Case | HBS Case Collection | December 2008 (Revised July 2010)

TravelCenters of America

by Robin Greenwood, Daniel Jacob Goldberg and James Quinn


A New York-based hedge fund must decide whether to invest in TravelCenters of America (TA), a recent spin-off from a U.S.-based real estate investment trust. The case confronts students with the question: To what extent is this spin-off opportunity attractive from a value-investing standpoint? Historically, spin-offs have been attractive investments because of supply-demand dynamics associated with their investor base. The case is an opportunity to ask whether the same dynamics will operate for TA.

Keywords: Mergers and Acquisitions; Investment; Valuation; Real Estate Industry; Travel Industry; United States;


Greenwood, Robin, Daniel Jacob Goldberg, and James Quinn. "TravelCenters of America." Harvard Business School Case 209-030, December 2008. (Revised July 2010.)