SPOKANE, Wash., Apr 20, 2004 /PRNewswire-FirstCall via COMTEX/ -- WestCoast Hospitality Corporation (NYSE: WEH) announced today that its subsidiary has completed the acquisition of the Red Lion Bellevue Inn in Bellevue, Washington. Previously, another subsidiary had controlled the 181-room property through an operating lease, with an option to purchase the property outright. The purchase price has not been disclosed, although a portion of the price was paid with proceeds from the 2003 sale of the Red Lion River Inn, located in Spokane, Washington, which had been reserved to accommodate a Section 1031 tax deferred exchange. There will be no changes in the operation or name of the hotel as a result of the acquisition. The Red Lion Bellevue Inn is located at 11211 Main Street, Bellevue, Washington 98901.
The acquisition of the property follows the Company's "hub and spoke" strategy of securing hotel properties in tier one cities, then adding hotels in surrounding feeder markets. Bellevue is a vibrant business and shopping district located nine miles east of Seattle. The property has high visibility from Interstate-405 and is just blocks from the city's convention center.
"This property in the Bellevue market fits perfectly within our long-term strategy of strengthening our market position through ownership of key assets in important markets," said John Taffin, Executive Vice President, Hotel Operations. "The acquisition continues the execution of our brand positioning initiatives and continues our market leadership in the Pacific Northwest."
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 acting as a broker for sales and leases of commercial and multi-unit residential properties.
CONTACT: Stephen Barbieri, VP, Communications of WestCoast Hospitality Corporation, 1-509-953-6437, or InvestorRelations@WestCoastHotels.com.
SOURCE WestCoast Hospitality Corporation
Stephen Barbieri, VP, Communications of WestCoast Hospitality Corporation, 1-509-953-6437, or InvestorRelations@WestCoastHotels.com
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