U.S.-based travel centres and convenience stores operator TravelCenters of America LLC has agreed to buy certain travel centre properties from Hospitality Properties Trust (HPT).
TA has agreed to purchase 20 travel centres from HPT for $308.2 million, with nine of the travel centres for $140.5 million and expects to complete the remaining purchases in two closings by the end of January 2019.
The company said that the deals will significantly reduce its rental expense by $43.1 million, improve operating and financial leverage, boost its potential net operating cash flows as well as booking greater financial flexibility.
The sites, located in 15 states, currently operated by TA, which will lease 179 properties with its existing leases with HPT.