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WestCoast Hospitality and GVD Commercial Properties, Inc. Join
Forces to Expand and Renovate the Kalispell Center Retail and Hotel Complex
KALISPELL, Mont., July 25 /PRNewswire-FirstCall/ -- WestCoast Hospitality
Corporation (NYSE:WEH) announced it has sold a 50% interest in its Kalispell
Center retail and hotel complex located in Kalispell, Montana to GVD Commercial
Properties, Inc. (GVD). GVD is an experienced retail developer and brings a
wealth of experience for a planned multi-phase expansion and renovation project
for the Kalispell Center in Kalispell's downtown core.
"This transaction with GVD brings expertise in retail development to maximize
the value of Kalispell Center. At the same time, it allows us to focus on our
core hotel business as GVD brings decades of experience and valuable national
contacts to the project," said Arthur M. Coffey, President and Chief Executive
Officer of WestCoast Hospitality Corporation. "We will continue to seek
relationships to maximize the value of our assets by bringing in expertise
outside our core hotel business."
GVD specializes in the development and leasing of retail centers throughout the
western United States. WestCoast Hospitality will continue to operate the hotel
under a long term lease. G & B Real Estate Services, a division of WestCoast
Hospitality Corporation, will continue to manage the retail component of
Kalispell Center.
"We are very pleased to team with WestCoast Hospitality Corporation to develop
Kalispell Center," said Gerald Vance Dicker, President of GVD Commercial
Properties, from his Spokane, Washington office. "It is an exciting renovation
which will offer expanded lodging, retail and community opportunities to
Kalispell and the entire Flathead Valley."
The initial phase of this development project includes hotel expansion,
renovations and retail site enhancements that will cost approximately $5
million. Renovations will start in the fall of this year and the company
anticipates completion by the middle of 2006. Upon completion, the Kalispell
Center hotel will be re-branded to Red Lion. "The expanded and renovated hotel
at the Kalispell Center will be a flagship Red Lion in Montana and the Flathead
Valley," added Coffey. "This development will help us strengthen the Red Lion
hotel brand, the Kalispell Center retail offering and enhance downtown
activity."
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.
About GVD Commercial Properties, Inc.
GVD Commercial Properties was formed in 1974 and now owns retail projects in 19
states. Its staff of real estate professionals specialize in acquiring,
developing and leasing retail centers particularly in the Northwest,
California, and Texas. GVD is currently developing a 95 acre life style - power
center which will have 9 or more restaurants and other major retail tenants.
GVD is very active in the Northwest with major projects in Spokane, Washington;
Sandpoint, Post Falls and Coeur d'Alene, Idaho.
Contact: Julie Langenheim, Investor Relations Manager of WestCoast Hospitality
Corporation, +1-509-777-6322, or .
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/