Holloway units soar 28 per cent on TSX; company not aware of reason

<p>HALIFAX – Units of hotel operator Holloway Lodging Real Estate Investment Trust (TSX:HLR.UN) soared 28 per cent on the Toronto Stock Exchange on Thursday, but the company said it was unaware of the reason.</p> <p>In a statement made at the request of TSX market surveillance, Holloway said it was “not aware of any corporate or other developments that would account for the trading activity….”</p> <p>As previously disclosed, the company said it continues to explore alternatives to raise funds to repay its eight per cent convertible debentures due Aug. 1, which may include debt financing, the sale of certain properties or some combination of both.</p> <p>Holloway is currently in negotiations with respect to a potential refinancing transaction, “but there can be no assurance that such negotiations will ultimately lead to a transaction,” it said.</p> <p>Holloway is a real estate investment trust focused on owning and operating select and limited service lodging properties and a small complement of full-service hotels primarily in secondary, tertiary and suburban markets.</p> <p>Its units were up nine cents, or 28.13 per cent at 41 cents on volume of 229,200 units Thursday afternoon on the Toronto Stock Exchange.</p>