Ladies and gentlemen, good day and welcome to the Hospitality Properties Trust fourth quarter 2013 financial results conference call. This call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to the Director of Investor Relations, Katie Strohacker. Please go ahead.

Thanks, Lisa, and good afternoon, everyone. Joining me on today's call are John Murray, President; and Mark Kleifges, Chief Financial Officer. John and Mark will make a short presentation, which will be followed by a question-and-answer session. As a reminder, the recording, retransmission and transcription of today's conference call is prohibited without the prior written consent of HPT. Before we begin, I would like to read our Safe Harbor statement. Today's conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based on HPT's present beliefs and expectations as of today, February 25, 2014. The company undertakes no obligation to revise or publicly release the results of any revision to the forward-looking statements made in today's conference call, other than through filings with the Securities and Exchange Commission or SEC. In addition, this call may contain non-GAAP financial measures, including normalized funds from operations or normalized FFO. A reconciliation of normalized FFO and adjusted EBITDA to net income, as well as components to calculate AFFO, are available in our supplemental package found in the Investor Relations section of HPT's website at www.hptreit.com. Actual results may differ materially from those projected in these forward-looking statements. Additional information concerning factors that could cause these differences is contained in our Form 10-K to be filed Thursday with the SEC and in our supplemental operating and financial data found on our website. Investors are cautioned not to place undue reliance upon any forward-looking statements. Finally, before I turn the call over to John and Mark, you should know that Travel Centers of America have not completed its yearend reporting and accordingly our remarks today will not refer to TA's fourth quarter or full year 2013 results, and we will not responding questions related to TA's fourth quarter or full year 2013 performance. And now, I would like to turn the call over to John Murray.

Thank you, Katie. Good afternoon and welcome to our fourth quarter 2013 earnings call. Today, HPT reported fourth quarter normalized FFO of $0.71 per share. As Katie noted, we are not yet able to update you on TA's performance for the fourth quarter and full year, because they've not yet reported their results. As you may recall, TA's performance improved during the first three quarters of 2013, with EBITDA of $4 million or approximately 2% year-over-year. Year-to-date through September, TA's business reflected modest declines in fuel volume, due to a steady pace of economic recovery in the U.S. conservation efforts and a changing customer mix. These declines were more than offset by improved per gallon diesel margins. As a result, TA's fuel gross margin had increased 3.4% year-to-date through September compared to 2012. Non-fuel revenues and gross margin were up 7.9% and 7% respectively, year-to-date through September compared to 2012. TA has managed through a difficult recession, changing business inventory and shipping strategies and conversation efforts by its customers. We believe TA is well-positioned for growth and will remain a leader in its industry. Turning to HPT's hotel investments. Fourth quarter RevPAR was up 7.9% across HPT's 287 comparable hotels. Ongoing hotel renovations continue to impact our results. Excluding non-comparable hotels and the 25 hotels under renovation during the quarter, RevPAR was up 8.9% this quarter. The strong topline performance, which was comprised of both occupancy and rate gains reflect strong results at the 196 hotels that completed renovations from 2011 through the third quarter of 2013, with RevPAR gains of 11.2%. This helped offset performance at our 25 renovation hotels this quarter, which experienced RevPAR declines of 3.1%, all from lost occupancy. 23 of the 25 comparable hotels under renovation this quarter were Wyndham and Sonesta conversion hotels. Our…

Thanks, John. First, let's review fourth quarter operating results for our hotel properties. Operating results at our 287 comparable hotels were strong this quarter, with RevPAR up 7.9% and a 340 basis point increase in GOP margin percentage. Hotel operations were impacted by renovations again this quarter. 25 of our comparable hotels and one non-comp hotel were under renovation for all or part of the current quarter compared to 33 comparable hotels in the prior-year quarter. RevPAR at our 262 comparable hotels, not under renovation this quarter, was up 8.9% versus the prior-year quarter on a 4.4 percentage point increase in occupancy and ADR growth of 2.1%. This RevPAR outperformance was driven in part by the 33 hotels that were under renovation during the 2012 fourth quarter, with RevPAR at these hotels of 25.2% in the current quarter on occupancy and ADR gains of 12.5 points and 3.2%, respectively. Our portfolios with the highest RevPAR growth this quarter were our IHG and Marriott 234 portfolios, with increases of 17% and 7.3%, respectively, versus the prior year quarter. Although our renovation activities had a negative impact on hotel profitability this quarter, these declines were more than offset by the strong performance of our other hotels. Gross operating profit for our 287 comparable hotels increased $17.9 million or approximately 18% from the 2012 quarter and GOP margin percentage increased 340 basis points to 35.6%. As has been the case all year, performance of our InterContinental portfolio was outstanding this quarter, with gross operating profit up almost 31% and GOP margin percentage up 470 basis points versus the 2012 quarter. Turning to 2013 fourth quarter coverage. Cash flow available to pay our minimum returns and rents this quarter increased $14.6 million or approximately 21% from the 2012 quarter. As a result of this…

