TravelCenters of America announced the purchase of two franchise locations this week. One of the stores set to become one of the largest travel stops in the United States after renovations are completed.
On Friday, April 8, TA announced the completion of the $45 million acquisition of two franchised TA sites.
Petro Raphine and TA Lexington are both located in Virginia in the I-81 area. According to TA, these outlets have been profitable franchise sites since 2011 and are predicted to produce $9 million by 2023.
The Petro Raphine is now undergoing extensive renovations in order to create 170 additional truck parking places and enhance the retail space. “With approximately 900 truck parking spots, Petro Raphine is slated to be one of the nation’s largest travel centers following the restoration, which is due to be finished this summer,” TA stated in a news statement.
“Investing in development through the acquisition of company-owned locations is one of our primary capital deployment initiatives this year,” stated TA CEO Jonathan Pertchik. “We expect these sites to surpass our minimal return standards since they are located along a busy and vital highway corridor that services professional truck drivers, four-wheel travelers, and local communities.” We are adding a flagship location to our company-owned sites due to the scale and depth of our services at Petro Raphine, and we will also benefit from the experienced management at these locations joining our firm.”