/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
NEWS WIRE SERVICES/
WINNIPEG, May 16, 2013 /CNW/ - Lakeview Hotel Investment Corp ("LHIC")
announced today that it has finalized the terms of a Purchase and Sale
Agreement for the sale of the Holiday Inn Express in Sherwood Park,
Alberta. The hotel is being sold for $15,150,000. Net proceeds of the
sale will be used towards debt reduction as LHIC moves forward on the
execution of its plans to reduce the overall leverage on its portfolio
and to refinance existing first mortgage loans. All conditions of the
purchaser have been satisfied. The sale is expected to close on June
LHIC also announced today that through its licensing partnership with
Lakeview Management Inc., LHIC will be receiving licensing income from
the newly opened Lakeview Hecla Resort located two hours north of
Winnipeg, Manitoba on Hecla Island. The 90 room Resort features
restaurants, conference facilities, a spa, waterpark, and one of the
top ranked golf courses in Manitoba. There are now six properties
owned by Lakeview Management Inc. that provide licensing income to LHIC
through the licensing partnership.
Lakeview Hotel Investment Corp is listed on the TSX Venture Exchange
under the symbol "LHR". Lakeview Hotel Investment Corp receives income
from ownership, management and licensing of hotel properties.
The TSX Venture Exchange nor its Regulation Service Provider (as the
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE: Lakeview Hotel Investment Corp.
For further information:
Keith Levit, President, or Avrum Senensky, Executive Vice President
Tel: (204) 947-1161, Fax: (204) 957-1697, Email email@example.com