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1.
Variant of staycation, allegedly invented by John Hodgeman (Daily Show). Quite self-explanatory: staying at home during holidays.
Person #1: So, where are you going for the holidays?
Person #2: Nowhere.
Person #1: Having a holistay, then?
Person #2: I guess.
Person #1: More time to watch some clips from the Daily Show, eh?
Person #2: Begone already!
by Beltrano December 08, 2008
 
2.
it means you're sepending like christmas, thanksgiving or other holidays at home
Offscreen voice1: Do you think i should spend christmas at new york?
Offscreen voice2: Why don't you holistay? It's easy
by monkeyjc July 02, 2008