Holloway Lodging Corporation announces opening of new hotels in Ontario

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HALIFAX, Jan. 18, 2016 /CNW/ - Holloway Lodging Corporation (TSX: HLC, HLC.DB, HLC.DB.A) ("Holloway") is pleased to announce that it has fully re-opened the DoubleTree by Hilton® in London, Ontario and the Holiday Inn® Ottawa East in Ottawa, Ontario following extensive renovations.

The DoubleTree by Hilton® (formerly the Hilton® hotel) has 323 rooms, over 30,000 sf of meeting and banquet space and features Blake's restaurant and bar. As part of the renovation, Holloway upgraded the hotel's public spaces, guestrooms and food and beverage outlets and added a licensed and operated Starbucks® location in the lobby. The DoubleTree by Hilton is attached to the City Center office complex and the London Convention Centre and remains the premier hotel in the City of London.

The Holiday Inn Ottawa East (formerly the non-branded Chimo hotel) has 261 rooms, over 8,500 sf of meeting and banquet space and features Reza's Kitchen & Drinks restaurant and bar. As part of the renovation, Holloway upgraded the hotel's public spaces, guestrooms, restaurant and pool and fitness facilities. The Holiday Inn Ottawa East is located adjacent to Highway 417 and across from the National Capital Region's largest mall, the St. Laurent Centre.

Michael Rapps, Chairman of Holloway, stated: "The opening of our new DoubleTree by Hilton and Holiday Inn Ottawa East is a significant milestone for Holloway. These hotels represent 14% of our total rooms and are located in attractive markets with strong business drivers. We anticipate that the financial performance of each of these hotels will materially exceed their performance prior to the renovations and rebrandings. We want to thank all of our staff that worked on these renovation projects over the last year as well as those staff members that were impacted by the hotels' closures during that time."

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 35 hotels with 3,970 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, 2014 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

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