/NOT FOR DISTRIBUTION ON U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE
HALIFAX, Sept. 12 /CNW/ - Holloway Lodging Real Estate Investment Trust
(TSX: HLR.UN) ("Holloway" or the "REIT") announces that it has closed its
previously announced acquisition of the Holiday Inn Express hotel in Kamloops,
British Columbia. The hotel was purchased for cash consideration of
The hotel had an occupancy rate of 79.3% and an average daily rate of
approximately $101 for the trailing twelve months as of May 31, 2007. It is
the leader in the limited service segment in the Kamloops market.
"Management is excited about acquiring the Holiday Inn Express in
Kamloops, BC and believes that it is consistent with our goal of generating
stable cash distributions and expanding Holloway's asset base through
accretive acquisitions and internal growth initiatives" said Mr. Glenn
Squires, Holloway's Chief Executive Officer.
ABOUT HOLLOWAY LODGING REAL ESTATE INVESTMENT TRUST
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. With this
acquisition, Holloway now owns 21 hotels with 2,310 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.
For further information:
For further information: Mr. Glenn Squires, Chief Executive Officer of
the REIT; Ms. Tracy Sherren, Chief Financial Officer of the REIT, (902)