HALIFAX — Holloway Lodging Corporation has sold its Holiday Inn hotel in Ottawa for $50 million.
The property consists of the hotel, an adjacent property leased to a Lone Star Grill franchise and adjacent vacant land. Holloway acquired the property as part of its acquisition of Royal Host Inc. in 2014.
Holloway estimates it will record a gain-on-sale of approximately $26.3 million in the fourth quarter of 2018 and does not anticipate paying any cash tax on the sale of the property.
