HALIFAX — Holloway Lodging Real Estate Investment Trust has acquired 90-per-cent interest in the Holiday Inn Express in Stellarton, N.S., for $7.9 million.
“This acquisition is another milestone for Holloway as it is our first acquisition since completing our balance-sheet restructuring. More importantly, this acquisition is accretive to Holloway on a net asset value basis and a cash-flow basis and furthers our goal of growing our net asset value per share. We expect this property to contribute close to $1.0 million of net operating income in 2013,” said Michael Rapps, Holloway’s chairman in a statement.
Built in 2008, the hotel has 125 rooms, 3,000 square feet of meeting space, a pool and indoor waterslide and a fitness facility.
Holloway already owns 18 hotels with 1,790 rooms.