TRAVEL PORTS ACQUIRES FULL-SERVICE TRUCK PLAZA IN BALTIMORE, MARYLAND
ROCHESTER, N.Y., Feb. 22 /PRNewswire/ -- Travel Ports of America, Inc. (Nasdaq: TPOA) has signed an agreement to acquire a full-service travel plaza in Baltimore, Maryland, according to John Holahan, President. The 20-acre facility is situated just off Exit 57 of Interstate 95, close by Baltimore's Inner Harbor. The acquisition, for an undisclosed amount of cash, will become effective on March 1, 1996, Holahan said.
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 buck·horn
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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 Cents per share
The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. (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 TNM tumor-nodes-metastasis; see under staging.
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