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.
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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.