(Operator Instructions) Our first question comes from the line of Wes Golladay from RBC.

Looking at the Wyndham portfolio, how do you see that playing out, the coverage with those assets in light of the renovations? When you think it will have a chance to get 1x coverage by the end of the year?

Well, as you mentioned, this past quarter most of the hotels in that portfolio were under renovation. And during this quarter, many of the hotels will be under renovation as well. So we expect to see a considerable amount of improvement as we go through 2014, but I think it's too early to say that we would hit 1x coverage. It's possible, but I wouldn't predict it at this point. Some of the renovations are going including RFP and alike.

And then, just looking at the overall portfolio, gives them again a pretty good large RevPAR gains mainly through the occupancy and I think you were talking about pushing the ADR gains for 2014. Do you think you get about two-thirds of your gains or is that too optimistic from ADR gains -- two-thirds of the RevPAR growth?

I think the hotels that have been renovated prior to 2013 you should expect about two-thirds of the growth to be coming from growth in rate. For the hotels that were renovated in 2013, they'll still be more heavy-weighting towards occupancy gains I think, so probably maybe 50-50.

And lastly, you mentioned the Sandy headwind in the fourth quarter. Will that persist into the first quarter?

Yes, it will. I think you'll see it taper-off. It shouldn't affect second and third quarter, but it will affect particularly for our Marriott 234, our Sonesta and I believe even our Hyatt portfolios were impacted by -- they had a quite a bit of business last year as a result of Superstorm Sandy.

We have a question from Ryan Meliker from MLV & Company. Ryan Meliker - MLV & Company: Just a quick one on the dividend. Obviously, I know you guys announced a minor raise recently on the dividend, but with the CapEx program largely winding down, I know it's never over, but the majority of your major renovations in the rearview mirror by the back half of this year, how is the board going to think about the dividend? I mean, certainly from an AFFO standpoint, you've got a lot of coverage here. It seems like it would be an opportunity, there might be an opportunity to grow the dividend. Is the board thinking about it from that perspective or more focused on taxable income or some other metric?

Each quarter when we consider the dividend, we try to consider all the metrics. We look at what our capital needs are, what our cash needs are, what the alternative uses of available free cash are, where our tax situation and REIT compliance is, renovation needs, acquisition needs, we balance all those things. We also look at what the competitive landscape is in terms of dividend, rates and share prices. So there is a lot of factors that go into it.

Ryan, I think this year probably some of the shift and their focus will be more on how coverage is improving and how much more it's expected to improve in each of our operating agreements as well as monitoring how well we're able to grow some of our credit support. We had the ability under several of our operating agreements to replenish security deposits and guaranteed balances. And I think that will be an increasing focus of the board as they evaluate the dividend going forward. Ryan Meliker - MLV & Company: I guess one of the reasons why I asked about that is, if I go back two or three years, your stock performance has been relatively flat. Obviously, you've given out nice dividends, so your investors are getting their returns. But now with the shift in terms of the management contracts and how RMR is going to get paid, does that incentivize you guys to raise the dividend a little bit more to maybe see the stock price perform a little bit better or does that incentivize the board, I guess in that regard, it's more them than you?

I don't think that corporate governance changes are going to materially affect the way we decide on what our dividend payment is going to be.

And there are no further questions at this time. I would like to turn that conference over to John Murray.

Thank you very much for joining us today. I'm not sure if any of you are going to be at the Wells Fargo Real Estate Conference tomorrow in New York, but we'll be presenting there. Thank you.

Thank you. That concludes our conference for today. Thank you for your participation and for using AT&T Executive Teleconference. You may now disconnect.