TravelCenters of America Inc. Acquires Two Travel Center Locations for $45 Million

Petro Raphine Expected to Be One of Largest Travel Centers in the U.S. with Nearly 900 Truck Parking Spaces

TravelCenters of America Inc. has completed the acquisition of two travel center locations for $45 million. Located along the Interstate 81 corridor in Virginia, Petro Raphine and TA Lexington have been successful TA franchise locations since 2011. TA expects to realize significantly more cashflow from owning these locations than as franchise locations and forecasts these locations will generate approximately $9.0 million of site-level EBITDA in 2023.

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,” said Jonathan Pertchik, Chief Executive Officer of TA. “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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