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/NOT FOR DISTRIBUTION ON U.S. WIRE SERVICES/

TORONTO, Dec. 14 /CNW/ - Holloway Lodging Real Estate Investment Trust (TSXV: HLR.UN) ("Holloway" or the "REIT") today announced that Canaccord Adams, the underwriter of the REIT's recently announced bought deal private placement financing (the "Financing"), has exercised its option to purchase an additional 582,525 trust units at the price of $5.15 per unit, increasing the aggregate gross proceeds to the REIT under the Financing to approximately $13 million. The Financing is expected to close on or about December 29, 2006 and the units sold will be subject to a four-month hold period pursuant to applicable securities laws.

About Holloway

Holloway Lodging REIT is a real estate investment trust listed as a Tier 2 issuer on the TSX Venture Exchange with the objective of acquiring and maintaining a growing portfolio of lodging properties with stable cash distributions.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy any securities in any jurisdiction. The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933 and state securities laws. Accordingly, the securities may not be offered or sold to U.S. persons except pursuant to applicable exemptions from registration.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.

For further information: Mr. Glenn Squires, Chief Executive Officer of
the REIT, at (902) 457-1907

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