Hospitality Properties Trust Completes Acquisition of TravelCenters of America Real Estate and Spin Off of TravelCenters' Operating Business.NEWTON, Mass. -- Hospitality Properties Trust (NYSE NYSE See: New York Stock Exchange : HPT HPT Human Performance Technology HPT Hyperparathyroidism HPT Heartland Poker Tour HPT Home Pregnancy Test HPT High Pressure Turbine HPT Host Print Transform HPT High-Performance Team HPT high-payoff target (US DoD) ) today announced that it completed its acquisition of TravelCenters of America TravelCenters of America (TA) is the largest truck stop chain[1] in the United States and Ontario, Canada. The majority of customers are RV's and professional truck drivers. The company's headquarter is located in Westlake, Ohio. , Inc. and the spin off to HPT shareholders of the TravelCenters operating business. HPT common shares are expected to begin trading on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , or NYSE, "ex dividend" for the spin off tomorrow, February 1, 2007. In September 2006, HPT agreed to acquire TravelCenters of America, Inc. from a group of private investors led by Oak Hill Capital Partners in a cash transaction for approximately $1.9 billion. This acquisition closed today on the terms originally announced last September. Simultaneously with this acquisition, HPT retained substantially all the TravelCenters real estate and HPT capitalized and spun out to HPT shareholders a subsidiary, TravelCenters of America LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ("TA"), which will lease this real estate and continue the fuel services and hospitality business of TravelCenters. TA shares began trading on a "when issued" basis on January 29, 2007 under the symbol "TA.wi". TA shares are expected to begin trading on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. , or AMEX AMEX See: American Stock Exchange , under the symbol "TA" beginning February 1, 2007. The distribution results in the delivery of one TA share to HPT shareholders for every 10 common shares of HPT owned. Information about the tax value and character of this distribution will be provided to HPT shareholders after the end of 2007. TA has filed a prospectus and registration statement for the spin off of TA shares with the Securities and Exchange Commission, or SEC, which has been declared effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy TA securities. Copies of the prospectus which has been filed with the SEC relating to the TA shares are available at the SEC website at www.sec.gov or at the HPT website, www.hptreit.com and a paper or electronic copy can be obtained without charge by request to HPT by telephone at 617-964-8389 or by email at info@hptreit.com. A 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. |
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