TRAVEL PORTS ACQUIRES FULL-SERVICE TRUCK PLAZA IN BALTIMORE, MARYLAND
The purchase agreement was reached with the plaza's current owners, Baltimore Port Truck Plaza a limited partnership. The Partnership also owns the Baltimore Travel Plaza, a nearby hotel complex.
Holahan estimated that the eight-year-old plaza will generate approximately $12 million in annual sales for Travel Ports. He said his company will invest about $1 million over the next year to upgrade the facility and introduce the Travel Ports identity, including the firm's Buckhorn Family Restaurant signature.
The Baltimore plaza presently has a 60-room motel, a 160-seat restaurant plus a Subway Restaurant, 16 diesel fueling lanes, scale, and other amenities for truckers. For non-truckers, there is a 28-pump gasoline fueling island and a convenience store.
The Baltimore plaza, next to one of the busiest highways in the U.S., will be the 15th full-service plaza operated by Travel Ports. Another full-service plaza is currently under construction in Harborcreek, Pennsylvania, near Erie and is scheduled to open before summer.
Travel Ports operates plazas in Indiana, New Hampshire, New York, New Jersey, Pennsylvania and North Carolina. The company, headquartered in Rochester, last month reported sales for the first six months of its 1996 fiscal year of $77.7 million and profits of just under $1.2 million, or 23 cents per share (19 cents fully diluted).
/CONTACT: John M. Holahan or William Burslem III of Travel Ports of America, Inc., 716-272-1810/
CO: Travel Ports of America, Inc.; Baltimore Port Truck Plaza ST: New York, Maryland IN: SU: TNM
TW -- NYTH077 -- 9598 02/22/96 13:56 EST
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|Date:||Feb 22, 1996|
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