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HALIFAX, Dec. 10 /CNW/ - Holloway Lodging Real Estate Investment Trust
(TSXV: HLR.UN, HLR.DB, HLR.DB.A) ("Holloway" or the "REIT") announced that the
Toronto Stock Exchange (the "Exchange") has approved the REIT's notice of
intention to make a normal course issuer bid for a portion of its trust units.
The REIT's normal course issuer bid will be made in accordance with the rules
and policies of the Exchange. No previous purchases of trust units have been
Pursuant to the notice, the REIT may, over the next 12 months commencing
on December 11, 2007 and ending on December 10, 2008 or on such earlier date
as the REIT completes its purchases pursuant to the bid or provides notice of
termination, acquire for cancellation up to 1,000,000 of its outstanding trust
units, such amount representing 2.58% of the 38,819,817 trust units issued and
outstanding as of December 3, 2007. The average daily trading volume since the
REIT's graduation to the Exchange and ending November 30, 2007 is 136,504.
Purchases will be made at prevailing market prices through the facilities of
Management of the REIT believes that, on occasion, trust units become
available at prices that do not give full effect to their underlying value,
based solely on management's opinion of the REIT's future prospects.
Accordingly, management believes that the purchase of trust units pursuant to
the normal course issuer bid represents an investment opportunity for Holloway
and an appropriate use of its funds.
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 and providing investors with stable distributions. Holloway
owns 22 hotels with 2,424 rooms. Holloway's units and convertible debentures
trade on the Toronto Stock Exchange under the symbols HLR.UN, HLR.DB and
This press release contains forward-looking information within the
meaning of applicable securities laws. Forward-looking information may relate
to the REIT's future outlook and anticipated events or results and may include
statements regarding the future financial position, property acquisition
strategies and opportunities, business strategy, financial results and plans
and objectives of the REIT. Particularly, statements regarding the REIT's
future operating results, property acquisition strategies and opportunities
and economic performance are forward-looking statements. 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 the REIT 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
prospectus dated June 13, 2007 which is available at www.sedar.com. The REIT
does not intend to update or revise any such forward-looking information
should its assumptions and estimates change.
For further information:
For further information: Mr. Glenn Squires, Chief Executive Officer, Mr.
Michael Jackson, Chief Operating Officer, or Ms. Tracy Sherren, Chief
Financial Officer, (902) 457-1907.