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HALIFAX, June 10, 2011 /CNW/ - Holloway Lodging Real Estate Investment Trust (TSX: HLR.UN HLR.DB HLR.DB.A) ("Holloway" or the "REIT") announces that Marc Staniloff, of Calgary, Alberta, has been re-appointed a Trustee of the REIT effective June 6, 2011. Mr. Staniloff is the Chairman and Chief Executive Officer of Superior Lodging Corp., the master developer for Super 8(R) Wingate by Wyndham(R) and Microtel Inn and Suites(R).
The REIT further announces that the Trustees have determined to amend Section 8.7 of the REIT's amended and restated declaration of trust dated June 5, 2006 (the "Declaration of Trust") to provide the chairman of any meeting of Trustees with a second or casting vote in the case of equality of votes as the REIT now has six trustees. The Trustees are of the opinion that the amendment is not prejudicial to unitholders and is necessary or desirable and, therefore, the conditions in the Declaration of Trust setting out the circumstances in which the Trustees may amend the Declaration of Trust without the consent, approval or ratification of the Unitholders have been satisfied. The Trustees intend that the amendment to the Declaration of Trust be effective June 6, 2011.
Holloway is a real estate investment trust focused on acquiring, owning and operating select and limited service lodging properties and a small complement of full service hotels primarily in secondary, tertiary and suburban markets. Holloway currently owns 22 hotels with 2,386 rooms. Holloway's units and convertible debentures trade on the Toronto Stock Exchange under the symbols HLR.UN, HLR.DB and HLR.DB.A, respectively.
Notice to Readers
Certain forward-looking statements are made in this news release, within the meaning of applicable Canadian securities laws. Forward-looking statements used in this new release may contain words such as "may", "will", "should", "believe", "expect", "plan", "intend", "continue", "future", or the negative of these terms or other similar expressions. Forward-looking statements in this news release include, without limitation, statements regarding possible future action by the REIT. These statements reflect Holloway's current expectations regarding future events and are based on information currently available to management, but involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Holloway to be materially different from any future results, performance or achievements anticipated, expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to, those risks, factors and uncertainties detailed in the section entitled "Risks and Uncertainties" in the REIT's Management's Discussion and Analysis for the year ended December 31, 2010 and "Risk Factors" in the REIT's Annual Information Form for the year ended December 31, 2010 which are available on the REIT's profile on the SEDAR website at www.sedar.com. These and other factors should be considered carefully and readers are cautioned that forward-looking statements should not be read as guarantees of future performance, outcomes or results, should not be unduly relied upon, and will not necessarily be accurate indications of whether or not such results will be achieved. Forward-looking information is based on various material factors or assumptions, which are based on information currently available to the REIT. These forward-looking statements are made as of the date of this news release, and should not be relied upon as representing the REIT's views as of any date subsequent to the date of this news release. The REIT undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law.
SOURCE HOLLOWAY LODGING REAL ESTATE INVESTMENT TRUST
For further information: Mr. Glenn Squires, Chief Executive Officer of the REIT; Ms. Tracy Sherren, Chief Financial Officer of the REIT, (902) 404-3499