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HALIFAX, Jul 23, 2007 (Canada NewsWire via COMTEX News Network) -- /NOT FOR DISTRIBUTION ON U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/
Holloway Lodging Real Estate Investment Trust (TSX: HLR.UN) ("Holloway" or the "REIT") announced today a distribution of $0.045 per unit for the month of July 2007, payable on or before August 15, 2007 to unitholders of record on July 31, 2007. The REIT previously announced that its distributions would be increasing by 20%, from $0.0375 to $0.045 per month effective with the first increased distribution payment expected to be made in August to unitholders of record as of July 31, 2007.
Holders of units who are non-residents of Canada will be required to pay all withholding taxes payable in respect of any distributions of income by the REIT.
The REIT also announced that the holders of Class B limited partnership units of Holloway Lodging Limited Partnership (a subsidiary of the REIT) shall receive $0.045 per limited partnership unit for the month of July payable on or before August 15, 2007.
The REIT has 38,716,317 units issued and outstanding and 437,000 Class B limited partnership units of Holloway Lodging Limited Partnership issued and outstanding (each of which is exchangeable for one REIT unit). After giving effect to the exchange of the Class B limited partnership units, there are an aggregate of 39,153,317 REIT units issued and outstanding.
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 and providing investors with stable distributions. Holloway currently owns 20 hotels with 2,230 rooms. Holloway's units and convertible debentures trade on the Toronto Stock Exchange under the symbols HLR.UN, HLR.DB and HLR.DB.A, respectively.
%SEDAR: 00023845E
SOURCE: HOLLOWAY LODGING REAL ESTATE INVESTMENT TRUST
Mr. Glenn Squires, Chief Executive Officer of the REIT; Tracy Sherren, Chief
Financial Officer of the REIT, (902) 457-1907
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