Lakeview Hotel Investment Corp Announces Year End Results

WINNIPEG, MB, May 25, 2021 /CNW/ - Lakeview Hotel Investment Corp ("LHIC") is pleased to report its financial results for the Year ended December 31, 2020.  The following comments in regard to the financial results should be read in conjunction with the December 31, 2020 financial statements and Management Discussion and Analysis which are available on the SEDAR website www.sedar.com.

The impact of COVID continues to affect the occupancy of our hotels.  This has been due to a decline of leisure and business travel as well as various restrictions placed on the hospitality industry by government agencies.

It is difficult to predict how much longer the effect of COVID will continue, but during this pandemic the Company continues to put policies in place to safeguard employees and customers' safety and is actively taking action to reduce and defer expenses.

The company has also taken advantage of any government subsidies that are available.

The following is a comparison of the operating results for the three and nine months ended December 31, 2020 compared to the results of operations for the comparable period in 2019:

Lakeview Hotel Investment Corp is listed on the TSX Venture Exchange under the symbol "LHR".  Lakeview Hotel Investment Corp received income from ownership, management and licensing of hotel properties.

	Three months ended December 31		Year ended December 31
	2020	2019	2020	2019
	$	$	$	$
Hospitality Revenue
Room	1,750,581	2,362,267	6,934,241	11,256,080
Food & Beverage	330,599	567,811	1,329,341	2,240,435
Other	217,711	148,677	1,213,705	757,897
Total Revenue	2,298,891	3,078,755	9,477,287	14,254,412
Expenses	(7,345,675)	(8,313,574)	(19,660,653)	(6,491,738)
Gain on sale of income properties	13,513	4,494	13,513	1,374,650
Net Income (Loss)	(5,033,271)	(5,230,325)	(10,169,853)	9,137,324
Basic and diluted net income (loss) per share	(0.257)	(0.267)	(0.520)	0.467
Reconciliation to Funds from Operations
Add (deduct)
Gain on derecognition of financial liabilities	-	-	-	(19,896,176)
Provision for  impairment of income properties	956,285	2,997,283	1,284,798	4,160,154
Amortization of right-of-use assets	-	-	-	7,149
Amortization of income properties	70,638	128,284	311,848	1,079,408
Amortization of franchise fees	-	374	12,350	1,497
Unrealized loss (gain) on change in fair value of interest rate    swap	-	(10,603)	-	33,045
Income from Lakeview Flag Licensing General Partnership	(10,978)	(75,924)	(134,255)	(362,181)
Loss (Income) from Lakeview Flag Management General    Partnership	8	(33,819)	(26,890)	(159,372)
Gain on sale of income properties	(13,513)	(4,494)	(13,513)	(1,374,650)
Provision for impairment of investment in Lakeview Flag    Licensing General   Partnership	1,292,228	-	1,292,228	-
Provision for impairment of investment in Lakeview Flag    Management General Partnership	1,086,123	-	1,086,123	-
Funds from Operations	(1,652,480)	(2,229,224)	(6,357,164)	(7,373,802)
Basic and diluted funds from operations per share	(0.084)	(0.114)	(0.325)	(0.377)
Contributions to reserve account	(49,534)	(63,307)	(180,574)	(244,207)
Adjusted Funds from Operations	(1,702,014)	(2,292,531)	(6,537,738)	(7,618,009)
Basic and diluted adjusted funds from operations per share	(0.087)	(0.117)	(0.334)	(0.39)

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.

%SEDAR: 00034072E

SOURCE Lakeview Hotel Investment Corp

Rudy Beyer, Chief Financial Officer, Tel: [phone], Fax: [phone], Email, [email protected]

Related Links

http://www.lakeviewhotels.com