Latest news with #Applegreen
Irish Times
17 hours ago
- Business
- Irish Times
Applegreen plots US expansion and AIB's road out of Government ownership
Petrol station business Applegreen has agreed a contract for 18 services stations in the United States. The move comes as part of a $750 million investment by the company. Joe Brennan reports. Concerns about the state of the economy in the coming months have risen sharply since the beginning of the year among businesses on the island of Ireland, but especially in retail and construction, according to a new survey. Mark Hennessy has the details. The median first time buyer property value rose by more than €100,000 between 2019 and 2024 to almost €372,000, new data from lobby group Banking and Pyaments Federation Ireland show. Colin Gleeson read the report. The Central Bank this week underlined the threat to the Irish economy from US tariffs. In his column, Eoin Burke-Kennedy analyses what is really at stake for the country. READ MORE AIB has come a long way since the dark days of State rescue and nationalisation during the financial crisis. Some 15 years and €20.8 billion later, in Agenda Joe Brennan shows how the bank recovered to be the multibillion euro pillar bank it is today. Irish homeowners who have adopted energy-efficient technologies such as solar panels, heat pumps, and electric vehicle (EV) home chargers can save in excess of €3,000 a year, according to a new report. Conor Pope explains how they do it. As eyes start to turn to the Budget, it is clear already there is little chance of any reduction in income tax this year. Cliff Taylor explains why. Ireland is the second most expensive country in Europe with only Danes expected to pay more for a range of goods and services, the latest figures from Eurostat have confirmed. Prices here are significantly higher than the European average with things worsening over the last decade, the data suggests. Conor Pope reports. House prices in Ireland grew at an average annual rate of 7.5 per cent in April, amid ongoing supply shortages and surging demand fuelled by Government incentives and expectations of further interest rate cuts. Ian Curran has the details. Minister for Finance Paschal Donohoe said he is 'grateful for the strong level of support' he is receiving from other capitals, to stay on as president of the Eurogroup for a third term. Jack Power has the story. Microsoft is planning to axe thousands of jobs, particularly in sales, as part of the company's latest move to trim its workforce amid heavy spending on artificial intelligence. When you are working and raising young children , there is little time to think about your own health or your physical and mental needs. We just get on with it. Does this have an impact on our careers and our long-term health and happiness though? Margaret E Ward explores the issue in World of Work. The operator of Dublin's Clarence Hotel is set to almost triple the hotel bedroom capacity of the former U2-owned hotel, after an appeal against the plan was dropped. Gordon Deegan reports. Kenmare Resources has walked away from takeover talks with its former managing director Michael Carvill and an Abu Dhabi private equity firm after the consortium made it clear it would only be willing to proceed with a bid that was below its initial £473 million (€553 million) proposal. Joe has the story. If you'd like to read more about the issues that affect your finances try signing up to On the Money , the weekly newsletter from our personal finance team, which will be issued every Friday to Irish Times subscribers.
