Investor

Presentation
August 12, 2014
Hilton Hotel, London, ON Travelodge Hotel, Toronto, ON
Holiday Inn Express, Stellarton, NS
Best Western, Grande Prairie, AB
TSX: HLC | 2
Forward-Looking Statements
This corporate presentation 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 ("AIF"),
dated March 3, 2014 which is available at www.sedar.com. Holloway does not intend to update or
revise any such forward-looking information should its assumptions and estimates change.
All information contained in this presentation is as of June 30, 2014 unless otherwise specified.
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Overview of Holloway
36 hotels with 4,260 rooms
~ 25 select service, 11 full service
Travelodge

master franchise rights in Canada

~ 90 hotels currently franchised
~ High margin royalty stream
Development assets
~ 3 free standing single tenant properties
~ 9 land development parcels
Enterprise value of $335mn
~ $91mn market capitalization
~ $266mn of debt outstanding
Dividend
~ $0.14 annualized dividend, payable quarterly
~ 3.0% yield
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Overview of Royal Host Acquisition
Acquired Royal Host Inc. on July 1, 2014
~ Paid $16.3mn in cash and issued 1.6mn Holloway shares
~ Implies $56k per room and 10.8% cap rate
1
Benefits of acquisitions
~ Accretive to cash flow
~ Enhanced geographic and industry diversification
~ Consolidation of hotel ownership in select markets
~ Cost savings opportunities
~ Flexible Royal Host capital structure
~ Upside potential associated with development assets
1. After allocating purchase price among hotel assets, development assets and Travelodge

master franchise rights

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Hotel Portfolio
*
* Holiday Inn Express hotel in Myrtle Beach, South Carolina not displayed
Grande Prairie, AB (4)
Slave Lake, AB (2)
Whitecourt, AB (2)
Drayton Valley, AB
High Level, AB
Fort St. John, BC
Fort Nelson, BC
Yellowknife, NWT (2)
Thunder Bay, ON (2)
Timmins, ON (2)
London, ON
Oakville & Toronto, ON (2)
Barrie, ON
Belleville & Trenton, ON (2)
Ottawa, ON (2)
Saint John, NB
Moncton, NB (2)
Stellarton & New Glasgow, NS (2)
Dartmouth, NS
Truro & Windsor, NS (2)
St. Johns, NL
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Hotel Portfolio Geographic Diversification
* Based on 2013 results. Hotels acquired in 2014 and Holiday Inn Express in Myrtle Beach, USA not displayed.
41% 41%
29% 29%
11% 11%
10% 10%
8% 8%
Hotel NOI by Region
*
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Hotel Portfolio Brand Diversification
Hotel NOI* Rooms
Super 8, 33%
Travelodge, 19%
Independent,
18%
Holiday Inn, 18%
Hilton, 6%
Other, 6%
Travelodge, 32%
Super 8, 23%
Independent,
15%
Holiday Inn, 16%
Hilton, 8%
Other, 7%
* Based on 2013 results. Hotels acquired in 2014 not displayed.
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Travelodge

Franchise Business
Master franchisor in Canada for Travelodge

and Thriftlodge

hotels
~ 90 hotels across Canada
~ Economy segment of hotel industry
~ +$2.0mn of annual EBITDA
Attractive business dynamics
~ Stable revenue base
~ High margins
~ Low capital requirements
Growth opportunity
~ Most franchised properties are located in Ontario and Western Canada
~ Since hiring salesperson for Atlantic Canada, have increased presence there by 50%
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Travelodge

Franchise Business (cont.)

Stable revenue base
~ Hotel network of 90-94 properties over last five years
~ Revenues are contracted for +10 years
High margin business
~ EBITDA margins of 67-77% over last five years
~ Significant operating leverage as hotels are added to the network
Low capital requirements with no assets or capex
*2014 results are June 30 YTD
92
94
92
91
90
79%
68%
72%
76%
70%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
86
88
90
92
94
96
98
100
2010 2011 2012 2013 2014*
E
B
I
T
D
A

m
a
r
g
i
n

(
%
)
F
r
a
n
c
h
i
s
e
d

h
o
t
e
l
s
Franchised hotels EBITDA margin (%)
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Focused on Cash Flow
Funds From Operations
1. Gross operating profit before D&A less 4% capex reserve and G&A expense
* Consolidated Twelve Months ending June 30, 2014 includes Royal Host performance
Cash From Operations
($3.0)
$0.0
$3.0
$6.0
$9.0
$12.0
$15.0
$18.0
2010 2011 2012 2013 2014*
F
u
n
d
s

