Not for distribution on U.S. wire services or for dissemination in the United States
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 8, 2012.
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.
For further information:
Michael Rapps, Chairman, at (416) 855-1925, or Jane Rafuse, Chief Financial Officer, at (902) 443-5101