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Hospitality Properties restructures agreement with Reit Management & Research

Hospitality Properties Trust, HPT, announced the restructuring of its business management agreement with Reit Management & Research, RMR. HPT says the restructuring further aligns interests of RMR with HPT shareholders while maintaining low cost structure. HPT’s Independent Trustees issued the following joint statement regarding today’s announcement: “Historically, HPT’s Board and management have focused on providing high quality management services to HPT at or below average costs. The combined governance and management changes announced earlier this year and today are intended to further align RMR’s financial incentives with the returns realized by shareholders and enhance the company’s governance, while allowing HPT to continue receiving high quality management services at or below average costs. The HPT Board is also currently considering additional governance enhancements which may be announced during the next several months.” Shares of Hospitality Properties are up 3.67% to $28.83 in mid morning trading.