WINNIPEG, March 16 /CNW/ - Lakeview Hotel Real Estate Investment Trust
("Lakeview REIT") is pleased to announce that it has signed Letters of Intent
for the acquisition of four hotels in the Province of Alberta. Should Lakeview
REIT complete these acquisitions it will bring the total number of hotels
owned by the REIT to 16, fourteen of which will be located in Alberta and
northeastern British Columbia. The pending acquisitions are from separate
vendors and do not form part of a portfolio from one individual vendor. The
combined purchase price of the four properties is approximately $40 million.
Lakeview REIT has completed the purchase of its twelfth property, the 82
room Lakeview Inn & Suites in Fort Nelson, British Columbia, bringing to three
the number of hotels owned by Lakeview REIT in north eastern B.C.
Lakeview REIT currently owns four of its properties with unfunded
mortgages. Lakeview REIT intends to use the mortgage proceeds from those four
properties, when advanced, for the equity needed for its pending acquisitions.
Lakeview REIT continues to seek out acquisitions which will be accretive to
its cost of capital.
In addition to its property acquisition activities, Lakeview REIT has
purchased approximately 2/3 of an acre of land adjacent to the Lakeview Inn &
Suites in Edson, Alberta. Lakeview REIT intends to add up to 36 rooms to the
Edson property which operates at very high occupancy levels.
Lakeview REIT is pleased to confirm its regular monthly distribution. The
Trustees of Lakeview REIT have declared a distribution of $0.0367 per trust
unit payable on April 30th, 2007, to Unitholders of record on March 30th,
2007. There are currently 18,396,734 units of Lakeview REIT outstanding. Since
its inception in April, 2004, Lakeview REIT has been able to more than double
its distributions from $0.20 per unit per annum to $0.44 per unit per annum
without missing a distribution.
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 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,
Investor Relations, Tel: (204) 947-1161, Fax: (204) 957-1697, Email