Clarke, a diversified investment holding company, agreed to acquire Holloway Lodging Corporation, a corporation focused on select and limited service hotels in tertiary and suburban markets, for $265m. The price implies a premium of 14%. Michael Rapps, President and CEO of Clarke, stated: "We are pleased to acquire the remainder of Holloway and welcome everyone on the Holloway team to Clarke. Holloway is a hotel-specific example of Clarke's general investment framework, namely buying an asset or business opportunistically, investing the time, energy and capital required to improve that asset or business and then monetizing that asset or business at an attractive price and time. We look forward to continuing to enhance the value of Holloway's properties."