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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Hospitality Properties Trust | NASDAQ:HPT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.28 | 25.00 | 25.51 | 0 | 01:00:00 |
HPT Also To Sell Five Travel Centers for Approximately $45 Million And Realize A Gain Of Approximately $10 Million
Net Cash Rental Income To Increase By Approximately $30.2 Million/Year Plus Future Percentage Rents
Hospitality Properties Trust (NYSE:HPT) today announced that it has entered agreements with TravelCenters of America LLC (NYSE: TA) to acquire and leaseback 30 travel centers for a total purchase price of approximately $397 million. The 30 sites include 11 sites which HPT currently owns and where HPT will acquire some or all of the improvements, land and ancillary property owned by TA. These agreements also provide that HPT will sell five travel centers to TA for approximately $45 million that will result in a gain on sale to HPT of approximately $10 million. The annual net cash rental increase which HPT expects to realize as a result of its expected net investment of approximately $352 million is approximately $30.2 million/year, plus percentage rent in the future.
Commenting upon today’s announcement, John G. Murray, President of HPT, made the following statement:
“HPT is pleased to expand its relationship with TA. For the past several years, TA has proven itself to be a dependable source of rental income for HPT and HPT looks forward to a long and mutually beneficial relationship with TA.”
The transactions announced today are expected to occur at different times, including the following:
TA was formerly a 100% owned subsidiary of HPT until TA’s shares were distributed to HPT shareholders as a special dividend in 2007. HPT is TA’s largest shareholder owning approximately 8.9% of TA’s outstanding shares, and one of HPT’s Trustees is also a Director of TA. Because of these and other relationships between HPT and TA, the terms of the agreements between HPT and TA were negotiated and approved by special committees of HPT’s Independent Trustees and TA’s Independent Directors who were represented by separate counsel.
Hospitality Properties Trust is a real estate investment trust, or REIT, which owns a diverse portfolio of hotels and travel centers located in 44 states, Puerto Rico and Canada. HPT’s properties are operated under long term management or lease agreements. HPT is headquartered in Newton, Massachusetts.
WARNING REGARDING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE INCLUDES FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. ALSO, WHENEVER HPT USES THE WORDS EXPECT, BELIEVE, INTEND, ANTICIPATE OR SIMILAR EXPRESSIONS, HPT IS MAKING FORWARD LOOKING STATEMENTS. THE FORWARD LOOKING STATEMENTS IN THIS PRESS RELEASE ARE BASED UPON HPT’S CURRENT BELIEFS AND EXPECTATIONS, BUT THESE FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND THEY MAY NOT OCCUR FOR VARIOUS REASONS, INCLUDING SOME REASONS WHICH ARE BEYOND HPT’S CONTROL. FOR EXAMPLE:
FOR THE FOREGOING REASONS, AMONG OTHERS, INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE UPON THE FORWARD LOOKING STATEMENTS IN THIS PRESS RELEASE. EXCEPT AS MAY BE REQUIRED BY APPLICABLE LAW, HPT DOES NOT INTEND TO UPDATE ANY FORWARD LOOKING STATEMENTS IN THIS PRESS RELEASE AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.
List of Travel Centers Affected by the Agreements Between HPT and TA____________________________________
A. Travel centers currently owned by TA which will be sold to HPT and leased back to TA:
TA Holbrook I-40, Exit 283 Holbrook AZ Petro Santa Nella State Hwy 152, Exit State Hwy 33 Santa Nella CA Petro Monee I-57, Exit 335 Monee IL Petro Greensburg I-74, Exit 143 Greensburg IN TA Beto Junction I-35, Exit 155 (US 75) Lebo KS TA Greenwood I-20, Exit 5 Greenwood LA TA Battle Creek I-94, Exit 104 Battle Creek MI TA Edinburg HWY 281, Exit FM 2812 Edinburg TX Petro Gadsden I-59, Exit 181 Gadsden AL TA Livingston SR 99, Exit 203 (Winton Pkwy.) Livingston CA TA Morris I-80, Exit 112 (Rt. 47) Morris IL Petro Gary I-80/I-94, Exit 9 Gary IN Petro Florence I-95, Exit 169 Florence SC TA Laredo I-35, Exit 13 (Beltway Pkwy.) Laredo TXB. Travel centers which HPT currently owns and where HPT will acquire certain improvements, land and ancillary property owned by TA and the rent payable by TA to HPT will increase:
TA Ashland I-95 & Rt. 54, Ashland Exit #92 Ashland VA TA Barkeyville I-80 & SR 8, Exit (3) 29 Harrisville PA TA Vero Beach I-95 & SR 60, Exit 147 Vero Beach FL TA Milesburg I-80, Exit (23) 158 Milesburg PA TA Denmark I-40 & 138 Providence Road Denmark TN TA Clayton I-70 & SR 39, Exit 59 Clayton IN TA Wheeling I-70 at Dallas Pk, Exit 11 Valley Grove WV TA Commerce City I-70/I-270 Exit 278 Commerce City CO TA Effingham I-57/I-70 SR 32 & 33 Exit 160 Effingham IL TA Porter South I-94, Exit 22B Porter IN TA Baltimore South Rte 175 & I-95 Jessup MDC. Travel centers currently owned by HPT which will be sold to TA:
TA Montgomery I-65, Exit 168 Montgomery AL TA Jackson I-75 & Route 36, Exit 201 Jackson GA TA Knoxville I-40/75 Watt Road, Exit 369 Knoxville TN TA Denton I-35; SR 77, Exit 471 Denton TX TA Sweetwater I-20 & Hopkins Road Sweetwater TXD. Travel centers to be developed by TA, sold to HPT at TA’s development cost and leased back to TA:
Quartzsite AZ Petro Wilmington IL Petro Columbia SC TA Pioneer TN TA Hillsboro TX TAA Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the New York Stock Exchange.No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150601006840/en/
Hospitality Properties TrustKatie Strohacker, 617-796-8232Director, Investor Relations.www.hptreit.com
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