Hospitality Properties Trust agrees to sell 20 travel centers for $308m

Hospitality Properties Trust (HPT) has sold 20 travel centers to TravelCenters of America for $308.2 million.

The assets are located in 15 states. HPT expects to use the proceeds from these sales to repay borrowings under its revolving credit facility and for general business purposes.

“I am pleased with the agreements announced today and believe they benefit HPT in several ways,” said John Murray, HPT’s president and CEO. “First, the agreed upon sales are at an attractive cap rate and are expected to result in a significant gain for HPT. Furthermore, the sales unlock value in our existing asset base and provide liquidity for additional hotel investments. Second, these agreements enable HPT to improve the quality of its travel center portfolio by materially improving the aggregate coverage of minimum rents for the portfolio. As we move into the 10th year of this economic recovery, materially improving rent coverage for a tenant that accounts for approximately o