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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.”

In 2000, TravelCenters was acquired by Oak Hill Capital Partners, LP, a private equity investment group and other investors, including TA management and Freightliner in 2000. Previously, the company was owned by a group of institutional investors led by the Clipper Group, TA management and Freightliner.

Hospitality Properties Trust is a real estate investment trust, which currently owns 310 hotels located throughout the United States, Puerto Rico and Ontario, Canada. HPT has arranged interim financing for this transaction from Merrill Lynch & Co., and currently anticipates obtaining long-term financing for this transaction by the issuance of both debt and equity securities.

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