TravelCenters of America Inc (TA) has entered into an agreement with Hospitality Properties Trust under which HPT would purchase TA for about $1.9 billion. TA expects business to continue as usual at its 162 locations in 40 states and Canada during the transition.
HPT is a real estate investment trust that owns 310 hotels in the United States, Puerto Rico, and Ontario, Canada. It is headquartered in Newton MA.
In 2000, TA was acquired by Oak Hill Capital Partners LP, a private equity investment group and other investors, including TA management and Freightliner. Previously, the company was owned by a group of institutional investors led by The Clipper Group as well as TA management and Freightliner.
TA currently expects this transaction to close in early 2007.