HALIFAX — The Holloway Lodging Real Estate Investment Trust has sold the Super 8 hotel located in Three Hills, Alberta for $4.5 million.
Holloway said it expects to record a gain on the sale of approximately $1 million and to generate net proceeds after mortgage repayment and closing costs of some $600,000. According to Canadian Press, following repayment of the mortgage on the property, which had generated negative cash flow after debt service costs, Holloway will have some $110.5 million of debt outstanding and $3.7 million cash on hand.
Holloway owns 17 hotels with 1,665 rooms, including several Super 8 hotels across Canada.
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