Lakeview Hotel REIT - Press Release

WINNIPEG, May 19 /CNW/ - This press release is issued pursuant to Multilateral Instrumental 62-104 - Take-Over Bids and Issuer bids, OSC Policy 62-504 - Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

Effective May 19, 2011, LHL Holdings Ltd. ("LHL") of 600-185 Carlton Street, Winnipeg, Manitoba, R3C 3J1 entered into an agreement with Geosam Capital Inc. to acquire 3,658,000 Class A units ("Units") of Lakeview Hotel Real Estate Investment Trust. (the "Trust"), representing approximately 19.2% of the issued and outstanding Units of the Trust.  In addition LHL purchased an additional 53,000 Units through the facilities of the TSX Venture Exchange.

As a result, LHL will own or controls, along with those parties acting jointly or in concert with it, including Lakeview Management Inc., 10,647,458 Units or securities convertible into Units of the trust representing 53.9% of the outstanding Units.

The Units are being acquired by LHL pursuant to the private agreement exemption from the take-over bid procedure prescribed by securities legislation set out in section 4.2 of Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids and section 100.1 of the Securities Act (Ontario).  The exemption was available to LHL as the purchases are being made from not more than five persons in the aggregate and the value of the consideration paid for the Units, including brokerage fees and commissions, was not greater than 115% of the market price of the Units as determined in accordance with in section 4.2 of Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids and section 100.1 of the Securities Act (Ontario).

A report respecting these acquisitions will be filed on SEDAR and in each jurisdiction in which the Trust is a reporting issuer.


SOURCE Lakeview Hotel Real Estate Investment Trust

For further information:

To obtain a copy of the report please contact Avrum Senensky, Vice President, Finance of the Trust at (204) 975-0622.

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Lakeview Hotel Real Estate Investment Trust

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