Lakeview Hotel REIT - Press Release


WINNIPEG, Dec. 25 /CNW/ - Lakeview Hotel Real Estate Investment Trust ("Lakeview REIT") announced today that it has entered into an agreement with PR Capital Corp. ("PR") and RBC Dominion Securities Inc. ("RBC"), the holders of more than 95% of the 8.125% Series A Senior Secured Debentures (the "Debentures") previously issued by Lakeview REIT. Under the terms of the agreement, Lakeview REIT will issue, in aggregate, 300,000 warrants to PR and RBC proportionate to their respective Debenture holdings. Each warrant entitles the holder thereof to purchase one Class A Unit of Lakeview REIT for each warrant held at an exercise price of $0.35. The warrants have a three year term expiring on December 23, 2012.

The warrants were issued to PR and RBC in consideration for the release to Lakeview REIT of $300,000 which was held in an escrow account pending the completion of the construction of an indoor pool at the Four Points Sheraton in Prince George, British Columbia. Construction of the pool was completed earlier this year.

Neither 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.

%SEDAR: 00020441E

SOURCE Lakeview Hotel Real Estate Investment Trust

For further information: For further information: Keith Levit, President, or Avrum Senensky, Vice President Finance, Tel: (204) 947-1161, Fax: (204) 957-1697, Email

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Lakeview Hotel Real Estate Investment Trust

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