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

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

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