Holloway Lodging announces sale of two hotels in Nova Scotia

Holloway Lodging announces sale of two hotels in Nova Scotia

Holloway is a real estate corporation focused on acquiring, adding value to and operating select service hotels and managing hotels for third parties. Holloway owns 23 hotels with 2,723 rooms.

Holloway is pleased to announce that it has sold the Travelodge® hotel in Sydney, NS and its leasehold interest in the Super 8® hotel located in Truro, NS.

The sale price for the Travelodge Sydney was $5.1 million, representing a cap rate of 7.3% and a price per room of approximately $43,200. Prior to the revaluation of Holloway’s hotels in the first quarter of 2019, the value of this property on Holloway’s balance sheet was approximately $3.1 million.

The sale price for the leasehold interest in the Super 8 Truro was $3.0 million representing a cap rate of approximately 10.9% and a price per room of $60,000. Prior to the revaluation of Holloway’s hotels in the first quarter of 2019, the value of this property on Holloway’s balance sheet was approximately $2.5 million.

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Holloway received approximately $7.7 million of proceeds after closing costs. Holloway expects to use the net sale proceeds to repay $4.8mn of its amortizing term loan and $2.9mn of its revolving credit facility. Holloway does not anticipate paying any tax on the sales of these properties.

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