DARTMOUTH, N.S. — Holloway Lodging Corporation has sold its Travelodge Hotel in Dartmouth, N.S. for $6.9 million.
Representing a cap rate of approximately 9.5 per cent and a price-per-room of $92,000, Holloway estimates it will record a gain-on-sale of approximately $3.5 million in the first quarter of 2019.
Holloway received approximately $3.2 million in proceeds after closing costs, the repayment of a $2.8-million mortgage secured by the property and the provision of a $0.7-million second mortgage.
