/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
NEWS WIRE SERVICES/
WINNIPEG, April 30 /CNW/ - Lakeview Hotel Real Estate Investment Trust
("Lakeview REIT") is pleased to report its financial results for the year
ended December 31, 2008. The following comments in regard to the financial
results should be read in conjunction with the December 31, 2008 audited
financial statements and Management Discussion and Analysis which are
available on the SEDAR website www.sedar.com and the Lakeview REIT website
Highlights for Lakeview REIT for the year ended December 31, 2008 include:
- Total number of properties owned by Lakeview REIT increased from
16 to 18.
- Total number of rooms owned by Lakeview REIT increased from 1,197 to
- Total revenues increased by 27% to $40,748,341.
- The average room rate at Lakeview REIT hotels increased from
$113.93 in 2007 to $119.67 in 2008.
- RevPar increased from $70.49 to $74.62.
- Basic and diluted funds from Operations decreased from $5,608,018 in
2007 to $3,925,947 in 2008.
2008 was a very difficult year of economic contraction for most companies
including Lakeview REIT. During this challenging period Lakeview REIT has
taken numerous steps to reduce operating costs and increase efficiencies,
while at the same time ensuring guest services and guest safety are not
In spite of the challenges, Lakeview REIT is currently in a position
where it can fund all mortgage payments, all payments due to its debenture
holders, all REIT operating expenses and all of its capital expenditures from
funds from operations.
In 2008 Lakeview REIT acquired the Four Points By Sheraton in Prince
George, British Columbia and the Days Inn, Ottawa Airport. These acquisitions
represented a continuation of a diversification process that began in 2007
designed to reduce the REIT's concentration in smaller markets dependent on
oil and gas drilling activity to generate hotel occupancy.
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
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.
For further information:
For further information: Keith Levit, President, or Avrum Senensky, Vice
President Finance, Tel: (204) 947-1161, Fax: (204) 957-1697, Email