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    TravelCenters of America Reports Net Loss of $11M

    Significant capital expenditures position chain for the future.

    WESTLAKE, Ohio -- TravelCenters of America LLC, a chain of 164 travel centers spun off from Hospitality Properties Trust (HPT) on Jan. 31, 2007, reported total revenues for two months ending March 31 of $737.7 million, with a net loss of $11 million.

    In January, TravelCenters entered into a long-term lease agreement with HPT for 146 of the travel centers. Thirteen sites are owned by franchisees; three others are owned by third parties other than HPT and operated by TravelCenters of America. Two more locations are owned and operated by TravelCenters of America, according to a company statement.

    During the quarter ended March 31, 2007, the company completed the construction of a new travel center in Livingston, Calif., at a cost of $14 million. This travel center, opened in March, includes 10.5 acres of land, 105 truck parking spaces and 128 automobile parking spaces. It offers six diesel fuel lanes and six gasoline dispensers, a travel store, a five-bay truck repair facility and three quick service restaurants.

    Also during the quarter, TravelCenters of America and its predecessor completed the construction of 17 truck repair shop bays at five travel centers, at a cost of $3.9 million, the company reported. From March 31 through May 11, 2007, the retailer completed three truck repair shop bays at another location. As of May 11, the network included 650 truck repair bays, including 574 operated by TravelCenters of America operates and 76 operated by franchisees.

    During the quarter, TravelCenters of America added one QSR at a travel center. As of May 11, the chain had 218 QSRs, including 181 operated by TravelCenters of America, branded under 26 different concepts.

    The chain recently agreed to purchase a travel center located in Edinburg, Texas, owned by a franchisee, for $3 million. It expects to close the transaction during the second or third quarter of 2007.

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