KAMLOOPS, B.C. — The Holiday Inn Express hotel, located at 1550 Versatile Dr., in Kamloops, B.C., was sold on behalf of Halifax’s Holloway Lodging Corporation for $8.9 million.
“Holloway achieved good value in this hotel sale, especially in light of significant new hotel room supply that will be entering the Kamloops market,” said Michael Rapps, chairman of Holloway. “We are evaluating several acquisition opportunities, and we anticipate deploying the proceeds from this hotel sale to one or more acquisitions at more attractive valuations.”
Focused on acquiring, owning and operating real estate and service lodging properties, Holloway owns 17 hotels, primarily in secondary, tertiary and suburban markets.