WESTLAKE, Ohio, & OKLAHOMA CITY—TravelCenters of America (TA) has completed the acquisition of two travel center locations for $45 million, according to a news release. The company has acquired Petro Raphine in Virginia and TA Lexington, which were previous TA franchise locations that opened in 2011.
TA said it expects to realize significantly more cashflow from owning these locations than as franchise locations and forecasts these locations will generate about $9 million of site-level earnings before interest, taxes, depreciation and amortization in 2023.
The Petro Raphine site is under renovation to add 170 new truck parking spaces and expand its existing retail space. Following the work anticipated to be completed this summer, TA expects Petro Raphine 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.”
Meanwhile, Love’s Travel Stops has opened a location in Waterloo, New York, with 78 truck parking spaces and adding 75 jobs to Seneca County, according to a news release. In honor of the grand opening, Love’s will donate $2,000 to the Seneca County House of Concern.
“The store in Waterloo will offer the amenities Love’s is known for like fresh food and drinks and today’s latest technologies in its Mobile to Go Zone,” said Greg Love, co-CEO of Love’s. “We’re pleased to serve customers at our fifth location in New York and help get them back on the road quickly and safely.”
The 11,000+ square-foot location is open 24/7 and offers various amenities, including a Wendy’s restaurant and a Subway restaurant, opening April 18. The location also has seven RV parking spaces, eight diesel bays, seven showers, laundry facilities, a CAT scale, Speedco (opening later), bean-to-cup gourmet coffee, Mobile to Go Zone with the latest GPS, headsets and smartphone accessories, as well as a dog park.
In January, Love’s said it plans to open more than 40 locations and add more than 3,000 truck parking spaces and 3,000 jobs in 2022.
In 2021, the company opened 38 new locations, added over 3,000 truck parking spaces and donated several million dollars to support its core customer—professional truck drivers, sick and homeless children, veterans and more.