Irish Times
17 hours ago
- Business
- Irish Times
Applegreen to invest $750m in Massachusetts motorway service stations under 35-year deal
Applegreen , the Irish fuel forecourt retail group, has been awarded a 35-year contract to operate 18 motorway service areas in Massachusetts. Under the deal it will invest more than $750 million (€654 million) in the network. The group, backed by US private equity giant Blackstone , will spend the money replacing buildings at nine plazas and carrying out major renovations of the others, US news media reported. This would make it the biggest spending project Applegreen has entered into in the US. The company will have the contract to operate the restaurants, cafes and shops at the plazas and to sell fuel and operate electric-vehicle (EV) charging sites at each location. READ MORE It will pay up to $994 million in rent to the State of Massachusetts during the 35-year deal, reports said. Of the 18 service stations, 11 are on the longest motorway in the state, known as the Massachusetts Turnpike, which spans 222km and was opened in 1957. Applegreen beat two other final-round bidders for the contract. Fuel supplier Global Partners had been seen as the favourite to be selected by the Massachusetts Department of Transport (MassDOT). 'We're thrilled to have the opportunity to work with the Commonwealth of Massachusetts and MassDOT to improve the travel experiences of drivers across Massachusetts for years to come,' a spokesman for Applegreen said. Applegreen entered US market in 2014 when it bought two sites in Long Island. In 2020, the group was part of a consortium that signed a 33-year lease to refurbish and operate 27 motorway plazas on New York Thruway, a system of toll roads within the State of New York. It does not have the fuel sale element of that deal. Applegreen runs more than 100 US motorway service areas, where it operates restaurant and cafe brands such as Burger King, Shake Shack, Chick-fil-A, Popeyes, Starbucks, Dunkin', Panera Bread and Panda Express. The company was founded by Robert Etchingham in 1992 with one station in Ballyfermot, west Dublin. It now has almost 200 locations in the Irish market. The company typically invests more than €30 million a year in the Irish market on store openings, upgrades and improvement. Applegreen was taken private from the stock market in March 2021 by Blackstone in a €718 million deal that saw Mr Etchingham and long-standing executive Joe Barrett retain a combined 42.5 per cent stake in the group. The company's then independent directors decided unanimously to recommend the takeover bid for the group, arguing it faced borrowing constraints as a listed company as it faced large investments in electric car-charging facilities and US highway service areas. Applegreen agreed this year to sell its UK filling station business to UK rival EG On The Move for an undisclosed sum. That business had 98 sites. The company said it would use the proceeds from the transaction to invest in its business in Ireland, the UK and US. The deal did not affect Applegreen's Welcome Break motorway service business in the UK, which also has a network of 31 hotels.
CBS News
a day ago
- Business
- CBS News
Here's what's proposed for 18 Massachusetts highway service plazas after Irish company wins bid
Big changes are coming to 18 highway service plazas in Massachusetts. The Department of Transportation voted Wednesday to award a 35-year lease to an Irish company that intends to raze and rebuild nine rest stops, while significantly refurbishing nine others. Construction will start in January of 2026. Applegreen chief investment officer Ronan Ryan said Dublin-based company will invest $750 million in the plazas, which will remained owned by MassDOT. "We have a proven track record of undertaking significant service plaza redevelopment projects in the U.S.," Ryan said. Map of service plazas that will be rebuilt or renovated. MassDOT Many of the plazas that will be knocked down and rebuild are on the Mass Pike. They include the Natick, Framingham, Westboro, Charlton, Ludlow and Lee plazas. At the MassDOT board meeting, many spoke out in favor of Boston-based Global Partners, which was also bidding for the contract. Global Partners chief operating officer Mark Romaine said that his company made a rent commitment that was worth $500 million more than Applegreen. "Instead, the committee is recommending a foreign-owned operator with a documented history of underperformance," he said. MassDOT chief development officer Scott Bosworth touted Applegreen's "bold approach" and noted that they just renovated 27 service areas in New York. The plazas will have a different exterior based on their location, with "coastal," "metro" and a "western" design that is meant to invoke the Berkshires. Different exteriors for the renovated rest stops. MassDOT Among the improvements planned for the Massachusetts rest stops include hundreds more parking spots, children's play areas, dog areas and "inviting" bathrooms. "Seventy percent of the people turn into the plaza to use the bathrooms. That's a critical point," Bosworth said. "The data shows that if they have a good experience doing that, the dwell time will be increased as well as the conversion rate, meaning they'll actually stop and buy something." Plans for the refurbished service plazas. MassDOT
