/NOT FOR DISTRIBUTION ON U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

HALIFAX, April 26, 2019 /CNW/ - Holloway Lodging Corporation (TSX: HLC) (TSX: HLC.DB) ("Holloway" or the "Company") is pleased to announce that at a meeting of the holders of the Series B 6.25% Debentures held on April 26, 2019, Holloway obtained approval to amend the Series B Debentures as follows: (1) extend the maturity date of the Series B Debentures by three years to February 28, 2023; (2) amend the conversion price to $12.50, being a conversion rate of 80 common shares per $1,000 principal amount of the Debentures; and (3) amend the redemption provision to, among other things, prohibit the Company from redeeming the Debentures until June 1, 2020, except for the 60 days following the date of the debenture amendments, to allow the Company to redeem up to 10% of the aggregate principal amount and except in connection with a change of control under certain circumstances.

Debentureholders owning 32.2% of the outstanding debentures of $50,866,000 voted. The detailed results of the vote were as follows:

The amendments referred to above will be effective on the signing of the third amended and restated trust indenture by the Company and Computershare Trust Company of Canada, which is anticipated to occur on or about May 1, 2019.

A full description of the amendments is set out in the management information circular dated April 5, 2019 and available at www.SEDAR.com.

ABOUT HOLLOWAY LODGING CORPORATION

Holloway is a real estate corporation focused on acquiring, adding value to and operating select service hotels and managing hotels for third parties. Holloway owns 27 hotels with 3,055 rooms.  Holloway's shares and debentures trade on the TSX under the symbols HLC and HLC.DB.

This press release contains forward-looking information within the meaning of applicable securities laws.  Forward-looking information 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 for the year ended December 31, 2018, which is available on Holloway's profile on the SEDAR website at www.sedar.com.  Holloway does not intend to update or revise any such forward-looking information should its assumptions and estimates change.

SOURCE Holloway Lodging Corporation

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