Lakeview Hotel Real Estate Investment Trust announces reduction in maximum size of stock option plan

    WINNIPEG, June 13 /CNW/ - Lakeview Hotel Real Estate Investment Trust
("Lakeview REIT") announced today that at its Annual and Special General
Meeting held yesterday in Winnipeg the Unitholders of Lakeview REIT approved
an amendment made by the Trustees to the Unit Purchase Plan reducing the
maximum number of incentive stock options that can be issued. The plan will
now reserve a maximum of 5% of the issued Class A Trust Units ("Units") for
issuance at the time of a stock option grant. Previously the plan allowed for
an option issuance to a maximum of 10% of the issued Units. The Unit Purchase
Plan was established to provide incentives to Trustees, management and other
participants to carry out the business of Lakeview REIT.
    In accordance with the Unit Purchase Plan, as amended, the Trustees of
Lakeview REIT announced today the issuance of an aggregate total of an
additional 175,000 options to purchase Lakeview REIT Units to the Trustees,
Senior Management and executives of the Trust. The options are exercisable at
$4.62 per Unit. The exercise price is the volume weighted average price for
the 20 business days immediately preceding the date of the Annual and Special
General Meeting.
    The Units issued upon exercise of the Options will be subject to a
minimum hold period of four months and a day from the date of the Grant of the
Options in accordance with applicable securities laws and the policies of the
TSX Venture Exchange.

    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.

    %SEDAR: 00020441E

For further information:

For further information: Avrum Senensky, Investor Relations, Tel: (204)
947-1161, Fax: (204) 957-1697, Email

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Lakeview Hotel Real Estate Investment Trust

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