Boston Globe
2 days ago
- Business
- Boston Globe
MassDOT board approves Applegreen to redo service plazas, over local bidder's objections
Advertisement Global's employees and other supporters flooded the board with emails in support in recent days, underscoring its community involvement and its management across four generations of the Slifka family. On Wednesday, Global also packed the boardroom at MassDOT's Park Plaza headquarters, with some supporters holding signs with messages such as 'Keep It Local' and 'Something Is Fishy at MassDOT.' 'Global isn't just the highest bidder, we are the stronger, safer, proven operator,' Mark Romaine, chief operating officer at Global, told the board before the vote. 'The people of Massachusetts should be outraged and, quite frankly, the administration should be ashamed.' In a statement after the vote, Romaine said the 'fight for Massachusetts is not over,' and that Global executives hope MassDOT weighs the risks and reconsiders before signing the Applegreen lease. Advertisement Applegreen, backed by private equity giant Blackstone, pledged to invest $750 million in capital improvements, including the complete replacement of buildings at nine plazas and major renovations of the others, over the life of the 35-year lease. MassDOT staff also expects average rent payments to the state of up to $28.4 million a year, based on a percentage of revenue — or nearly $1 billion over the life of the lease, although bid documents show the cumulative rent could be as low as $623 million. In contrast, Global says it guaranteed $1.5 billion in rent over the 35-year term, along with $650 million in capital improvements. Scott Bosworth, chief development officer at MassDOT, told the board that revenue represented only 25 percent of the selection committee's scoring criteria. The quality of the redevelopment plan represented another 25 percent, for example, and the transition plan from the current operator represented 15 percent. Boston-based Suffolk Construction is Applegreen's general contractor for the project. All construction is expected to be done by sometime in 2028, with no two consecutive plazas on the Pike shut down at the same time. 'They are ready to go, ready to hit the ground running,' Bosworth said. Executives from Applegreen, Blackstone, and Suffolk attended the board meeting to make their case, in part by saying they'll hire locally and purchase from local vendors. Over the past decade, Applegreen has been rapidly growing its service plaza business in the US, an expansion that gained steam after Advertisement 'We are ready to commence construction in January 2026 to deliver state-of-the-art, sustainable, world-class buildings for the commonwealth,' said Ronan Ryan, Applegreen's chief investments officer. The lease will involve redoing the 11 service plazas on the Mass. Turnpike, along with seven others. McDonald's is the lead food vendor and Gulf is the lead fuel vendor along the turnpike, though Global is a subtenant of McDonald's to operate the convenience stores on the Pike and an agent of Gulf running the gas stations on its behalf. Global also is the state's direct concessionaire for four highway rest areas: two in Bridgewater, one in Barnstable, and one in Beverly. Applegreen is slated to take over those leases in mid-2027, while the rest come up for renewal in six months. MassDOT board member Lisa Iezzoni expressed reservations about picking Applegreen during the board's public comments, and she abstained from the actual vote. 'When I got the outpouring of emails about the comments from the Global Partners advocates, I was overwhelmed by that,' Iezzoni said. 'I had not realized some of the concerns that they raised.' Global's supporters pointed to The Global crowd put an even greater emphasis on the responsiveness and economic impact that would come with picking an operator with strong local ties. 'This is not just about the brand of coffee that gets served on the Pike,' said Global's Catie Kerns. 'We are the best ambassadors for this state.' Advertisement Jon Chesto can be reached at
Boston Globe
3 days ago
- Boston Globe
The Mass. Pike rest stops are about to get a makeover. Here's what readers want to see.
