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/NOT FOR DISTRIBUTION ON U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/
HALIFAX, Feb. 1 /CNW/ - Holloway Lodging Real Estate Investment Trust
(TSXV: HLR.UN) ("Holloway" or the "REIT") announced last night that it has
closed its previously announced acquisition of the Radisson Hotel and Suites
in Fort McMurray, Alberta.
The hotel has a year to date occupancy rate of 71.4% (as calculated to
November, 2006) and an average daily rate of approximately $141.
"The acquisition of the Radisson Hotel and Suites in Fort McMurray is a
continuation of Holloway's strategy to acquire properties in growth areas and
provide an opportunity to achieve accretive earnings for unitholders" said Mr.
Glenn Squires, Holloway's Chief Executive Officer.
This press release contains forward-looking information within the
meaning of applicable securities laws. Forward-looking information may relate
to the Trust's future outlook and anticipated events or results and may
include statements regarding the future financial position, property
acquisition strategies and opportunities, business strategy, financial results
and plans and objectives of the Trust. Particularly, statements regarding the
Trust's future operating results, property acquisition strategies and
opportunities and economic performance are forward-looking statements. In some
cases, forward-looking information can be identified by terms such as "may",
"will", "should", "expect", "plan", "anticipate", "believe", "intend",
"estimate", "predict", "potential", "continue" or other similar expressions
concerning matters that are not historical facts. Forward looking-information
is subject to certain factors, including risks and uncertainties, that could
cause actual results to differ materially from what the Trust currently
expects and there can be no assurance that such statements will prove to be
accurate. Some of these risks and uncertainties are described under "Risk
Factors" in the management information circular of Holloway Capital
Corporation dated May 4, 2006. Other risks and uncertainties include the risk
that the Trust may not be able to complete the proposed acquisition of
properties on the terms described herein or at all.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this press release.
%SEDAR: 00023845E
For further information: Mr. Glenn Squires, Chief Executive Officer of
the REIT, (902) 457-1907
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