Earlier this month, Haz Holdings and Oncology Med Inc., also aSeattle-area company traded on the OTCBB, completed a reversemerger where in Haz Holdings shares were converted to Oncology Medshares and Oncology changed its name to Haz Holdings. The combinedcompany owns three mid-range business hotels--two in Texas and onein Canada--operating under the brand names "Hotel Marquis &Suites" and "Marquis Inn & Suites." Management estimates itshotel portfolio current market value of $16 million and its 2006revenue at $4 million dollars.

Bhanji said at the time that the merger will allow the companyto focus on its goal of acquiring up to 75 corporate-ownedproperties and franchising its corporate hotel brand to 155properties throughout North America over the next five years. Thecompany is looking to acquire hotels with between 100- and 300rooms while also franchising additional hotels under its brandnames. Bhanji says the company's near-term strategy is to acquireproperties at below replacement value and leverage its holdingstoward further expansion.

In February, Oncology Med Inc. said its Haz Holdings was innegotiations to acquire 500 additional rooms in four full-servicehotels throughout the Midwest for $10 million. A company sourcetells GlobeSt.com those negotiations are ongoing. Last week, itentered into a letter of intent a 100-room hotel in Ohio that maymove forward more quickly, according to the source.