Travel Centers of America (TA) announced that it has entered into an agreement with Hospitality Properties Trust (HTP) under which Hospitality Properties would purchase the full-service travel center provider for a total of approximately $1.9 billion.
According to TA, the deal is expected to close in early 2007, but business is expected to continue “as usual” at its 162 Travel Centers locations in 40 states and Canada during the transition. Hospitality Properties Trust is a real estate investment trust that currently owns some 310 hotels in the U.S., Canada and Puerto Rico.
This is the second sale of TA in six years. Its current owners, Oak Hill Capital Partners, L.P., a private equity investment group, along with truck maker Freightliner LLC and members of TA’s management, bought the chain in 2000. Prior to 2000, institutional investors led by The Clipper Group along with members of TA’s management and Freightliner, owned the company.