Holloway Lodging Real Estate Investment Trust Announces Monthly Distribution



    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES/

    HALIFAX, March 20 /CNW/ - Holloway Lodging Real Estate Investment Trust
(TSXV: HLR.UN) ("Holloway" or the "REIT") announced today a distribution of
$0.0375 per unit for the month of March 2007, payable on or before April 13,
2007 to unitholders of record on March 30, 2007.
    Holders of units who are non-residents of Canada will be required to pay
all withholding taxes payable in respect of any distributions of income by the
Fund.
    The Fund also announced that the holders of Class B limited partnership
units of Holloway Lodging Limited Partnership (a subsidiary of the REIT) shall
receive $0.0375 per limited partnership unit for the month of March payable on
or before April 13, 2007.
    The REIT has 16,208,808 units issued and outstanding which, together with
460,000 Class B limited partnership units of Holloway Lodging Limited
Partnership issued and outstanding (each of which is exchangeable for one REIT
unit). After giving effect to the exchange of the Class B limited partnership
units, there are an aggregate of 16,668,808 REIT units issued and outstanding.

    ABOUT HOLLOWAY LODGING REAL ESTATE INVESTMENT TRUST

    Holloway is a real estate investment trust listed as a Tier 2 issuer on
the TSX Venture Exchange with the objective of acquiring and improving a
growing portfolio of lodging properties with stable cash distributions.

    WARNING REGARDING FORWARD-LOOKING INFORMATION

    This press release may contain forward-looking information within the
meaning of applicable securities laws. Forward-looking information may relate
to the Trust'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 Trust. Particularly, statements regarding the
Trust'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 Trust 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 the management information circular of Holloway Capital
Corporation dated May 4, 2006. Other risks and uncertainties include the risk
that the Trust may not be able to complete the previously announced proposed
acquisition of properties on the terms previously described or at all.

    The TSX Venture Exchange does not accept responsibility for the
    adequacy or accuracy of this press release.
    %SEDAR: 00023845E




For further information:

For further information: Mr. Glenn Squires, Chief Executive Officer of
the REIT, (902) 457-1907

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Holloway Lodging Real Estate Investment Trust

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