Holloway Lodging Corporation

12:05 PM EST - Holloway Lodging Corporation : Has sold its Travelodge® hotel and Airlane Hotel & Conference Centre located in Thunder Bay, ON.The sale price for the hotels was $15.0 million representing a cap rate of approximately 10.3% and a price per room of approximately $60,500. Prior to the revaluation of Holloway's hotels in the first quarter of 2019, the value of these properties on Holloway's balance sheet was approximately $11.6 million. Holloway received approximately $13.5 million of proceeds after closing costs and the provision of a $1.0 million second mortgage secured by the properties. Holloway expects to use the net sale proceeds to reduce amounts drawn under its revolving credit facility. Holloway does not expect to pay any tax on the sale. Holloway Lodging Corporation shares T.HLC are trading unchanged at $8.33.