The credit is being provided by a number of financial institutions, including First Union Securities, Inc., which was the lead arranger in the transaction. Other institutions include Dresdner Bank Real Estate, First Union National Bank, Dresdner Bank, AG, ING (US) Capital, LLC, CIBC World Markets Corp., Societe Generale, PNC Bank, N.A., Wells Fargo, N.A., Credit Lyonnais, AmSouth Bank, Bank of Montreal and Allied Irish Banks, PLC.

This new revolving credit facility replaces a similar facility for $300 million, which matured this month. Approximately 51% of the commitments to the new facility are from banks that participated in the expired facility. John Murray, Hospitality Properties Trust's president emphasizes that the bank credit facility has been renewed despite the hit the hotel industry has recently taken from the recession and the terror attacks.

Murray notes that there are two features in this credit facility that are unusual in REIT credit facilities--the extension option and the ability of the trust to double the available borrowings "to undertake large transactions in certain circumstances." The trust owns 230 hotels throughout the US.