Hospitality Properties to Sell 15 Million Shares

Hospitality Properties Trust said Wednesday it plans to sell 15 million common shares to raise funds to repay debt.

The real estate investment trust, which concentrates on hotel properties, said it expects to grant the underwriters a 30-day option to buy up to an additional 2.3 million shares to cover overallotments, if any.

Morgan Stanley, Citi and Wachovia Securities are the bookrunning managers for the offering.

Hospitality Properties shares closed down 14 cents, at $13.30 in Wednesday's regular session. Shares lost another $1, or 7.5 percent, in aftermarket electronic trading after the offering was announced.

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