This week, TravelCenters of America announced the acquisition of two franchise locations, with plans for one of the stores to become one of the largest travel stops in the United States when renovations are complete.
On Friday, April 8, TA announced the completion of the acquisition of two franchised TA locations for $45 million.
Both stores — Petro Raphine and TA Lexington — are located along the I-81 corridor in Virginia. TA says that these stores have been successful franchise locations since 2011 and they are expected to generate $9 million in 2023.
The Petro Raphine is currently undergoing major renovations to add 170 new truck parking spaces and to expand the 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,” TA said in a news release.
“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.”