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WINNIPEG, Aug. 25, 2014 /CNW/ - Lakeview Hotel Investment Corp. is pleased to announce that it has refinanced all first mortgage loans on thirteen properties in Alberta and British Columbia. The $48 million facility is being provided by a syndicate of lenders led by Alberta Treasury Branches and including Business Development Bank of Canada (BDC) and Roynat Capital.
This financing comes subsequent to and replaces a facility that was put in place last month on the same thirteen properties. The financing announced today provides generally much more favorable conditions than the previous financing including a five year term and a significantly lower interest rate of 6.08%.
"I am delighted that we have been able to complete this financing and am very appreciative of the commitment to and confidence in our company that has been provided by the lending syndicate" said Keith Levit, President of Lakeview Hotel Investment Corp. "We now have the financial stability in place that we have been seeking and can focus 100% of our efforts on running and growing our business instead of dealing with financing matters."
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 protected]