This week, TravelCenters of America announced the acquisition of two franchise stores, with plans for one of the stores to become one of the biggest travel stops in the United States once renovations are complete.
On Friday, April 8, TA announced the completion of the acquisition of two TA franchise locations for $45 million.
Both stores – Petro Raphine and TA Lexington – are located along the I-81 corridor in Virginia. TA says these stores have been successful franchises since 2011 and 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 retail space. “After the renovation, which is expected to be completed this summer, Petro Raphine is expected to be one of the largest travel hubs in the country based on its nearly 900 truck parking spaces,” TA said in a press release. .
“Investing in growth through the addition of company-owned sites is one of our top priorities for capital deployment this year,” said Jonathan Pertchik, Managing Director of TA. “Located along a busy, strategic highway corridor that serves professional truckers, four-wheel travelers and local communities, we expect these sites to exceed our minimum performance thresholds. With the size and breadth of Petro Raphine’s offerings, we are adding a flagship location to our company-owned sites and will also benefit from the experienced managers of these locations joining our company.