Lakeview Hotel Real Estate Investment Trust announces hotel conversion to Lakeview Inn & Suites



    WINNIPEG, Jan. 14 /CNW/ - Lakeview Hotel Real Estate Investment Trust
("Lakeview REIT") is pleased to announce that it has successfully converted
its hotel in Slave Lake, Alberta, from a Best Western to a Lakeview Inn &
Suites.
    With the conversion, 14 of the 16 hotels owned by Lakeview REIT are now
operating under the Lakeview banner and are providing licensing income to
Lakeview REIT. Lakeview REIT also receives licensing income from 5 hotels
operating as Lakeview Inns & Suites that are not owned by Lakeview REIT.
    Lakeview REIT is pleased to confirm its regular monthly distribution. The
Trustees of Lakeview REIT have declared a distribution of $0.0367 per Unit
payable on February 29th, 2008, to the Unitholders of record on January 31,
2008. This will be Lakeview REIT's 35th consecutive distribution. There are
currently 19,269,423 Class A Units and Exchangeable Units issued and
outstanding.
    Lakeview REIT is a real estate investment trust, which is listed on the
TSX Venture Exchange under the symbol "LHR.UN". Lakeview REIT receives income
from ownership, management and licensing of hotel properties. Lakeview REIT's
objective is to provide Unitholders with stable and growing cash distributions
through an investment in an expanding portfolio of hotel properties across
Canada. For further information on Lakeview REIT please visit our new website
www.lakeviewreit.com.

    The TSX Venture Exchange has not reviewed or approved the contents of
    this press release and does not accept responsibility for the adequacy or
    accuracy of its contents.

    %SEDAR: 00020441E




For further information:

For further information: Keith Levit, President, or Avrum Senensky,
Investor Relations, Tel: (204) 947-1161, Fax: (204) 957-1697, Email
asenensky@lakeviewhotels.com

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Lakeview Hotel Real Estate Investment Trust

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