Holloway Lodging sold to major shareholder in $265M deal

Company's assets include 23 hotels, with nine in Alberta and two in northern B.C., plus 435,000 square feet of office space in U.S.

By
for Western Investor
August 27, 2019





DD Holloway Best western grande prairie

Holloway Lodging Corp., whose assets includes 23 hotels, including nine in Alberta and two in northern B.C., plus 435,000 square feet of office space in the U.S., has been acquired by major shareholder Clarke Inc. of Halifax, in a deal worth $265 million.

Breakdown:

Property type: Hotel portfolio

Price: $265 million

Per room price: $88,200

Capitalization rate: 6.4 per cent

Alberta assets: Nine hotels in secondary markets, including Grande Prairie and Whitecourt

B.C. assets: Two hotels, in Fort St. John and Fort Nelson

Total assets: 23 Canadian hotels with 2,723 rooms; three U.S. office properties with 435,000 square feet of space.

Date of sale: Announced August 27; expected to close September 30, 2019.


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