Not for distribution on U.S. wire services or for dissemination in the
HALIFAX, June 12, 2012 /CNW/ - Holloway Lodging Real Estate Investment
Trust (TSX: HLR.UN) ("Holloway") announced on May 8, 2012 that it had
entered into a letter of intent with a third party for a potential
acquisition of all of Holloway's trust units. At the request of the
Toronto Stock Exchange, Holloway is updating its press release of May
Since the announcement of the letter of intent, Holloway received
expressions of interest from multiple parties regarding potential
strategic transactions involving Holloway and/or its assets.
Accordingly, Holloway has not extended the exclusivity period it
previously agreed to with the initial third party. The third party
continues to conduct due diligence and, together with Holloway,
continues to advance discussions regarding an acquisition of all of
Holloway's trust units.
Holloway cautions that there can be no assurance that any transaction
will result from the previously disclosed letter of intent or the
expressions of interest recently received or what the terms of a
transaction, if any, may be. Holloway does not intend to provide
additional updates on the status of its discussion with third parties.
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 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,
including, in particular, the potential acquisition of all of the trust
units of Holloway by a third party. 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, 2011 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 REAL ESTATE INVESTMENT TRUST
For further information:
Michael Rapps, Chairman, at (416) 855-1925, or Jane Rafuse, Chief Financial Officer, at (902) 443-5101