On May 31, 2007, TravelCenters of America LLC (AMEX: TA) acquired the operating businesses of Petro Stopping Centers, LP. Simultaneous with this acquisition, Hospitality Properties Trust (NYSE: HPT) acquired 40 Petro travel center properties and entered into long-term lease agreements with TA.
As a result of this acquisition, TA now operates and franchises 233 TA and Petro travel centers in 41 states of the U.S. and in Canada.
The combination of TA and Petro is an exciting step in the evolution of both companies. There are some parts of the business that TA executes very well, while there are a number of aspects where Petro has the operating advantage.
It is important to note that TA expects to maintain both the TA and Petro brands and incorporate the best aspects of each across all 233 travel centers. The continued operations of the two brands will allow TA to offer high quality products and services to our primary customers, trucking fleets and owner operators, through a larger number of nationwide locations.
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