Royal Host to be bought by Holloway in deal valued at $157 mln

Hotel operator Royal Host Inc (TSX: RYL), a portfolio company of Canadian private investment firm Clarke Inc, has agreed to be bought by Holloway Lodging Corp (TSX: HLC) for about $23 million on an equity value basis and $157 million on an enterprise value basis. The acquisition of the Halifax, Nova Scotia-based Royal Host will result in one Canada's largest hotel companies, according to Holloway. Royal Host's board of directors have unanimously recommended the deal to shareholders. Holloway is a real estate business that also has it headquarters in Halifax.

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