NEWTON, Mass.--Hospitality Properties Trust (NYSE: HPT) today
announced that it completed its acquisition of TravelCenters of America,
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, 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 ("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, or AMEX, 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.
Hospitality Properties Trust
Timothy A. Bonang
617-796-8149
Manager of Investor Relations
www.hptreit.com