travelcenters move in on petro stopping centers

New sale divides acquired stores into owned and leased units.

TravelCenters of America (TA) has acquired Petro Stopping Centers—some of which for outright ownership, others for leasing.

The $700 million deal involved TA’s parent company Hospitality Properties Trust, which purchased 40 Petro fuel stops and leased them to TA for $630 million, according to Land Line Magazine. TA also bought the other Petro stops and assets for approximately $70 million.

TA President and CEO Thomas O’Brien said the two truck stop chains will operate separately, but there won’t be any drastic changes.

“The worst thing we could do is make a lot of changes too fast. I really believe there’s a great deal of value in both brands,” O’Brien said in a statement. “There are differences in operations, but both brands do certain things very well.”

Prior to the acquisition, Petro was a privately owned company headquartered in El Paso, Texas. The company has 69 travel centers in 33 states, while TA operates 164 truck stops.

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