Lakeview Hotel REIT announces grant of options

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES

WINNIPEG, May 3, 2012 /CNW/ - Lakeview Hotel Real Estate Investment Trust ("Lakeview REIT") announced today that pursuant to the provisions of its stock option plan, it has granted an aggregate of 105,000 options to certain trustees, officers and employees of Lakeview REIT (the "Options").  The Options have an exercise price of $0.25 per unit and expire on May 3, 2017.  Stock option grants are subject to necessary regulatory approvals.

Lakeview REIT maintains a fixed stock option plan reserving for issuance up to 1,000,000 units of Lakeview REIT.  Following the grant of the above options, there will be an aggregate of 993,750 options outstanding under Lakeview's stock option plan.

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.

Keith Levit, President, or Avrum Senensky, Executive Vice President
Tel: [phone], Fax: [phone], Email [email protected]