Hospitality Properties Trust (NYSE: HPT) is a real estate investment trust, or REIT, which owns 291 hotels and owns or leases 185 travel centers located throughout the United States, Canada and Puerto Rico. We do not operate hotels or travel centers. Instead, all of our properties are operated by unaffiliated hospitality management companies as part of combination management or lease agreements. As of March 31, 2014, the largest combination agreement based upon investment includes 145 travel centers located in 39 states and the smallest contract includes one hotel with 356 rooms. Our hotels are operated by some of the largest and most experienced hotel management companies in the world, including Marriott International, InterContinental Hotels, Hyatt Corporation, Carlson Hotels Worldwide, Sonesta International Hotels Corporation, Wyndham Hotel Group and Morgans Hotel Group. Our travel centers are operated by TravelCenters of America LLC (NYSE: TA).
HPT was founded and our shares were listed on the New York Stock Exchange in 1995. We are included in a number of financial indices, including the S&P 400 MidCap Index, the Russell 1000®, the MSCI US REIT Index, S&P REIT Composite Index and the FTSE EPRA/NAREIT United States Index. HPT's debt is investment grade rated (Baa2/BBB-).