Holloway Lodging Corp : Holloway Lodging Corporation Reports 2013 Third Quarter Results and Declares Quarterly Dividend

Holloway Lodging Corporation Reports 2013 Third Quarter Results and Declares Quarterly Dividend

November 12, 2013 - Halifax, Nova Scotia - Holloway Lodging Corporation (TSX: HLC) ("Holloway") today announced financial results for the three months ended September 30, 2013.  All amounts are in Canadian dollars unless otherwise indicated.  Readers should refer to Holloway's unaudited interim consolidated condensed financial statements as at September 30, 2013 and its management discussion and analysis which are available on Holloway's website at
www.hlreit.com and on SEDAR at www.sedar.com.  

• Recorded increased same-store revenue, revenue per available room, operating income per available room, operating income margin, funds from operations and adjusted funds from operations for the three months ended September 30, 2013 compared to the three months ended September 30, 2012:

• Refinanced the mortgage on the Super 8® in Drayton Valley, AB at the lender's floating base interest rate, currently 4.35% for a 15 year term.
• Made a $0.5 million penalty-free payment on the mortgage on the Super 8® in Truro, NS.
• Commenced the rebranding of the Northwest Inn in Slave Lake, AB to a Travelodge® hotel. 

On November 12, 2013, the Board of Directors declared a quarterly dividend of $0.035 per share, representing an annual dividend of $0.14 per share.  The dividend will be payable on December 13, 2013 to shareholders of record on November 29, 2013.  

Holloway expects revenue growth at its Western Canadian hotels to moderate in coming quarters given the high level of operating results currently being generated.  Holloway expects modest revenue growth at its Atlantic Canadian hotels.

Holloway will continue to seek operational efficiencies, pursue select capital projects to generate increased revenues and will opportunistically reduce debt and repurchase shares.  Holloway also intends to pursue select acquisitions as opportunities arise.

The following table provides a summary of the operating results for the three and nine months ended September 30, 2013 and 2012. 

Holloway is a real estate corporation focused on acquiring, owning and operating select and limited service lodging properties and a small complement of full service hotels primarily in secondary, tertiary and suburban markets. Holloway currently owns 18 hotels with 1,798 rooms.  Holloway's shares trade on the Toronto Stock Exchange under the symbol HLC.

For further information please contact Michael Rapps, Chairman, at [phone] or Jane Rafuse, Chief Financial Officer, at [phone].

This press release contains forward-looking information within the meaning of applicable securities laws. Forward-lookinginformation may relate to Holloway's future outlook and anticipated events or results and may include statements regarding Holloway's future financial position, business strategy, financial results, plans and objectives In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. 
Forward looking-information is subject to certain factors, including risks and uncertainties, that could cause actual results to differ materially from what Holloway currently expects and there can be no assurance that such statements will prove to be accurate. Some of these risks and uncertainties are described under "Risk Factors" in Holloway's Annual Information Form ("AIF"), dated
March 11, 2013 which is available at www.sedar.com.  Holloway does not intend to update or revise any such forward-looking information should its assumptions and estimates change.