Pelican Properties International Corp. purchased the profitable hotel on Oct. 15, 1998, for $3.2 million in cash, of which the purchase funds were drawn from the Company's existing 1031 Exchange Account as established by the sale of Pelican's Sunshine Key property in late-May 1998. Located in downtown Wheeling, the McLure House Hotel has 173 guest rooms, a VIP Concierge Floor, and the largest banquet facilities in downtown Wheeling.

Mr. John Knorr, Chairman of Pelican stated, *We are very pleased with the purchase of the McLure as well as the fact that it marks our entry into the historic hotel segment of the industry. The McLure is a Wheeling landmark and the hub of Wheeling's business lodging. The McLure fits perfectly into Pelican's new business strategy of acquiring historic hotels."

Mr. Knorr added that the improvements made by WesBanco in the McLure since its acquisition in October 1995 had a significant impact on Pelican's decision to purchase the Hotel. He noted that since being acquired by WesBanco, the McLure lobby has been completely renovated with new carpet, furnishings, security and wall coverings. The Hotel's front desk is now new with a computerized reservation system and the Hotel's ballrooms have also been renovated with new carpet and wall coverings. Furthermore, most of the 173 oversized guest rooms have been upgraded with new carpeting, wall coverings, furnishings, linens, and keyless entry and locking systems. And to expand the Hotel's service offerings, new corporate meeting rooms have been added to the McLure's second floor. Even the core infrastructure such as the heating and cooling systems have received extensive upgrades.

Adding to the improved customer orientation of the McLure is the services provided by ground floor tenants who offer both street and lobby access to their facilities. McLure tenants include Enterprise Rent-A-Car, Cafe La News, Manpower Temporary Services and Watkins Trott. The improved appearance of the property and the increased utilization brought about by both investment and the operations of these businesses have played a significant role in the improvement of the property.

Additionally, WesBanco's capital improvement program at the McLure over the past three years has allowed the McLure House Hotel to achieve higher ratings of service. In 1995, the McLure was not even rated by AAA. In 1996, the hotel achieved a One Diamond Rating, in 1997 a Two Diamond Rating, and in August 1998, AAA rated the McLure a Three Diamond Hotel.

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.

Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, the Company's dependence upon third-party suppliers, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.