Ottawa East Holiday Inn sold for $50M

holiday inn
Editor's Note

This story was updated with information about the hotel's buyer.

The Halifax-based owner of the Holiday Inn on Joseph Cyr Street has sold the hotel and adjacent properties for a total price tag of $50 million.

Holloway Lodging announced Tuesday it has sold the 261-room Holiday Inn across the way from the St. Laurent Shopping Centre and a stone’s throw from the forthcoming light-rail transit station. Also included in the sale to an unnamed buyer are a neighbouring property occupied by a Lone Star Grill and adjacent vacant land.

Crown Group of Hotels disclosed a few months after the original transaction closed that it was the buyer.

Holloway, which owns and operates some 30 hotels across its portfolio, acquired the property in a deal four years ago and subsequently renovated the site to open the Holiday Inn. The company expects to make a gain of $26.3 million on the sale.

In a departure from the hospitality sector, Holloway Lodging is expected to break ground this coming spring on a new five-tower residential development on the same Carling Avenue site as its existing Travelodge Hotel.