WESTLAKE, Ohio — TravelCenters of America Inc. (TA) announced Friday that it has acquired two travel center locations that were formerly owned by TA franchisees for $45 million and will pick up nearly 900 parking spaces for trucks.
Located along the Interstate 81 corridor in Virginia, Petro Raphine and TA Lexington have been successful TA franchise locations since 2011, according to a TA news release.
The Petro Raphine site is currently under renovation to add 170 new truck parking spaces and greatly expand existing retail space. Following the renovation, which is anticipated to be completed this summer, Petro Raphine is expected to be one of the nation’s largest travel centers based on its nearly 900 truck parking spaces.
“Investing in growth through the addition of company-owned sites is one of our key priorities for capital deployment this year,” Jonathan Pertchik, Chief Executive Officer of TA, said.
“Located along a busy and strategic highway corridor which serves professional truck drivers, four-wheel travelers and the local communities, we expect these sites to exceed our minimum return thresholds. With the size and breadth of offerings at Petro Raphine, we are adding a flagship location to our company-owned sites and will also benefit from the experienced managers at these locations joining our company.”
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