Investor PresentationAugust 12, 2014

Hilton Hotel, London, ON Travelodge Hotel, Toronto, ON

Holiday Inn Express, Stellarton, NS

Best Western, Grande Prairie, AB

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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 rate1

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, ONBelleville & 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 AFFO2Enterprise Value to Adj. EBITDA1

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 Ownership1 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 Corporation6009 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