WestCoast Hospitality Corporation Reinvestment Plan on Target; Announces Property Sales Status
12 Juli 2005 - 4:00PM
PR Newswire (US)
WestCoast Hospitality Corporation Reinvestment Plan on Target;
Announces Property Sales Status SPOKANE, Wash., July 12
/PRNewswire-FirstCall/ -- WestCoast Hospitality Corporation
(NYSE:WEH) today announced that it has agreements in place to sell
seven hotels and the Crescent and Paterson commercial buildings in
Spokane, Washington. The purchasers of the Red Lion ParkCenter
Suites in Boise, Idaho, the Red Lion Inn Aberdeen, Washington, the
Red Lion Inn Kalispell, Montana and the Red Lion Inn Bend South, in
Bend, Oregon, have all completed due diligence and the company
expects the sales of these properties to close in the third
quarter. The company also has agreements to sell the Red Lion Hotel
Hillsboro, Oregon, the Red Lion Inn Klamath Falls, Oregon, and the
Budget Inn in Spokane, Washington. The purchasers for these hotels
are currently conducting their due diligence investigations and,
subject to satisfactory completion, the company expects sales to
close in the third quarter. On July 11, 2005, the company entered
into an agreement with a purchaser for the Crescent and Paterson
commercial buildings in Spokane, Washington. The purchaser is
conducting its due diligence investigation and, subject to
satisfactory completion, the company expects the sale of these
commercial buildings to close by the end of the year. The gross
aggregate purchase price of these seven hotels and the Crescent and
Paterson commercial buildings is approximately $48 million. The
company continues to market for sale through a listing agreement
with Colliers International the WestCoast Ridpath Hotel in Spokane,
Washington, the Red Lion Hotel, Idaho Falls, the Red Lion Hotel
Yakima Gateway, in Washington, and the WestCoast Outlaw Hotel in
Kalispell, Montana. Chris Burdett, Senior Vice President --
Northwest, Colliers International Hotels, commented on the sales
process, "We are truly impressed and are very pleased with the pace
at which these assets have been placed in contract. It is a strong
reflection of the WestCoast organization and of the overall
desirability of lodging assets throughout the Northwest. Given the
strong initial response, we expect to complete the sale of the
properties within the twelve-month period we originally set, and
are obviously well on our way to achieving that goal. " Arthur M.
Coffey, President and Chief Executive Officer of WestCoast
Hospitality Corporation, said "We are on target with our planned
sales of non-core assets, and we are pleased with the prices we
have been able to command in the market. Interest in our properties
for sale has been brisk and we are confident we will successfully
complete our sales plan by the end of 2005." The company intends to
use the proceeds of this sale of non-core assets to complete the
revitalization of Red Lion Hotels throughout the company's 11
western states and British Columbia operating region -- one of the
most significant facility improvement programs in company history.
This investment will complete the planned renovations of 31 hotels,
accelerating Red Lion Hotels' ongoing program to improve hotel
quality by increasing customer comfort, freshening decor and
modernizing with new technology. About WestCoast Hospitality
Corporation WestCoast Hospitality Corporation is a hospitality and
leisure company primarily engaged in the ownership, management,
development and franchising of upper mid-scale, full service hotels
under its Red Lion(R) and WestCoast(R) brands. In addition, through
its entertainment division, which includes its TicketsWest.com,
Inc. subsidiary, it engages in event ticket distribution and
promotes and presents a variety of entertainment productions.
G&B Real Estate Services, its real estate division, engages in
traditional real estate-related services, including developing,
managing and brokering sales and leases of commercial and
multi-unit residential properties. This press release contains
forward-looking statements within the meaning of federal securities
law, including statements concerning plans, objectives, goals,
strategies, projections of future events or performance and
underlying assumptions (many of which are based, in turn upon
further assumptions). The forward-looking statements in this press
release are inherently subject to a variety of risks and
uncertainties that could cause actual results to differ materially
from those expressed. Such risks and uncertainties include, among
others, matters discussed in the Company's annual report on Form
10-K for the 2004 fiscal year and in other documents filed by the
Company with the Securities and Exchange Commission. CONTACT: Julie
Langenheim, Executive Services & Investor Relations Manager of
WestCoast Hospitality Corporation, +1-509-777-6322, or .
DATASOURCE: WestCoast Hospitality Corporation CONTACT: Julie
Langenheim, Executive Services & Investor Relations Manager of
WestCoast Hospitality Corporation, +1-509-777-6322, or Web site:
http://www.westcoasthotels.com/ Web site: http://www.redlion.com/
Web site: http://www.westcoasthotels.com/ Web site:
http://www.ticketswest.com/ Web site: http://www.g-b.com/
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