TravelCenters Posts 1Q Loss
Truck stop chain TravelCenters of America reported a net loss for the two-month period from Feb. 1 through March 31, and for the first quarter.
The two-month loss was $11 million, while the quarter’s loss was $54.6 million, compared with a pro forma loss of $14.4 million a year ago.
During the quarter, the company completed construction of a new travel center in Livingston, Calif., and construction of 17 truck repair shop bays at five of its truck stops.
It also agreed to purchase a travel center in Edinburg, Texas, for $3 million.
TravelCenters was acquired by Hospitality Properties Trust Jan. 31, and subsequently spun off from HPT. The $1.9 billion acquisition was first reported in September.