Westcoast Hospitality (NYSE:WEH)
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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/