The Palmer Inn was purchased for $7,500,000 with $2,500,000 in cash and the balance held in two mortgages totalling $5,000,000. The Chamberlin Hotel was purchased for $5,350,000 with $2,350,000 in cash and the balance held in a mortgage totaling $3,000,000. Both hotels are expected to generate annual profits. 

Located on approximately six acres, the Palmer Inn is a 106-room facility that caters to corporate professionals as well as to other travelers seeking close proximity to Princeton, N.J. Improvements at the Palmer Inn include five meeting/banquet rooms, a business center with computer stations, fax and copier equipment, a pool, and an exercise room complete with a sauna. Additionally, the hotel receives substantial lease revenues from its sole long-term commercial tenant, Charlie Browns Restaurant, a regionally recognized franchise. The Company projects the Palmer Inn to generate total revenues for calender year 1998 that exceed $2,600,000. The Palmer Inn is on the web at www.bestwestern.com. 
 

Listed on the National Register of Historic Places, the Chamberlin Hotel is a 283-room landmark located on the Chesapeake Bay. Due to the hotel's size and offerings, which include a banquet room and large meeting areas, the Chamberlin is one of the largest facilities in the Tidewater area of Virginia. During this past summer, the Chamberlin received over $1 million in renovations, and the Company plans to continue restoration efforts over the next four years. The Company projects the Chamberlin Hotel to generate total revenues for calender year 1998  that exceed $3,000,000.

About Pelican Properties International Corp.: Based in Miami, Pelican Properties International Corp. is a publicly traded real estate investment company that seeks to acquire established full-service, high-quality independent hotels and resorts with a strong emphasis on the historic segment of the industry. 

Statements contained in this press release that are not based upon current or historical fact are forward looking in nature. Such forward looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed from time to time in the Company's filings with the Securities and Exchange Commission.