Lakeview Hotel REIT announces Purchase of Units by LHL Holdings Ltd.

/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S NEWS WIRE SERVICES/

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

As a result, LHL will own or control, 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).

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.  For further information on Lakeview REIT please visit our website www.lakeviewreit.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Lakeview Hotel Real Estate Investment Trust

For further information:

Keith Levit, President, or Avrum Senensky, Executive Vice President
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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