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Holloway Lodging Announces Sale of Holiday Inn Hotel in Ottawa

HALIFAX — Holloway Lodging Corporation has sold its Holiday Inn hotel in Ottawa for $50 million.

The property consists of the hotel, an adjacent property leased to a Lone Star Grill franchise and adjacent vacant land. Holloway acquired the property as part of its acquisition of Royal Host Inc. in 2014.

Holloway estimates it will record a gain-on-sale of approximately $26.3 million in the fourth quarter of 2018 and does not anticipate paying any cash tax on the sale of the property.

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