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REIT to Sell 20 Travel Centers in $308M Sale Leaseback

Hospitality Properties Trust expects to realize a gain of $160 million from these sales.

John Murray

NEWTON, MA–Locally-based Hospitality Properties Trust is selling 20 travel centers located in 15 states to TravelCenters of America LLC in a sale leaseback transaction for $308.2 million.

Hospitalities Properties expects to realize a gain of $160 million from these sales. The sales price reflects a 5.7% cap rate based on property level cash flows for the twelve months ended September 30, 2018. The REIT expects to use the proceeds from these sales to repay borrowings under its revolving credit facility and for general business purposes.

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Erika Morphy

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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