Holloway Lodging completes conversion from Reit to corporate structure
Holloway Lodging Real Estate Investment Trust has completed its previously announced conversion from an income trust to a corporation.
The former trustees and senior management of the REIT are now the directors and senior management of the corporation.
Under the arrangement, each unit of the Reit was exchanged for one common share of Holloway. The Reit units have been de-listed from the Toronto Stock Exchange (TSX) and the Holloway common shares have been listed for trading on the TSX under the trading symbol HLC.
It is expected that the corporation's business, capital structure and dividend policy will remain consistent with those of the Reit.