Holloway Lodging Real Estate Investment Trust
SymbolHLR.UN
Shares Issued38,801,716
Close 2009-11-09C$ 0.50
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Holloway Lodging loses $1.13-million in third quarter

2009-11-10 05:52 ET - News Release

Mr. Glenn Squires reports

HOLLOWAY LODGING REAL ESTATE INVESTMENT TRUST REPORTS THIRD QUARTER 2009 RESULTS

Holloway Lodging Real Estate Investment Trust (REIT) today released its unaudited financial results for the three and nine months ended Sept. 30, 2009. This press release should be read in conjunction with the REIT's unaudited interim consolidated financial statements and management's discussion and analysis, copies of which are available at the company website and SEDAR.

Key results

The recession is continuing to negatively impact the hospitality industry as demand and room rates decline. During the third quarter, Holloway continued to focus on operating fundamentals and managing its costs. The following summarizes the key results for the three months ended Sept. 30, 2009:

  • Hotel revenues decreased to $19.8-million from $24.5-million for the three months ended Sept. 30, 2009 and Sept. 30, 2008, respectively;
  • Hotel operating expenses decreased to $13.6-million from $15.4-million for the three months ended Sept. 30, 2009, and Sept. 30, 2008, respectively;
  • Hotel operating income decreased to $6.2-million from $9.1-million for the three months ended Sept. 30, 2009, and Sept. 30, 2008, respectively;
  • Distributable income was four cents per unit for the three months ended Sept. 30, 2009, compared with 13 cents per unit for the three months ended Sept. 30, 2008;
  • Holloway achieved a 5-per-cent RevPAR premium compared with the PKF year-to-date survey results to Aug. 31, 2009;
  • Entered into a binding agreement for the sale of the Wingate by Wyndham Calgary to an arm's-length purchaser for $16.5-million, representing a gain on sale of approximately $1.4-million. The sale closed on Oct. 5, 2009.

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