/NOT FOR DISTRIBUTION ON UNITED STATES WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES./
HALIFAX, Dec. 31, 2012 /CNW/ - Holloway Lodging Corporation (TSX: HLC)
("Holloway" or the "Corporation") announced today the successful
completion of the previously announced conversion of Holloway Lodging
Real Estate Investment Trust (the "REIT") from an income trust to a
corporation on December 31, 2012 pursuant to a plan of arrangement (the
"Arrangement"). The former trustees and senior management of the REIT
are now the directors and senior management of the Corporation.
Under the Arrangement, each unit of the REIT was exchanged for one
common share of Holloway. The REIT Units will be de-listed from the
Toronto Stock Exchange (the "TSX") today and the Holloway common shares
will be listed for trading on the TSX under the trading symbol "HLC"
effective January 1, 2013. It is expected that the Corporation's
business, capital structure and dividend policy will remain consistent
with those of the REIT.
ABOUT HOLLOWAY LODGING CORPORATION
Holloway is a real estate company 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 1,790 rooms.
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.
Statements regarding Holloway's business, capital structure and
dividend policy 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 Holloway currently expects and there can be no assurance that
statements containing forward-looking information will prove to be
accurate. Some of these risks and uncertainties are described under
"Risk Factors" in Holloway's Annual Information Form dated March 14,
2012 which is available 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 Corporation
For further information:
please contact Michael Rapps, Chairman, at (416) 855-1925 or Jane Rafuse, Chief Financial Officer, at (902) 443-5101.