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HALIFAX, Mar 20, 2007 (Canada NewsWire via COMTEX News Network) -- /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
Holloway Lodging Real Estate Investment Trust (TSXV: HLR.UN) ("Holloway" or the "REIT") announced today a distribution of $0.0375 per unit for the month of March 2007, payable on or before April 13, 2007 to unitholders of record on March 30, 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 Fund.
The Fund also announced that the holders of Class B limited partnership units of Holloway Lodging Limited Partnership (a subsidiary of the REIT) shall receive $0.0375 per limited partnership unit for the month of March payable on or before April 13, 2007.
The REIT has 16,208,808 units issued and outstanding which, together with 460,000 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 16,668,808 REIT units issued and outstanding.
ABOUT HOLLOWAY LODGING REAL ESTATE INVESTMENT TRUST
Holloway is a real estate investment trust listed as a Tier 2 issuer on the TSX Venture Exchange with the objective of acquiring and improving a growing portfolio of lodging properties with stable cash distributions.
WARNING REGARDING FORWARD-LOOKING INFORMATION
This press release may contain 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 previously announced proposed acquisition of properties on the terms previously described or at all.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this press release.
%SEDAR: 00023845E
SOURCE: Holloway Lodging Real Estate Investment Trust
Mr. Glenn Squires, Chief Executive Officer of the REIT, (902) 457-1907
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