Westcoast Hospitality (NYSE:WEH)
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Corrected: WestCoast Hospitality Corporation Announces $40
Million Investment to Revitalize Red Lion Hotels
SPOKANE, Wash., Nov. 29 /PRNewswire-FirstCall/ -- WestCoast Hospitality
Corporation (NYSE:WEH) today announced it will invest $40 million to revitalize
Red Lion Hotels throughout the company's 12-state and British Columbia
operating region -- one of the most significant facility improvement programs
in company history.
The investment will enhance 31 hotels, accelerating WestCoast's ongoing program
to improve hotel quality by increasing customer comfort, freshening decor and
modernizing with new technology.
"WestCoast continues to strengthen its hotel business," said Arthur Coffey,
President and Chief Executive Officer of WestCoast Hospitality Corporation.
"This investment builds on the $11 million we have invested since the beginning
of this year in areas where customers' quality expectations are continuing to
grow."
To support the $40 million investment, WestCoast will sell 11 hotels and other
non-core properties and use the proceeds to make improvements to all Red Lion
Hotels it owns over the next 18 months. "Seven of the properties being sold are
in markets where WestCoast has multiple hotels, allowing us to focus our
investment and marketing on the properties which will best represent our brand
and have the greatest growth potential," said Coffey.
The investment plan reflects the management team's strategy to maximize hotel
performance and support long-term Red Lion brand growth, said Coffey. "With the
hotel industry rebounding from a protracted economic slump, we are taking
action now to be in the best position possible to meet the future growth
potential."
Mr. Coffey, along with John Taffin, Executive Vice President Hotel Operations,
and Anupam Narayan, Executive Vice President and Chief Investment Officer, will
be participating in the Friedman Billings Ramsey 11th Annual Investor
Conference on Tuesday, November 30, 2004.
As part of this conference, the team will be conducting a presentation in which
they will discuss the company's investment plan. The presentation will be at
5:00 p.m. Eastern Time and can be accessed by the public via webcast at the
following website address: http://wsw.com/webcast/fbr7/weh .
About WestCoast Hospitality Corporation
WestCoast Hospitality Corporation is a hospitality and leisure company
primarily engaged in the ownership, management, development and franchising of
mid-scale, full service hotels under its WestCoast(R) and Red Lion(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, economic cycles; international conflicts; changes in future demand and
supply for hotel rooms; competitive conditions in the lodging industry;
relationships with franchisees and properties; impact of government
regulations; ability to obtain financing; changes in energy, healthcare,
insurance and other operating expenses; ability to sell non-core assets;
ability to locate lessees for rental property and manage and lease properties
owned by third parties; dependency upon the ability and experience of executive
officers and ability to retain or replace such officers as well as other
matters discussed in the Company's annual report on Form 10-K for the 2003
fiscal year and in other documents filed by the Company with the Securities and
Exchange Commission.
Contact: Julie Langenheim
Title: Investor Relations Manager
Phone: (509) 777-6322
Internet:
DATASOURCE: WestCoast Hospitality Corporation
CONTACT: Julie Langenheim, Investor Relations Manager of WestCoast
Hospitality Corporation, +1-509-777-6322, or
Web site: http://www.westcoasthotels.com/