Search
 

REIT Buys TravelCenters for Nearly $2B

WESTLAKE, OH-The deal comes just four months after TravelCenters reaffirmed its commitment to seek out a new investor.

By Dana Dubriwny | Updated on September 18, 2006

WESTLAKE, OH-Hospitality Properties Trust, based in Newton, MA, has agreed to purchase TravelCenters of America Inc. for approximately $1.9 billion. The deal comes just four months after TravelCenters reaffirmed its commitment to seek out a new investor to help finance its growth strategies. The transaction is expected to close early next year.

Tim Doane, president and CEO of TA, says business will continue as usual at the company’s 162 locations in 40 states and Canada during the transition period. “As was the case with previous ownership transitions, we expect business as usual at all TA TravelCenters locations,” he says. “As we expand and enhance our services, we will continue to offer fleets, owner-operators and motorists the highest-quality travel center services available.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.