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HALIFAX, Jul 18, 2007 (Canada NewsWire via COMTEX News Network) -- /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES/
Holloway Lodging Real Estate Investment Trust (TSX: HLR.UN, HLR.DB, HLR.DB.A) ("Holloway" or the "REIT") announced today that it has closed the over-allotment option granted to the underwriters in connection with its previously announced offering ("Offering") of $140 million comprised of 17,758,000 units ("Units") at $5.35 per Unit and $45,000,000 of 6.5% convertible unsecured subordinated debentures ("Debentures"). At the closing of the over-allotment option, a syndicate of underwriters, led by Canaccord Capital Corporation, bought an additional 580,000 Units and $6,844,000 of Debentures, for total gross proceeds of the Offering, including the over-allotment option, of approximately $150 million. Holloway intends to use the net proceeds of the over-allotment option towards the acquisition of additional properties under consideration, mezzanine lending on hotel developments and for general corporate purposes.
About Holloway
The REIT is 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 in Canada. The REIT's hotel portfolio currently consists of 20 properties, which are located in British Columbia (2), Alberta (13), Nova Scotia (3), New Brunswick (1) and Northwest Territories (1).
%SEDAR: 00023845E
SOURCE: HOLLOWAY LODGING REAL ESTATE INVESTMENT TRUST
Mr. Glenn Squires, Chief Executive Officer or Ms. Tracy Sherren, Chief Financial
Officer, (902) 457-1907
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