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WINNIPEG, May 16, 2013 /CNW/ - Lakeview Hotel Investment Corp ("LHIC") announced today that it has finalized the terms of a Purchase and Sale Agreement for the sale of the Holiday Inn Express in Sherwood Park, Alberta. The hotel is being sold for $15,150,000. Net proceeds of the sale will be used towards debt reduction as LHIC moves forward on the execution of its plans to reduce the overall leverage on its portfolio and to refinance existing first mortgage loans. All conditions of the purchaser have been satisfied. The sale is expected to close on June 20th, 2013.
LHIC also announced today that through its licensing partnership with Lakeview Management Inc., LHIC will be receiving licensing income from the newly opened Lakeview Hecla Resort located two hours north of Winnipeg, Manitoba on Hecla Island. The 90 room Resort features restaurants, conference facilities, a spa, waterpark, and one of the top ranked golf courses in Manitoba. There are now six properties owned by Lakeview Management Inc. that provide licensing income to LHIC through the licensing partnership.
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 firstname.lastname@example.org