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.
