ULI Toronto Drechsel Business Interiors

Holloway announces sale of hotel in Windsor

Monday, April 1, 2019

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 Super 8® Hotel located in Windsor, N.S.

The sale price for the hotel was $5.3 million representing a cap rate of approximately 11.6 per cent and a price per room of $80,300. Holloway estimates that it will record a gain on sale of approximately $2.6 million in the first quarter of 2019.

According to the press release, Holloway received approximately $2.4 million of proceeds after closing costs, the repayment of a $2.2 million mortgage secured by the property and the provision of a $0.5 million second mortgage secured by the property.

Holloway also announced that it has entered into a hotel management agreement with the purchaser of the property. This brings the number of revenue-generating hotel management contracts to 11 with one additional hotel management contract signed but not yet earning revenue.

Leave a Reply

Your email address will not be published. Required fields are marked *