Advertisement Here are some of the most popular topics and a sampling of reader comments: Food choices The most common reader response was seeking better and healthier food options. Suggestions for specific restaurants included Sweetgreen, Shake Shack, Tasty Burger, and Panera. Some people asked for more gluten-free, vegetarian, and vegan options. Readers also asked for the rest stops to have a more local flavor with 'New England authenticity' and seasonal food items. 'Small local restaurants and businesses instead of fast food chains!!,' Boston reader Melissa Mazzeo wrote. 'It would be so nice to get a feel for the town/region at a rest stop, rather than it feeling like I could be anywhere in the country.' ' 'Gluten-free options!!! And perhaps ways to accommodate other dietary/food allergy concerns. How about some small, local restaurants? Good ice cream.' Sharon Catto, Brookline But several readers pointed out that the current chains, like McDonald's and Dunkin, provide quick and simple food choices for harried families with kids. 'Families especially, need to juggle the tastes of multiple people with limited time to peruse every menu,' wrote Jay Minkarah of Nashua. 'Reliability and predictably at rest stops is important.' Advertisement There were also a few out-there suggestions. 'On a lighter note, please bring back Howard Johnson's,' reader Bill Latimer from Plainfield wrote. 'Today, there's nothing like HoJo's all-you-can-eat fried chicken, hot and crispy on the outside and still frozen at the bone!' And many readers want MassDOT to make sure food and gas prices are affordable. Electric vehicle charging The second most popular request was for more and better EV charging options. Currently, the Pike has two Tesla-only stations along with six relatively slow generic chargers. In its request for proposals, MassDOT required that the new manager ' 'More and more powerful EV chargers. And EV chargers that are under cover (people pumping gas don't have to stand in the rain).' Patrick Gabridge, Northampton 'They should be well lit, with proper facilities nearby for people to use,' reader Jay Dobbie in Worcester wrote. 'We can't expect EVs to keep thriving if the state doesn't keep to their word [and] help with the infrastructure.' Connecticut resident Sue Santos was worried about high prices at Applegreen's chargers. 'It would be nice if Tesla upgraded the software to allow non-Tesla cars to charge, currently they can't at most [rest stops] on the Pike,' she wrote. 'They perform better than the Applegreen units.' Applegreen has three different design options for the plazas: one for coastal areas, one for the central part of the state, and one for the Berkshire hills. This rendering shows the concept for the coastal area. Rendering by Upland Architects Bathrooms, bathrooms, bathrooms Readers also had many suggestions for the rest stops' restrooms, starting with offering more options for family bathrooms, nongender-specific bathrooms, and attended bathrooms. Some would like to see paper towels make a comeback. And cleanliness was cited as an issue by dozens of readers. Advertisement ' 'All entrances should have handicap door openers, also known as automatic swing door openers or ADA door openers. Every time I have to stop at a rest stop, I'm amazed and frustrated at the lack of them. -- Also, handicap toilet stalls should be checked more frequently - too often, the only handicap stall is unusable.' Anonymous 'A built in stool at a sink so that little kids can reach the sink/soap themselves is the easiest thing that I wish all public restrooms had,' Abigail Starr in Cambridge wrote. 'A stall that is family friendly would be AMAZING too. Like having a baby holder, a seat for a young child, a shelf to put a diaper bag, and if they really want to make it totally welcoming a small flush toilet in addition to the regular adult sized toilet.' Applegreen in New York Dozens of readers said they had experience with the newly built rest stops by Applegreen in New York, and most were not happy about the facilities. 'Look at NY Thruway renovations and do the opposite,' John Mungovan of Harwich Port wrote, citing an inadequate number of bathrooms and crowded eating spaces. Kathy Chelini of Milford said she has been driving back and forth to Rochester, N.Y., for more than 40 years and does not like the new rest stops. 'Few places to sit and eat and we have to eat in the car,' she wrote. 'Too few bathrooms, too few gas pumps, long lines. Poor choice of food restaurants that close on Sunday and few vegetarian options.' ' 'THE NY THRUWAY STOPS ARE HORRIBLE.' Harriet Luppino, Newton, MA The controversy around Chick-fil-A on the Thruway was also mentioned by Globe readers. In New York, some have complained that the chain's decision to close on Sundays makes it a bad choice for a highway rest stop used seven days a week. In its request for proposals, MassDOT Including Chick-fil-A is 'very impractical for a rest area restaurant to be closed on a Sunday, making everything else overcrowded and slow,' wrote Christina Paradiso from Princeton. Advertisement Assorted other ideas Other suggestions including adding compost bins for leftover food, cushy chairs for weary travelers, and playground equipment for kids. About a dozen readers asked for a fenced-in dog walk or other pet-oriented features. 'I'd love to see designated dog walk areas with disposal bags and containers,' wrote Linda Barbadoro of Sturbridge. But perhaps the best suggestion came from the Rev. Laura Everett of Jamaica Plain, who said she appreciated that New Jersey has named its rest stops for famous state residents. 'Driving back from Cape May to Boston recently I stopped at Jon Bon Jovi, Judy Blume, Whitney Houston & James Gandolfini,' Everett wrote. 'Imagine how much more fun (and educational) our Massachusetts rest stops would be if we got to stop at the Amy Poehler Service Plaza or the Aaron Pressman can be reached at
