /s/  John Fay
                                       Name:   John Fay
                                       Title:  Vice President

                                  PNC BANK, NATIONAL ASSOCIATION,
                                  as a Lender

                                  By:  /s/  Randall S. Cornelius
                                       Name:   Randall S. Cornelius
                                       Title:  Assistant Vice President

                                      S-3
<PAGE>

                                  RIGGS BANK N.A.,
                                  as a Lender

                                  By:  /s/  Douglas H. Klamfoth
                                       Name:   Douglas H. Klamfoth
                                       Title:  Vice President

                                  RZB FINANCE LLC,
                                  as a Lender

                                  By:  /s/  John A. Valiska
                                       Name:   John A. Valiska
                                       Title:  Vice President

                                  By:  /s/  Dieter Beintrexler
                                       Name:   Dieter Beintrexler
                                       Title:  President

                                  SOCIETE GENERALE, Southwest Agency,
                                  as a Lender

                                  By:  /s/  Carina T. Huynh
                                       Name:   Carina T. Huynh
                                       Title:  Vice President

                                  By:
                                     ---------------------------------------
                                       Name:
                                       Title:

                                      S-4
<PAGE>

                                  WESTDEUTSCHE LANDESBANK GIROZENTRALE,
                                  as a Lender

                                  By:
                                     ----------------------------------------
                                       Name:
                                       Title:

                                  By:
                                     ----------------------------------------
                                       Name:
                                       Title:

                                       S-5

<PAGE>

For the purposes of Section 4:    HPT CW PROPERTIES TRUST

                                  By:  /s/  Thomas M. O'Brien
                                       Name:   Thomas M. O'Brien
                                       Title:  Treasurer and CFO

                                  HPTCY PROPERTIES TRUST

                                  By:  /s/  Thomas M. O'Brien
                                       Name:   Thomas M. O'Brien
                                       Title:  Treasurer and CFO

                                  HPTMI PROPERTIES TRUST
                                  (successor by merger with HPTMI Corporation)

                                  By:  /s/  Thomas M. O'Brien
                                       Name:   Thomas M. O'Brien
                                       Title:  Treasurer and CFO

                                  HPTMI II PROPERTIES TRUST

                                  By:  /s/  Thomas M. O'Brien
                                       Name:   Thomas M. O'Brien
                                       Title:  Treasurer

                                  HPTSHC PROPERTIES TRUST

                                  By:  /s/  Thomas M. O'Brien
                                       Name:   Thomas M. O'Brien
                                       Title:  Treasurer

                                  HPT SUITE PROPERTIES TRUST

                                  By:  /s/  Thomas M. O'Brien
                                       Name:   Thomas M. O'Brien
                                       Title:  Treasurer

                                      S-6
<PAGE>

                                  HPTRI PROPERTIES TRUST
                                  (successor by merger with HPTRI Corporation)

                                  By:  /s/  Thomas M. O'Brien
                                       Name:   Thomas M. O'Brien
                                       Title:  Treasurer

                                  HPTWN PROPERTIES TRUST
                                  (successor by merger with HPTSLC Properties
                                  Trust)

                                  By:  /s/  Thomas M. O'Brien
                                       Name:   Thomas M. O'Brien
                                       Title:  Treasurer

                                  HPT CW II PROPERTIES TRUST

                                  By:  /s/  Thomas M. O'Brien
                                       Name:   Thomas M. O'Brien
                                       Title:  Treasurer

                                  HPT MI III PROPERTIES TRUST

                                  By:  /s/  Thomas M. O'Brien
                                       Name:   Thomas M. O'Brien
                                       Title:  Treasurer

                                  HPT HSD PROPERTIES TRUST

                                  By:  /s/  Thomas M. O'Brien
                                       Name:   Thomas M. O'Brien
                                       Title:  Treasurer

                                       S-7

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