(
M
M
'
s

o
f

C
A
$
)
FFO AFFO
$0.0
$10.0
$20.0
$30.0
$40.0
2010 2011 2012 2013 2014*
M
M
'
s

o
f

C
A
$
NOI
Cash from Operations
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Focused on a Strong Balance Sheet
Net Debt to Gross Book Value
* Amounts are as at June 30, 2014 and include Royal Host.
Net Debt to NOI
11.7x
8.8x
5.7x
5.0x
6.4x
4.5x
5.5x
6.5x
7.5x
8.5x
9.5x
10.5x
11.5x
12.5x
2010 2011 2012 2013 2014*
78%
75%
35%
33%
44%
25%
35%
45%
55%
65%
75%
85%
2010 2011 2012 2013 2014*
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Holloway Represents Better Value than Peers
Price to AFFO
2
Enterprise Value to Adj. EBITDA
1
1. EBITDA adjusted for hotel impairments/reversals and gains/losses on hotel sales
2. Twelve months ending June 30, 2014.
10.1x
11.9x
13.8x
9x
10x
11x
12x
13x
14x
15x
Holloway InnVest Temple
6.6x
12.3x
11.2x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
Holloway InnVest Temple
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Capital Structure
Flexible capital structure
~ $43mn debt maturing between 2014 2016
~ $204mn debt maturing in 2017 and beyond
~ 36% of debt is convertible debentures with no covenants maturing 2018 and beyond
* Table excludes revolving credit facilities
$3
$10
$30
$97
$48
$58
$0
$20
$40
$60
$80
$100
2014 2015 2016 2017 2018 Thereafter
M
M
'
s

o
f

C
A
$
Debentures
Mortgages
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Capital Structure (continued)
Solid coverage
~ Interest coverage ratio is 2.1x
~ Debt service coverage ratio is 1.6x
Repurchase shares opportunistically
~ $700k repurchased in 2012
~ $2.5mn repurchased in 2013
~ $22k repurchased year to date in 2014
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Strategy Short Term
Integrate Royal Host acquisition
~ Combine accounting, finance and operating systems
~ Achieve anticipated cost synergies
~ Continue Royal Hosts cost reduction plan
Reduce leverage
~ Sell select hotels and non-income producing assets and use proceeds to repay high-cost debt
~ Sell hotels with low cap rates and reinvest proceeds in higher cap rate hotels
Expand Travelodge

franchise business
~ Opportunity in Quebec and Atlantic Canada
~ High margin cash flow stream
Upgrade select hotels
~ Hilton Hotel in London, ON
~ Chimo Hotel in Ottawa, ON
~ Super 8 in Timmins, ON
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Strategy Long Term
Actively manage hotel operations to maximize profitability
Acquire additional properties
~ Accretive to Holloway
~ Newer build select service
~ Canadian and US secondary markets that offer attractive regional economics
Capitalize on internal development opportunities
~ Reposition select assets to their highest and best use
~ Develop excess land within existing portfolio
Expand Travelodge

franchise network to 100 hotels
Return capital to shareholders through dividends, share repurchases and debt repayment
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Summary of Investment Opportunity
Undervalued hotel company with presence across Canada
Cash flow growth through synergies, cost reductions, hotel upgrades and acquisitions
Upside potential associated with redevelopment opportunities
Focused on returning capital to shareholders
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Share Structure
Shares Outstanding 19,572,569
Management/Board Ownership
1
34%
Institutional Ownership 64%
Share Price $4.67
52-Week Trading Range $3.41 - $4.75
Market Capitalization $91mn
Enterprise Value $335mn
Holloway Lodging Corporation (TSX: HLC)
1. Includes shares owned by Geosam Capital Inc. which has two representatives on the Board.
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Contact Us
Holloway Lodging Corporation
6009 Quinpool Road
10th Floor
Halifax, Nova Scotia
B3K 5J7
Telephone: 902-404-3499
Fax: 902-423-4001
Email: investorrelations@hlcorp.ca
Contacts:
Michael Rapps, Chairman, at (416) 855-1925
Jane Rafuse, CFO, at (902) 443-5101
www.hlcorp.ca
TSX: HLC