Hyperbranched polyesters of 2,2-bis(hydroxymethyl)propanoic acid (BMPA) with various molar ratios of tetra(hydroxymethyl)methane (PE) core molecule were characterized by NMR spectroscopy and MALDI-TOF mass spectrometry. In all polyesters, the formation of ether groups was observed. The extent of etherification increased with increasing PE content. This was assigned to a higher reactivity of PE towards etherification than BMPA. Intra- and intermolecular etherifications and intramolecular esterifications were detected by MALDI-TOF MS on the core molecule-containing polyesters, resulting in the formation of cycle-containing hyperbranched molecules. The ratio of cycle-containing molecules reached 50% at high reaction time for the polyester without core molecule, but was much lower for the polyesters containing a core molecule. As a consequence of these side reactions, the control of hyperbranched polyester molar mass by varying the core molecule (chain limiter) molar ratio is much more difficult than for linear polyesters.