The problems with the conflicts of interests are so bad that it even the property management company that manages TA's headquarters is a conflict that they are disclosing.
Looks like the own like 15 or so centers out right. Each may be worth 3-5 mil a piece. That still doesnt get you close the the $150M market cap. Further, even on the properties they own, the profits will only go to subsidize HPT's above market rates on the 185 or so properties leased from them. Even if TA liquidated today and returned all cash to shareholders, it may not even add up to $150M, not to mention having this headache corporate gov. issue that serves to benefit HPT.
10K is littered with disclosures on conflicts of interest including anti-takeover clauses and a number of related party issues. This is probably one of the worst cases of corporate governance issues out there.
Whole sections of the 10K are dedicated indemnification talk on lawsuits against directors who have affiliation to HPT. Cant believe this company got away with a big equity raise. I feel sorry for those shareholders who got scammed into this company where it will be drained dry by HPT.