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HALIFAX, April 18, 2016 /CNW/ - Holloway Lodging Corporation (TSX: HLC, HLC.DB, HLC.DB.A) ("Holloway") is pleased to announce that it has opened the Travelodge® hotel in Sydney, Nova Scotia.
Holloway acquired non-performing first and second mortgages secured by the hotel in April 2015, completed foreclosure proceedings against the hotel in September 2015 and closed the hotel in October 2015 for extensive renovations and rebranding.
The new Travelodge hotel is located in Sydney, Nova Scotia, a city of approximately 31,000 people located on Cape Breton Island. The hotel was built in 1971 with an additional wing built in 1987. The hotel consists of 117 rooms, several meeting rooms and a large fitness and pool facility. The property also consists of 2,000 sf of office space which is currently vacant and an additional 50 rooms which have not been renovated and which Holloway is considering converting to extended-stay or apartment units in due course.
ABOUT HOLLOWAY LODGING CORPORATION
Holloway is a real estate corporation 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 owns 36 hotels with 4,153 rooms. Holloway's shares and debentures trade on the TSX under the symbols HLC, HLC.DB and HLC.DB.A.
This press release contains forward-looking information within the meaning of applicable securities laws. Forward-looking information may relate to Holloway's future outlook and anticipated events or results and may include statements regarding Holloway's future financial position, business strategy, financial results, plans and objectives. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Forward-looking information is subject to certain factors, including risks and uncertainties, that could cause actual results to differ materially from what Holloway currently expects and there can be no assurance that such statements will prove to be accurate. Some of these risks and uncertainties are described under "Risk Factors" in Holloway's annual information form for the year ended December 31, 2015 which is available on Holloway's profile on the SEDAR website at www.sedar.com. Holloway does not intend to update or revise any such forward-looking information should its assumptions and estimates change.
SOURCE Holloway Lodging Corporation
For further information: please contact Michael Rapps, Chairman, at (416) 855-1925 or Jane Rafuse, Chief Financial Officer, at (902) 443-5101