HALIFAX — Clarke Inc. has acquired Holloway Lodging Corporation and completed the assumption of Holloway’s Series B 6.25-per-cent convertible unsecured debentures due February 28, 2023.
The debentures are no longer convertible into Holloway shares and are instead convertible into 52 Clarke Shares for each $1,000 principal amount of debentures at a conversion price of $19.23 per Clarke Share.
Clarke has indicated its approach to investing remains the same following the acquisition andit will continue to be an opportunistic investor that takes a concentrated, long-term, hands-on and value-add approach.
While Clarke has not historically invested in real estate, several of Clarke’s officers and directors have considerable real-estate experience and the company expects any future real-estate investments will be focused on value-add opportunities. The company also intends to explore redevelopment opportunities within Holloway’s hotel portfolio.
As part of the acquisition, Paola Calce has joined Clarke as vice-president and general counsel. She was previously general counsel andcorporate secretary of Holloway. At Clarke, Calce will take on expanded management responsibilities in the company’s operations and investment business, reporting to the president & CEO.
Clarke has also announced the appointment of Marc Staniloff as a director. Staniloff is president and CEO, as well as the founding partner of Superior Lodging Corp., a privately owned, vertically integrated hotel company focused on the development, investment and management of nationally franchised, limited-service hotels in Canada. Staniloff was previously a director of Holloway.