Holloway Lodging Reit Announces Management Appointments

Not for distribution on U.S. wire services or for dissemination in the United States

HALIFAX, Feb. 28, 2012 /CNW/ - Holloway Lodging Real Estate Investment Trust (TSX: HLR.UN) ("Holloway" or the "REIT") announces the following management changes:

  • Felix Seiler has been appointed Chief Operating Officer of Holloway.
  • Jane Rafuse has been appointed Chief Financial Officer of Holloway.
  • Michael Rapps, Chairman of Holloway, will cease to act as Interim Chief Financial Officer. Mr. Rapps will remain involved in the management of Holloway during a transition period.

Mr. Seiler has significant experience in the management and operation of hotels, most recently serving as Regional Vice President of Pacrim Hospitality Services Inc. with responsibility for 10 of Holloway's hotels in Northern Alberta and British Columbia. Prior to that, Mr. Seiler held various roles of increasing seniority in the hospitality industry.

Ms. Rafuse has been Vice President, Finance of Holloway since June 2006. Prior to joining Holloway, Ms. Rafuse acted as Corporate Controller for Jacques Whitford Limited and Director of Finance and Controller at The Maritime Assurance Life Company. Ms. Rafuse received her Bachelor of Business Administration from Acadia University in 1987 and holds designations as a Certified Management Consultant and a Chartered Accountant.

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.  Holloway owns 18 hotels with 1,747 rooms.  Holloway's trust units trade on the TSX under the symbol HLR.UN.

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, business strategy, financial results and plans and objectives of the REIT.  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 annual information form for the year ended December 31, 2010 which is available on the REIT's profile on the SEDAR website at www.sedar.com.  The REIT does not intend to update or revise any such forward-looking information should its assumptions and estimates change.

SOURCE HOLLOWAY LODGING REAL ESTATE INVESTMENT TRUST

For further information:

please contact Michael Rapps, Chairman of the REIT, at (416) 855-1925

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HOLLOWAY LODGING REAL ESTATE INVESTMENT TRUST

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