Exhibit 21.1





                           SUBSIDIARIES OF THE COMPANY



         In connection with the acquisition of 45 additional hotels, on or about
March  19,  1996,   the  Company  formed  three   wholly-owned   qualified  REIT
subsidiaries  which will own the additional  hotels.  The  subsidiaries  conduct
business only under the names set forth below.


         Name                               Place of Incorporation

HPTCY Corporation                                    Delaware
HPTRI Corporation                                    Delaware
HPTNN Corporation                                    Delaware