Holloway Lodging Corporation (Holloway) – a real estate corporation focused on acquiring, adding value and operating select-service hotels and managing hotels for third parties – has sold two hotels in Nova Scotia.
Travelodge hotel in Sydney, N.S. for $5.1 million, and its leasehold interest in the Super 8 hotel located in Truro, N.S., for $3 million.
According to a press release, Holloway received approximately $7.7 million of proceeds after closing costs. Holloway expects to use the net sale proceeds to repay $4.8 million 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.
Holloway owns 28 hotels with 3,121 rooms.