$1.9b sale of truck stop operater finalized

Hospitality Properties Trust, which mainly owns hotels, has completed its purchase of truck stop operator TravelCenters of America Inc. for about $1.9 billion.

The Newton company, a real estate investment trust, said that under the terms of the deal it kept most of the TravelCenters real estate. The company said it capitalized and spun out to its shareholders a subsidiary, called TravelCenters of America LLC, which will lease the real estate and continue TravelCenters' fuel services and hospitality businesses.

That subsidiary will trade on the American Stock Exchange under the symbol "TA" beginning tomorrow.

Hospitality Properties shareholders will receive one TA share to every 10 Hospitality shares owned, the company said. The company expects the purchase to immediately boost funds from operations, a performance measure used by the real estate industry, by 10 to 15 cents per share annually.
(AP)